Oracle EPM Cloud Enterprise suite is increasingly mature and complete.
Among the various tools of the Financial Closing, within the Narrative Reporting, the tagging functions of the new iXBRL format are fully operational. A point to bear in mind in the analysis and development of the group chart of account which must be complete and “mappable” on the XBRL format required by the legislation.
And to clarity on statutory level, regarding the Inline XBRL (iXBRL), we have two steps:
1 – In the first two years (2020 and 2021) the Balance Sheet, Income Statement, Cash Flow Statement and Statement of Changes in Equity must be presented;
2 – From 1st January 2022: Notes to Financial Statements and Disclosures are added to the above.
Source tools: FCCS or HFM or other Oracle Cloud or “on premise” systems.
Data source: a closing on Financial Statements and Notes developed on Smart View.
Intermediate Step: download the correct taxonomy from the Chamber of Commerce (OIC, IFRS, …) and map (“XBRL tagging”) the financial statements information in the XBRL destination taxonomies.
Working tool: Oracle Disclosure Management, within Oracle EPRCS.
Output: publication of the complete reporting book file in XBRL format, which can be sent to the Chamber of Commerce.
For demo or more info: firstname.lastname@example.org
In the last implementation of EPRCS, based on HFM on premise, one of the points most appreciated by the customer was the active collaboration between the head of the consolidated financial statements and the audit firm in sharing the Note and in cloud management of textual comments of the movements of each table.
We summarize the steps of the review process:
– Publication in the cloud of the tables of notes, and comments of the auditing company;
– Recharging in HFM of closing balances, via FDMEE;
– Update of the year’s movements on the web forms of HFM;
– EPCRS Reference Doclet update via SmartView;
– Change / adjustment of the review company’s comments to the updated table in the cloud.
More info: email@example.com
Experlab has developed its application template for the Statutory Notes to the Financial Statements Italian principles.
The EPRCS (Oracle Enterprise Performance Reporting Cloud Service) report package is based on a Reference Doclet XLS made with Smart View version 188.8.131.52.720.
For the textual part and the titles of the paragraphs the EPRCS variables have been developed linked to the account description and to the data in HFM.
The Statutory Notes to the Financial Statements can be executed at the level of the holding company, at the level of the subsidiaries ones, and at the level of the Consolidated Group.
More info on firstname.lastname@example.org