Goal and Status of SBR in Turkey SPEAKERS: Dr. Ayzer Bilgic Assistant Director, Merkezi Kayıt Kurulusu A.S. Amaç Suner Senior IT Specialist, Merkezi Kayıt Kurulusu A.S.
Agenda 2 MKK & PDP in general Why XBRL & SBR? PDP XBRL Project Lessons Learned X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
Merkezi Kayıt Kurulusu A.S. (MKK) 3 Main Role - Central Securities Depository of Turkey Value-added services • Public Disclosure Platform (PDP) • e-GEM (Electronic General Meeting) • e-COMPANY (Companies Information Portal) • e-CAS (Investor Notification & Alert System) • e-COMMODITY (Electronic Warehouse Receipt Center) • e-DATA (Capital Markets Data Bank) X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
Public Disclosure Platform 4 X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
Why XBRL? 5 Current Case Requirements Dynamic data to search, retrieve & Data for presentation, difficult to analyse analyze, notes are in pdf Minimize errors Limited controls, errors on FRs No connection between MKK based e- Integration of PDP, e-Company and e-GEM (inhouse prototype for SBR) systems Swift message infrastructure Swift message infrastructure as STP Multi-language support Promoting academic researchs X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
Taxonomy Development 6 Sept. 2011 2012 Jan. 2013 Nov. 2013 Jan. 2015 CMB&BIST Extensions IFRS Taxonomy Translation XBRL Working Group Working Group XBRL-TR BIST XII -XII Membership -Taxonomy -IFRS 2012 Membership -IFRS extensions Application Translation (IFRS taxonomy -Sectoral FRs -Strategy, road map 2013) -Revision of FR Formats X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
Project Phases 7 1st Phase: • FR, material events, CA and fund notification in XBRL • Integrate with e-GEM 2nd Phase: • Notes in XBRL • Integrate with e-COMPANY • Collect & dissemine XBRL data to other regulatory authorities 3rd Phase: • Receive instance files from companies X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
PDP XBRL Project Scope (Phase 1) 8 Closed Taxonomy Inhouse Development • Renderer, Validator, Instance Creator/Viewer • Portal for Submitters • New Web Site for Publishing • New Web Services for Data Vendors Big Bang Taxonomies Financial Reporting Taxonomy IFRS Extension Material Event Disclosure Taxonomy (Our Own) Material Event Disclosures Fund Disclosures CA Taxonomy (Our Own) X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
PDP 4.0 Project Timeline 9 March June Sept. User Test-1 User Test-2 User Test-3 Improve. Improve. Production March 2014 August 2014 Nov. 2014 Nov. 2015 Taxonomy Creating/Testing Tax. Testing/Review Research/Trainings Renderer Bug Fix Validator Owned PDP We Are Here X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
Financial Report Taxonomy Architecture 10 Bus. MKK Rules IFRS Pres. Core .xml Core Cal. Entry by Sector Def. IFRS TR EN Label Labels Labels X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
Financial Reports , PD and Fund Disclosures 11 Dynamically Rendered Web Forms xls Templates to Upload Digital Signature Process Flows among Actors Within Company Auditor X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
Corporate Action Disclosures 12 Coded Web Forms Hard Coded Business Rules Process Flows among Actors Relations between Corporate Actions Digital signature SWIFT Message Creating (STP) X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
Lessons 13 Taxonomy preparation before technical development Start taxonomy creation when whole set is completed Training, networking Working with stakeholders (companies, related authorities, audit companies etc.) Thinking about B Plan X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
14 For questions ayzer.bilgic@mkk.com.tr amac.suner@mkk.com.tr THANK YOU....... X B R L 2 0 1 5 H O S T E D B Y X B R L D E N M A R K
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