Impact of Standard Business Reporting on Business, Government & Accounting

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1 Impact of Standard Business Reporting on Business, Government & Accounting Cees de Boer Member Board of Directors XBRL International, Member Dutch SBR Council, CFO & COO of Deloitte Netherlands

2 SBR Netherlands introduction Initiative of several Ministries Based on the political priority to reduce administrative burden for business in dealing with mandatory reporting Formation of a SBR Council with key stakeholders

3 SBR Netherlands introduction A fundamental step was to take a multi domain approach With a focus on voluntary governance based on a coalition of the willing And a focus on standardization of key elements such as process, data and technology To allow for the realization of reducing the administrative burden for the business community

4 The Dutch SBR program was designed to address a key issue Business registers Tax Authorities Stock Exchanges Statistics Businesses Offices Commercial Banks Other regulators Central Banks Branch associations Investor Analysts

5 Bringing together the multi domain stakeholders is key Coalition of the willing (voluntary) All relevant stakeholders Government Tax Authorities Business Register Statistics Office Intermediaries (accounting and tax) Software vendors Business representation Banks

6 Governance and Standards are key success factors for SBR, but the vision and goals are key drivers for how to organize Multi Domain Approach Governance Vision: Efficiency + Transparency Reuse Process, Data, Technology Standardization

7 Is this approach easy? Definitely not: a balancing act Coalition of the willing is never easy It takes a strong vision and shared purpose to get the right results Some solutions are suboptimal for government but better for the whole The shared purpose drives which stakeholders need to be at the table Representatives from stakeholders need to be at the right level Change and investments for many stakeholders need to be synchronized to be effective Timing is everything : the impact of a filing mandate

8 SBR goes beyond annual reporting and tax filings Public sector led initiatives Education Health Care Municipalities Water Boards Grants reporting Private sector led initiatives Loan application and Credit reporting Sustainability reporting Employee benefits

9 Example: loan application and credit reporting For the Banks No more manual data entry Improved data quality Data comparability Risk analysis and management Fully automated credit application processes within certain limits For the business Digital process Agreed data, first time right Faster response time Reduced costs More differentiation in limit & pricing

10 What s next -> SBR Roadmap 2020 Introduce assurance on XBRL filings in XBRL format Deepen application of SBR to connect reports to transaction level data: Standardized Framework of Chart of Accounts Broaden application of SBR in B2G and G2G information chains

11 Ongoing Challenges What will be the sustainable governance model after the first big projects? More and more domains becoming active More and different stakeholders Standardization remains critical to continue to achieve the vision of SBR But governance will be more and more complex Communication to the business community on added value Not only multi domain but also multi country

12 The business case for Government Introduction of a multi domain taxonomy allows for: elimination of manual processes and significant increase of quality and comparability of information analytics The achievement of the key objective: to continue to reduce the administrative burden for business But not always the optimal solution for government

13 The business case for Business Avoidance of different taxonomies per domain: cutting the red tape Ability to better align the external reporting taxonomies with internal data models that enable system to system reporting (key role for software vendors) Reuse of data for other domains such as credit reporting and other private initiatives, but possibly also inside a company

14 The business case for Accounting Profession Significant process simplification and automation in non added value processes (filing processes) But clients used to pay for that Additional data analytics opportunities (benchmarking, trend analysis)

15 Summarizing SBR is about collaboration and coordination to achieve a better world in Business Reporting with benefits for all stakeholders It means willingness to make compromises for the good of all stakeholders Needs a strong vision And a coalition of the willing Standardization of process, data and technology will follow from that

16 SBR Netherlands at the 2014 XBRL Conference Tuesday 3.40 Tuesday 4.30 Wednesday 9.30 What is SBR?: 5 steps to Harmonize Reporting Across Government Agencies Why SBR? The Strategic impact of Cutting Red Tape Software Industry Outreach A Crucial Ingredient for a Successful XBRL Implementation Wednesday The Intersection of Assurance & Security Current Practice for Reporting Wednesday Wednesday 2.20 Security Current Reporting Practice How to make SBR work

17 Impact of Standard Business Reporting on Business, Government & Accounting Cees de Boer Member Board of Directors XBRL International, Member Dutch SBR Council, CFO & COO of Deloitte Netherlands

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