 Showcase user of XBRL: Approaching 1 year after implementation of XBRL via Thailand’s DBD e-filing system and preparing the 2nd year to further strengthen the XBRL environment within DBD’s e-filing system Thailand’s Department of Business Development will showcase XBRL via DBD e-filing system at this conference in order to provide delegates, including forward thinking XBRL service providers and experts, with an opportunity to take a closer look at current capability of XBRL via DBD e-filing system in order to ascertain how the current system is coping that will influence the direction to further strengthen the XBRL environment within DBD as well as the direct bearing on XBRL application across the rest of Thailand’s government agencies’ XBRL adoption and planning. It is also an excellent opportunity for government agencies across Asia Pacific, Middle East, Europe and the region, involved directly in Business Registry/Registrar of Companies & Businesses, to take some lessons from the experience of Thailand’s XBRL via DBD e-filing system, in order to further enhance the capability of e-filing system of Business Registry/Registrar of Companies & Businesses, across other jurisdictions DBD has just started to utilize the use of XBRL via electronic financial statements submission system (e-filing) for the 2015 reporting period. Therefore, legal entities and businesses across Thailand must submit their financial statements to DBD by 31st May 2016. As the submission deadline is approaching, it is still unknown to know how the system turns out to influence efficiency on financial statements submission under XBRL via DBD e-filing system. As such, this showcase provides an opportunity to evaluate and to review the current status of the use of XBRL via DBD e-filing system. It also provides an opportunity for all forward-thinking government agency’s business registry across Asia Pacific, Middle East, Europe and the region to take a closer look at some of the frontiers of XBRL innovation via DBD e-filing system adopted by Thailand’s Department of Business Development, and how XBRL is contributing towards efficient e-filing system. From the showcase and demonstration, it will provide insight that will enable all XBRL service providers and experts, to offer feedback and assessment in order to ensure the system is able to cope with the expected heavy traffic for e-filing in the next few years. As such, anticipating system upgrade to further enhance the capability of XBRL via DBD e-filing system for subsequent reporting period of 2016 to 2017, and beyond, is probably the way to go. Therefore, this showcase is critical to build on a foundation to strengthen the XBRL environment in Thailand. Representatives from DBD will be on-site to further provide insights on their experiences and issues they faced as they approach the 1 year mark after implementation and looking forward to 2nd year to further strengthen the XBRL environment within DBD e-filing system. |
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| PROGRAMME | |
| DAY ONE (23 June 2016) |
| 08:30 | Registration |
| 09:00 | Introduction |
| 09:15 | Evaluating the current state and future of XBRL to enhance financial reporting efficiency and standardized reporting requirements |
| 10:00 | Morning Refreshments |
| 10:15 | Current development in XBRL financial reporting and implementing best practice |
| 11:00 | Adopting XBRL to modernize regulatory filing infrastructure to enhance efficiency |
| 11:45 | Gearing towards XBRL format for reporting by listed companies and financial institutions |
| 12:30 | Lunch |
| 14:00 | Cost-benefit analysis of XBRL reporting on financial data ecosystem and reducing the likelihood of errors |
| 14:45 | Reviewing strategy to generate XBRL filings to meet regulatory requisites |
| 15:30 | Afternoon Refreshments |
| 15:45 | XBRL, the paperless future of business reporting and facilitating the conduct of vertical and horizontal comparisons and in-depth analysis with utmost accuracy |
| 16:30 | Panel Discussion |
| 17:00 | End of Day 1 |
| DAY TWO (24 June 2016) |
| 09:00 | Introduction |
| 09:15 | XBRL submission and processes and how companies can minimize reporting risks and realize benefits |
| 10:00 | Morning Refreshments |
| 10:15 | Steps to be taken to generate and submit reports in XBRL specific format based on regulatory requisites |
| 11:00 | XBRL implementations and strategy |
| 11:45 | XBRL as a tool to harmonize reporting definitions across different regulators in order to reduce the administrative burden |
| 12:30 | Lunch |
| 14:00 | Technical innovations in XBRL and what operational reality behind the technical specification |
| 14:45 | Evaluating different approaches to implementing XBRL |
| 15:30 | Afternoon Refreshments |
| 15:45 | Reviewing financial statement in XBRL format |
| 16:30 | Panel Discussion |
| 17:00 | End of Conference |
The implementation of XBRL is becoming inevitable, as XBRL facilitates rapid and accurate disclosure of financial statements that is vital for transparency, efficiency and accountability |
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XBRL enhance the rapid disclosure of regular financial statement as well as efficient analysis of financial statement, taking into consideration the system’s astonishing capacity in categorizing financial statements, with the capacity to conduct vertical and horizontal comparisons and in-depth analysis with utmost accuracy. XBRL enhances transparency in financial markets and in facilitating sound decision making, as well as to an extent, XBRL brings significance value in monetary markets, banking and other organizations related to preparing and analyzing of financial statements, including financial oversight institutions, government agencies, regulators, central banks, stock exchanges, banks and auditing firms. As such, regardless of the many variables involved, including the prospects that XBRL adds to another layer of reporting and complexity to filing requirements, however, implementation of XBRL is becoming inevitable, as XBRL facilitates rapid and accurate disclosure of financial statements that is vital for transparency, efficiency and accountability. |