Countries across ASEAN will now have access to expertise in the region for the adoption of a common global standard for financial reporting through the formation of a partnership between OMESTI Berhad of Malaysia and IRIS Business Services Ltd of India. The partnership will facilitate the introduction and deployment of the XBRL global reporting standard platform across South East Asia and further extend the automation of business operations.
XBRL, which is short for eXtensible Business Reporting Language, is an open standard for the electronic communication of business and financial data. It connects members representing the entire financial and business reporting supply chain on a platform that is universally open, industry-driven, and internationally endorsed. In simple terms, XBRL is an electronic information supply chain standard for moving financial and business reporting information into an interactive intelligent information format.
Gerard Monteiro, Executive Director, OMESTI Berhad, said, “Annual reports, quarterly results, and other statutory submissions are just some of the documents that companies need to file with regulators and corporate authorities. A significant number of these financial reports are still produced manually leading to a number of issues typically associated with manual processes.”
Setting a common global standard with XBRL reduces the risk of error, significantly shortens cycle times and standardises the presentation of data. “It provides clarity of information across international borders enabling overseas investors to gain a better understanding of financial and other corporate data,” he added.
Mr Swaminathan, CEO of IRIS Business Services, said, “Together with OMESTI, we will be ‘disrupting convention’. XBRL certainly disrupts convention; it changes everything. And for the opportunity to partner with OMESTI to do that, we are grateful. We have made a beginning in Malaysia with our potentially transformational work at SSM. And we thank OMESTI for choosing to partner with us on the SSM project. Since then, we have realised that there is a lot more to be done here and across the region. We are also greatly encouraged by the statements of our respective Prime Ministers calling for an Enhanced Strategic Partnership between our two countries.”
The OMESTI-IRIS partnership, which is initially for a period of two years, extends to Myanmar, Laos, Taiwan, Indonesia, Cambodia, Vietnam, South Korea, China, Japan, Brunei, Mongolia and Malaysia, where OMESTI will hold exclusive rights. Other countries may be mutually agree upon as and when required.
The tie-up complements OMESTI’s role as implementation partner for the CatalystTM electronic registry solution and is set to bring further automation to the entire business cycle.
OMESTI’s track record in the region dates back over 30 years, during which time the Group has successfully designed and executed multiple large-scale and complex technology projects for government departments and private sector clients. These include the integrated digital court infrastructure platforms for Malaysia and Brunei, data centres for the Malaysian Government, transport and logistics scheduling systems for the energy sector, core banking and insurance platforms for the leading financial institutions, and more.
The Group has also tied up with several partners to add further technology solutions to its portfolio for both enterprise and SME markets. These include digital Human Capital Management, Intelligent Video Analytics, As-A-Service Accounting and others.
Over the last seven years, IRIS has been closely involved in the XBRL space, providing solutions to multiple clients in various territories including Singapore. It also specialises in taxonomy creation, software solutions and in the conversion of structured and unstructured data into XBRL for SEC filing.
More About XBRL
XBRL is a dictionary of “tags” that can be applied to each element in a financial statement. This tells standard software what the item represents and how it relates to other items in the report, much like giving all the facts in the report a unique barcode.
Standardisation – reducing inconsistencies in terminologies and data formatting
Accuracy – providing data that can be both calculated and verified
Speed – allows much faster and real-time preparation of reports as well as intuitive data search and access
Reusability – data once entered can be reused to represent the same data in multiple ways and multiple formats
Platform Independent – allowing data to be exchanged and transferred with ease
Region Independent – allowing presentation and exchange of data in many different languages