Stuart Bale, Business Development Manager, MYOB NZ Ltd 1 XBRL and the Client-Accountant Connection...
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Transcript of Stuart Bale, Business Development Manager, MYOB NZ Ltd 1 XBRL and the Client-Accountant Connection...
Stuart Bale, Business Development Manager, MYOB NZ Ltd 1
XBRL and the Client-Accountant Connection
•What do Accountants and Small Businesses really need to get connected?•How can XBRL help today?•Why change from existing systems?
Stuart Bale, Business Development Manager, MYOB NZ Ltd
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What is the current situation?
• Accountants gather and deliver information on behalf of their clients from IRD and Banks in an electronic format
• Accountants have connectivity with clients through software
• Accountants report interactively with clients through the web
Stuart Bale, Business Development Manager, MYOB NZ Ltd
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Who will expect XBRL?
• Government Departments– IRD– Companies Office– ACC– Statistics NZ
• Corporate Entities– Insurance companies– Banks– Other financial institutes– NZ Stock Exchange
• Other Regulatory and Compliance Organisations
Stuart Bale, Business Development Manager, MYOB NZ Ltd
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Why will Accountants need XBRL capability?
• Accountants are positioning themselves as the business advisor
• However, Accountants still have to meet compliance requirements
• Conceptually, XBRL streamlines the delivery of data from and to the Accountant on behalf of their clients
• Efficient data transferral frees the Accountant
Stuart Bale, Business Development Manager, MYOB NZ Ltd
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How does XBRL deliver?
• Consistent platform with smart technology opens up dynamic exchange of information (HTML, Email)
• Makes the information exchanged more meaningful by providing context
• Creates connections that previously didn’t (or couldn’t) exist
Stuart Bale, Business Development Manager, MYOB NZ Ltd
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When will XBRL usage be evident?
• Starting to see progress now
• Many tools available to Accountants to assist them
• As demand increases, software vendors will supply
Stuart Bale, Business Development Manager, MYOB NZ Ltd
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Summary
• Accountants and Small Businesses already have connectivity
• XBRL helps the Accountant to efficiently interact with other entities on behalf of their client