Supporting a new iXBRL mandate (CIPC)
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A presentation by Core Filings on the work they undertook to support the xBRL project in South Africa.
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Supporting a new iXBRL mandate (CIPC)
- 1. Filing ecosystems Supporting a new iXBRL mandate (CIPC) April 2019 Dr Ben Russell
- 2. © CoreFiling Agenda • Aims and introduction • CoreFiling’s approach to CIPC mandate • Timeline of activities • Conclusions and success factors
- 3. © CoreFiling Aims • Provide a different view on the ecosystem • Highlight decisions with positive impacts • Help with decision making
- 4. © CoreFiling Case study context • CIPC mandated the digital reporting system for all qualifying entities from 1 July 2018 • XBRL Programme Objectives: – Provide business and financial information to investors for better transparency – Reduce the reporting burden on businesses • CoreFiling saw opportunity to provide software to the market
- 6. © CoreFiling The ecosystem *Source: Top 100 web search results
- 7. © CoreFiling CoreFiling’s typical ecosystem role Regulators and registries Accounting firms Software vendors Scalable data collection End user software Technology OEM
- 8. © CoreFiling Investment vs. running cost *Source: Survey on the cost of regulations and its impacts on the Luxembourg financial marketplace, EY 2016 M Euro (all financial institutions in Luxembourg)
- 9. © CoreFiling COREFILING APPROACH TO CIPC MANDATE
- 10. © CoreFiling What we need Product Technical delivery infrastructure Operating model
- 11. © CoreFiling Product – Seahorse Accounts tagging software A.I. provides speed, accuracy and consistency Data-centric & standards-based – can tag using any taxonomy SaaS, managed by CoreFiling on AWS Cloud
- 12. © CoreFiling Product – Data-centric and standards-based • Uses open data model (XBRL) • Generalised (XBRL-compliant) processing • Uses proprietary data model • Processing for single application only Data centric Application based
- 13. © CoreFiling Product – Data-centric and standards-based Definitions and validation in a taxonomy Data centric Application based Convert to data model Load taxonomy Implement rules Test and fix = Quicker, more reliable, less cost
- 14. © CoreFiling Technical delivery infrastructure – Software as a Service Reuse of software delivery infrastructure
- 15. © CoreFiling Operating model – support and maintenance Partner CoreFiling Reuse of support and maintenance infrastructure
- 16. © CoreFiling Operating model – delivering the service Partner Service delivered by local partner
- 18. © CoreFiling Timeline Product Technical infrastructure Operating infrastructure Dec Jan Feb Mar Apr May Jun Jul 20182017 Initial discussions First customer demo Full operating model agreed First live filing v1.5 QA + release v1.6 QA only v1.7 QA+rel. v1.8 QA+rel. Enhanced user interface for taxonomy features Localisation Connection testing First partner demo
- 20. © CoreFiling Summary • Six months to go from decision to full operation • Full reuse of software and infrastructure • First live filing mid-July 2018
- 21. © CoreFiling Impact on the filing programme Characteristic of CoreFiling approach Positive impact to filing programme Reuse of mature, sophisticated software High quality data Market readiness Minimal development Low reporting burden Changes easily consumed Freedom to evolve
- 22. © CoreFiling Success factors for CoreFiling Allows reuse of software Means minimal infrastructure costs Delivers local services in far- away locations
Hinweis der Redaktion
- General topic for discussion is ecosystems, have a whole conference on this in Dubai in the Autumn.
- Maybe make it a bit easier to put yourself into someone else’s shoes and make good decisions
- Each ecosystem is slightly different, this is a view of CIPC’s Run through the participants of each segment.
- For CIPC – we decided that we wanted to be a vendor to accounting firms
- Why is this a good time to talk about this? Because the period just finished is the when most money is spent. Initial budget that must be allocated to a filing program is 2-10 times more than the annual cost
- A working product The means to deliver it
- Data centric software uses data to drive behaviour.
- What does this mean in practice? The benefits are directly felt by the users and are positive for the filing programme in general.
- Existing cloud – nominal cost to CFL, none to users High security
- Best customer experience is in-country first line support, CoreFiling do second line support and software is centrally maintained.
- Extensive partner network, all services delivered by partner in-country.
- Product (localisation) e.g. CIPC codes, filing rules and conventions Infrastructure (taxonomy only) Route to market (partner discussion, contracts, process)
- We like to think that we have had some positive impact on the success of the filing programme.
- CIPC choice to use iXBRL CoreFiling’s investment in cloud technology Should also mention partners, CoreFiling’s broad partner network