Post on 25-Jan-2015
description
XBRL driving forces
XBRLSimplification Crisis
Stoiberg De Larosiere
G20
EU Council EP
COM
MS
Simplification
• Stoiberg Group in July 2008: Commission to promote e-gov and identify best practices in IT use, EU can contribute to inter- and multi-national initiatives, encourages Commission (and MS) to consider “pull model – once only”
• EP resolution of 21 May 2008: calls on Commission to encourage MS to harmonize the classification of financial information, promotes the use of new technology as XBRL
• Council meeting of 7 November: common standards between financial centres, more transparent and comprehensive information systems, reformed multilateral surveillance
Crisis• de Larosiere Group, to accelerate reform of
supervision, converge supervisory practices, manage cross-border and cross-sectoral risks, report on 25 February
• EC 26 January 2009 package, strengthening supervisory committees and standard setting bodies with 36,2 M EUR financial support, need to further strengthen transparency, additional regulatory reforms may be needed according to Mr de Larosiere recommendations
G20
• EC Recovery Communication of 26 November 2008 (endorsed by the Council on 11-12 Dec), to reduce admin burdens, boost confidence and facilitate investment, 5B EUR for broadband (100% by 2010, redirect EIB and state aids to R&D, innovation and ICT, MS to act by fiscal incentives, grants, subsidies, work with the US.
• EC Communication of April 2009, ?
Remaining Questions
• Future global arrangements
• US – IFRS
• EU regulators – collages, OAMs, use of EU funding
• EU issuers – economic benefit, global competition
Shift is:
• Inevitable – internationally driven, EU stakeholders committed to the change, no real alternative to XBRL
• Boosting professional excellence and recognition
• Promotes quality
Contacts
Questions?
Contact:
Piotr Madziar
+32-(0)2-2950869piotr.madziar@ec.europa.eu