Introduction to Xbrl Gl Selected Topics and Applications in Finland Helsinki 12-May-2017 Agenda
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Functional Area Systems – Accounting Information Systems Lecture Outline 4C Functional Area Information Systems
Instructor: Kevin Robertson Functional Area Systems – Accounting Information Systems Lecture Outline 4C Functional Area Information Systems 2 Functional Area Information Systems 3 Functional Area Information Systems: Accounting Accounting Information System (AIS) integrates, monitors/documents information from different aspects of business operations that have to do with: accountability for the assets/liabilities of the enterprise the determination of the results of operations that ultimately leads to the computation of comprehensive income, the financial reporting aspects of business operations. Evidence of financial transactions must be, in the end, contained in one main accounting system that is capable of producing (at least) two (2) main financial statements that are required for a business: (1) the balance sheet and (2) the income statement. 4 Accounting Information System (AIS) Helps management answer such questions as: How much and what kind of debt is outstanding? Were sales higher this period than last? What assets do we have? What were our cash inflows and outflows? Did we make a profit last period? 5 Types of Information Types of information needed for decisions: Some is financial Some is nonfinancial Some comes from internal sources Some comes from external sources An effective AIS needs to be able to integrate information of different types and from different sources. 6 The Three Basic Functions Performed by an AIS 1. To Collect and store data about the organization’s business activities and transactions efficiently and effectively. 2. To provide management with information useful for decision making. 3. To provide adequate internal controls 7 1. Collect and Store Data To collect and store data about the organization’s business activities and transactions efficiently and effectively: Capture transaction data on source documents Record transaction data in journals, which present a chronological record of what occurred. -
Capital/Fixed Assets Depreciation Schedule Updated: February 2021
Kentucky Department of Education Munis Guide Capital/Fixed Assets Depreciation Schedule Updated: February 2021 Capital/Fixed Assets Depreciation Schedule Office of Education Technology: Division of School Technology Services Questions?: [email protected] 1 | P a g e Kentucky Department of Education Munis Guide Capital/Fixed Assets Depreciation Schedule Updated: February 2021 OVERVIEW The Fixed Assets Depreciation Schedule provides a listing of asset details that were depreciated for the report year as posted from the Fixed Asset module for the report year. Asset descriptions and depreciation details are included such as estimated life, number of periods taken for the year, first and last year periods of depreciation and acquisition cost; all to assist auditors in verifying the depreciation calculation and amounts. The report also includes assets that have been fully depreciated but have a balance remaining of Life-To-Date accumulated depreciation for the reported year. The asset amounts are reported as posted from the Fixed Asset history detail records generated from the Fixed Asset module and does NOT include amounts generated from General Journal Entries. The Depreciation Schedule pulls from two different Fixed Asset sources: 1. Fixed Asset Master File Maintenance 2. Fixed Asset history records The Fixed Asset Master File Maintenance or Asset Inquiry is where the actual asset master records reside; where assets are added and maintained. Key fields and amounts such as the asset Acquisition cost field, Asset Type (Governmental or Proprietary), Class and Sub-class codes are pulled from the asset master file for the Depreciation Schedule. It is vital that these key fields are accurate and tie to the fixed asset history records. -
Cashflow Forecasting Fact Sheet
Cashflow Forecasting Fact Sheet SYSPRO Cashflow Forecasting facilitates the effective projection of currency-based cash flow requirements by providing the capability to create multiple on-line cash flow models from a variety of forward-looking inflow and outflow data, such as future receivables, payables, sales, purchases, demand forecasts, material requirements, budgeted expenses and user-defined projections. SYSPRO Cashflow Forecasting enables managers to view their company's projected cash position in multiple currencies by applying such cash projections to the current bank balances. The cash flow effect of discount maximization can also be determined by comparing different cash flow projections. Multiple cash flow models can be defined to suit your company’s requirements, and the resulting forecasts viewed as graphs and listviews. The models currently enable you to include outstanding payables (cash requirements), receivables (payment projections) and General Ledger movements and add these to the current bank balances. Future releases will enable you to use data from Purchase Order Requisitions, Forecasted Sales and Material Requirements and produce reports using SYSPRO Reporting Services. www.syspro.com © 2011 SYSPRO. All Rights Reserved. All trademarks are recognized. The Facts Fact Sheet The Benefits of Cashflow Forecasting < Movement Collectors can include Cash Book < View your company’s projected cash position into permanent entries, Cash requirements from the future Accounts Payable, Outstanding Purchase Orders, < Personalized -
The Challenge of XBRL: Business Reporting for the Investor
Thechallenge of XBRL: business reportingfor theinvestor Alison Jonesand Mike Willis Abstract The Internet nancialreporting language known asXBRL continues to developand has now reachedthe point wheremuch of its promised benets areavailable. The authors look atthe history of this project, provide acasestudy of how Morgan Stanleyhas madeuse of the system andpredict some developmentsfor the future. Keywords Financial reporting, Financial services,Internet Alison Jones isan Assurance enyears ago, only ahandful of visionaries could haveforeseen the impactof the Internet Partner specializingin on the entire business world andthe information-exchange community. Today, a technology, infocomms and T decadelater, we areon the brinkof anInternet revolution that will redene the ‘‘business entertainment,and media. She reporting’’ paradigm.This revolution will not taketen years to impactbusiness communication. isthe PricewaterhouseCoopers The newInternet technology, eXtensibleBusiness Reporting Language (XBRL), is alreadybeing XBRLServices Leader for the deployedand used across the world. UK, andrepresents the rm on theUK XBRLconsortium. For many companies, the Internet playsa keyrole in communicating business information, MikeWillis, Deputy Chief internally to management andexternally to stakeholders.Company Web sites, extranets and Knowledge Ofcer of intranets enableclients, business partners, employees, nancial marketparticipants and PricewaterhouseCoopers’ other stakeholders to accessbusiness information. Although the needfor standardization of -
General Ledger, Receivables Management, Payables Management, Sales Order Processing, Purchase Order Processing, and Invoicing
Chapter 11: Revenue/Expense Deferrals setup Before you begin using Revenue/Expense Deferrals, you need to set the options you want to use for creating deferral transactions, such as the posting method used, and user access options. This information includes the following sections: • Revenue/Expense Deferrals overview • Deferral posting methods • Balance Sheet posting example • Profit and Loss posting example • Setting up revenue/expense deferrals • Selecting deferral warning options • Setting up a deferral profile • Setting access to a deferral profile Revenue/Expense Deferrals overview Revenue/Expense Deferrals simplifies deferring revenues or distributing expenses over a specified period. Revenue or expense entries can be made to future periods automatically from General Ledger, Receivables Management, Payables Management, Sales Order Processing, Purchase Order Processing, and Invoicing. If you use deferral transactions frequently, you can set up deferral profiles, which are templates of commonly deferred transactions. Using deferral profiles helps ensure that similar transactions are entered with the correct information. For example, if you routinely enter transactions for service contracts your company offers, and the revenue is recognized over a 12-month period, you could set up a deferral profile for these service contracts, specifying the accounts to be used, and the method for calculating how the deferred revenue is recognized. Deferral posting methods You can use two methods for posting the initial transactions and the deferral transactions: the Balance Sheet method, and the Profit and Loss method. Balance Sheet Using the Balance Sheet method, you’ll identify two posting accounts: a Balance Sheet deferral account to be used with the initial transaction for the deferred revenue or expense, and a Profit and Loss recognition account to be used with each period’s deferral transaction that recognizes the expense or revenue. -
OTHER ASSETS and LIABILITIES Core Analysis Decision Factors
Core Analysis Decision Factors OTHER ASSETS AND LIABILITIES Core Analysis Decision Factors Examiners should evaluate the Core Analysis in this section to determine whether an Expanded Analysis is necessary. Click on the hyperlinks found within each of the Core Analysis Decision Factors to reference the applicable Core Analysis Procedures. Do Core Analysis and Decision Factors indicate that risks are appropriately identified, measured, monitored, and controlled? C.1. Are operating policies, procedures, and risk limits adequate? Refer to Core Analysis Procedures #9- 10, Procedure #14, Procedure #18, Procedure #20, Procedure #22, Procedure #27, & Procedures #34. C.2. Are internal controls adequate? Refer to Core Analysis Procedure #11, Procedure #15, Procedure #23, Procedure #28, & Procedure #35. C.3. Are audit or independent review functions adequate? Refer to Core Analysis Procedures #5-8. C.4. Are information and communication systems adequate and accurate? Refer to Core Analysis Procedure #12, Procedure #16, Procedure #21, Procedure #25, Procedure #29, Procedure #33, & Procedure #36. C.5. Is there adequate information to justify carrying values, and are adjustments made on a timely basis? Refer to Core Analysis Procedure #13, Procedures #17, Procedure #24, & Procedures #37-38. C.6. Do the board and senior management provide effective supervision? Refer to Core Analysis Procedure #6, Procedure #19, Procedure #26, & Procedures #30-32. Bank Name: Page 1 of 9 Other Assets and Liabilities Examination Start Date: Examination Modules (09/18) Core Analysis OTHER ASSETS AND LIABILITIES Core Analysis Procedures Examiners are to consider the following procedures but are not expected to perform every procedure at every bank. Examiners should complete only the procedures relevant for the bank’s activities, business model, risk profile, and complexity. -
XBRL and General Ledger Executive Summary
XBRL General Ledger XBRL.org 1 of 3 Executive Summary Last update: 23-April-2001 Comments? [email protected] XBRL General Ledger EXECUTIVE SUMMARY AND STRATEGIC OVERVIEW Business success requires measurement, analysis and communication of information found scattered throughout an organization and from outside sources. This business intelligence includes both traditional accounting and operational measures and new metrics found in ValueReporting. Until now, the tools to effectively capture, analyze and reuse this information have been limited, expensive, and difficult to implement. Now, there is XBRL GL. The opportunity XBRL GL is a new tool designed to overcome the inefficiencies of disparate, non-integrated and outsourced accounting and financial systems by using the power of XML - the Extensible Markup Language. XBRL GL is an agreement on how to represent accounting and after-the-fact operation information - anything that is found in a chart of accounts, journal entries or historical transactions, financial and non-financial - and transfer it to and from a data hub or communicate it in a data stream. That lets adopters of XBRL GL more easily bridge the gap between operational, off-site or outsourced systems and their back office accounting and reporting systems. XBRL GL is chart of accounts independent. It does not require a standardized chart of accounts to gather information, but it can be used to tie legacy charts of accounts and accounting detail to a standardized chart of accounts to increase communications within a business about what needs to be measured and why. XBRL GL is reporting independent. It collects general ledger and after-the-fact receivables, payables, inventory and other non-financial facts, and then permits the representation of that information using traditional summaries and through flexible links to XBRL for reporting. -
XBRL: One Standard – Many Applications
XBRL: One standard – many applications 46 by Bruno Tesnière, Richard Smith and Mike Willis the journal • Tackling the key issues in banking and capital markets Bruno Tesnière Richard Smith Mike Willis Partner, Global XBRL Co-leader Director, Global Risk Global XBRL Co-leader and Founding Management Solutions, UK Chairman XBRL International Tel: 32 2 710 72 26 Tel: 44 20 7213 4705 Tel: 1 813 351 2795 Email: [email protected] Email: [email protected] Email: [email protected] 47 XBRL is a universal information format and formatting of the information needed in these formats (html, pdf, doc, etc). which offers tremendous opportunities for for running the business can be slow, The link between format and content can the financial services industry in terms of prone to error and extremely costly. only be broken by manual parsing (search cost reduction, efficiency gains and data and retrieval) processes, which are labour- analysis. XBRL can be used by banks to Proprietary data standards are often put intensive, time-consuming and prone to radically reduce the time and costs in place for internal purposes but they inputting errors. These factors can drive associated with key business processes require proprietary data translation the cost of producing information up to such as credit analysis and monitoring, schemes so that back-end systems are able a level where, although the information and streamline their own business to retrieve that information. Even less is available, it is effectively redundant. reporting processes. XBRL also allows efficient, electronically delivered disparate information systems to information on the web is today just a XBRL provides a solution to many of communicate seamlessly with each other digital duplicate of a paper report; it is not these problems by making the reported over the internet. -
Learn Debits and Credits
LEARN DEBITS AND CREDITS Written by John Gillingham, CPA LEARN DEBITS AND CREDITS Copyright © 2015 by John Gillingham All rights reserved. This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in a book review. TABLE OF CONTENTS Introduction .................................................................................................... 6 More Resources .............................................................................................. 7 Accounting Play – Debits & Credits ......................................................... 7 Accounting Flashcards ............................................................................ 7 Free Lessons on Podcast and Downloads ................................................ 8 Intro to Debits and Credits .............................................................................. 9 Debits and Credits Accounting System .................................................... 9 The Double Entry System ........................................................................11 Different Account Types..........................................................................12 Debits and Credits Increases and Decreases ...................................................15 Increases and Decreases .........................................................................15 Debits and Credits by Account ................................................................16 -
General Ledger (GL) Codes
General Ledger (GL) Codes Introduction The general ledger is an accounting document that provides a general overview of an organization’s financial transactions. An account, or general ledger (GL) code, is a number used to record business transactions in the general ledger. Boston University stores every general ledger (GL) code in the SAP system. In this section you will find: 1. SPH GL Codes Short List 2. General Ledger (GL) Coding Principles 3. Quick Reference Guide - List of Common GL Codes Helpful Links BU’s GL Income and Expense Account Descriptions GL CODES - 1 General Ledger (GL) Codes 1. SPH GL Codes Short List At the School of Public Health we have developed a GL code short list to help our faculty and staff easily reference the accounts most commonly used when recording expenditures. When looking to code travel and/or Pcard expenditures, departmental and interdepartmental transactions, purchasing, etc. please refer to the list below to find the most appropriate GL code to use. This document may be searched for account numbers or keywords by using the ‘Find’ feature. For Windows, use CTRL+F . For Mac, use COMMAND+F TIP: Unallowable does not mean that the SPH is not allowed to incur these costs; it simply means the government is not willing to pay for them, either directly or indirectly, through government contracts! GL CODES - 2 General Ledger (GL) Codes 2. General Ledger (GL) Coding Principles 1. All General Ledger accounts have a 6-digit number 2. Leading digit of GL account number indicates 3. Payroll related GL account numbers range from 500010 to 500560, plus these stipend GL’s: 523100 & 523105 4. -
Workflow and Process Control – Charles Hoffman, Cpa
MASTERING XBRL-BASED DIGITAL FINANCIAL REPORTING – PART 3: WORKING WITH DIGITAL FINANCIAL REPORTS – WORKFLOW AND PROCESS CONTROL – CHARLES HOFFMAN, CPA 1. Workflow and Process Control The purpose of this section is to discuss the workflow and process control related to the creation of XBRL-based digital financial reports. A financial report is the end of a process from the perspective of a reporting entity. That is exactly correct from the perspective of a reporting entity. But, from the perspective of a financial analyst that is making use of the reported information, the financial report is the beginning of a process. Perspective matters. What we are working with here is not a “silo”, rather it is more of a “chain”. This section shows you how you create an XBRL-based digital financial report. Many times, reports will be automatically generated from an accounting system. 1.1. Workflow Basics Per Wikipedia, workflow is defined as, “A workflow consists of an orchestrated and repeatable pattern of activity, enabled by the systematic organization of resources into processes that transform materials, provide services, or process information.1” From a computer science perspective, workflow is “The computerised facilitation or automation of a business process, in whole or part2”. From a computer science perspective, workflow is concerned with the automation of procedures where documents, information or tasks are passed between participants according to a defined set of rules to achieve, or contribute to, an overall business goal.” Workflow is often associated with Business Process Management, which is concerned with the assessment, analysis, modelling, definition and subsequent operational implementation of the core business processes of an organisation (or other business entity). -
Qad Fixed Assets
QAD FIXED ASSETS ell-managed assets are essential for predictable yet agile production Wand profit for manufacturers. CFOs know that fixed asset spend is a material item on the balance sheet and a key attribute of company valuation, but also that fixed assets are mainly purchased to support revenue generation. CFO and Fixed Asset managers also are keenly aware that fixed assets auditors consider assets a key compliance item. Effective fixed asset accounting and reporting is imperative to a manufacturer’s success. Unfortunately, fixed assets accounting and reporting tools and processes often require special handling, which interferes with accuracy and timeliness. Some fixed assets accounting solutions do not capture and report on the complete “acquire to retire” asset life cycle, which is necessary to produce accurate financial statements and to meet auditor requirements. Some solutions fail to streamline accounting flows for asset activation and transaction processing, and lack built-in compliance processing for accounting and tax regulations. In addition, fixed assets accounting choices are often made without considering the importance of integration with other systems-of-record, like core financials, enterprise asset management and ERP. As regulations and auditor requirements change, and as assets turn over and the asset mix modifies, Fixed Asset managers need to respond rapidly and effectively to changes, but may be impeded by ineffective accounting and reporting tools. HOW SHOULD A FIXED WHAT ARE THE RISKS WHAT ARE THE BENEFITS OF