Post on 18-Jan-2016
description
XBRL in Europe
XBRL in EuropeXBRL in Europe
Olivier Servais, Olivier Servais,
XBRL in Europe – Permanent SecretaryXBRL in Europe – Permanent Secretary
XBRL Int’l Steering Committee – MemberXBRL Int’l Steering Committee – Member
Friday, 3 June 2005
for COREPfor COREP
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
AgendaAgenda
Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
Next challengesNext challenges X what ?
In Europe ?
Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
Next challengesNext challenges
after term expires
International Steering Committee
Chair: Kurt Ramin
International Steering Committee
Chair: Kurt Ramin
Board of Advisors (5 to 19 members)Not Yet Established
Board of Advisors (5 to 19 members)Not Yet Established
1st Vice ChairPaul Penler
1st Vice ChairPaul Penler
2nd Vice ChairWalter Hamscher
2nd Vice ChairWalter Hamscher
Executive Committee*(7 members)
Executive Committee*(7 members)
elects
appoints
Immediate Past ISC ChairVacant
Immediate Past ISC ChairVacant
member of
ISC chairelects
ISC SeatISC Seat
Key
No Seat on ISCNo Seat on ISC **Standing
ISC
Rep
resen
tativ
es
At Large Representatives
Michael
Ohata*
Michael
Ohata*
Vincent Bert Vincent Bert
Mike
Willis
Mike
Willis
Walter
Hamscher
Walter
Hamscher John Turner John Turner
Makoto Koizumi
Makoto Koizumi
Hugh
Wallis
Hugh
Wallis
President **Louis
Matherne
President **Louis
Matherne
Olivier Servais Olivier Servais
Established Jurisdiction Representatives
CABill
Swirsky
CABill
Swirsky
AUPaul Phenix
AUPaul Phenix
IASBKurt Ramin
IASBKurt Ramin
NZGraeme
Sinclair
NZGraeme
Sinclair
UK
Chris Rodgers
UK
Chris Rodgers
DENorbert
Flickinger
DENorbert
Flickinger
USPaul Penler*
USPaul Penler*
JPEiichi
Watanabe *
JPEiichi
Watanabe *
NLJan Pasmooij
NLJan Pasmooij
IRConor O’Kelly
IRConor O’Kelly
SPFederico Florez *
SPFederico Florez *
* At Large EC Representation from ISC
* At Large EC Representation from ISC
XBRL internationalXBRL internationalGovernance Governance & Operational structure& Operational structure
Provisional Jurisdictions
KoreaKorea SwedenSwedenBelgiumBelgium FranceFrance DenmarkDenmark
ISC Subcommittees & Product Development Team
ISC Subcommittees & Product Development Team
International Steering Committee
Chair: Kurt Ramin
International Steering Committee
Chair: Kurt Ramin
Executive CommitteeExecutive Committee
Working GroupsWorking Groups
SolutionsChair: Michael Ohata
Vice Chair: Paul Snijders
SolutionsChair: Michael Ohata
Vice Chair: Paul Snijders
DomainChair: Josef MacDonald
Vice Chair: Marc van Hilvoorde
DomainChair: Josef MacDonald
Vice Chair: Marc van Hilvoorde
Basel IIChair: Daniel D’Amico
Basel IIChair: Daniel D’Amico
AssuranceChair: Jan Pasmooij
Vice Chair: Bill Swirsky
AssuranceChair: Jan Pasmooij
Vice Chair: Bill Swirsky
AccountingChair: Daniel Roberts
Vice Chair: open
AccountingChair: Daniel Roberts
Vice Chair: open
General LedgerChair: Hugh Wallis
Vice Chair: Diane Mueller
General LedgerChair: Hugh Wallis
Vice Chair: Diane Mueller
Finance SubcommitteeChair – Kurt Ramin
Finance SubcommitteeChair – Kurt Ramin
Nominating SubcommitteeChair – Bill Swirsky
Vice Chair – Conor O’Kelly
Nominating SubcommitteeChair – Bill Swirsky
Vice Chair – Conor O’Kelly
Bylaws SubcommitteeChair - Hugh Wallis
Bylaws SubcommitteeChair - Hugh Wallis
Jurisdev SubcommitteeChair – Liv WatsonVice Chair: open
Jurisdev SubcommitteeChair – Liv WatsonVice Chair: open
* Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract)
* Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract)
Product Development TeamChair – Walter Hamscher
Product Development TeamChair – Walter Hamscher
XII Staff*XII Staff*
Advisory Board Selection Subcommittee
Chair – Mike WillisVice Chair – Olivier Servais
Advisory Board Selection Subcommittee
Chair – Mike WillisVice Chair – Olivier Servais
SpecificationChair: Paul Warren
Vice Chair: Cliff Binstock
SpecificationChair: Paul Warren
Vice Chair: Cliff Binstock
XBRL Int’lXBRL Int’lGovernanceGovernance & & Operational Operational structurestructure
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
Theme : “Speeding up the development and adoption of XBRL in Europe”
Supported by the 6th Framework Program : IST-2002-2.3.1.9 - Networked businesses and governments
Focus: Increase awareness Founding jurisdictions Internet Permanent secretariat
Key features Neutral & IndependentTwo-way dialogueICT dimensionInfrastructure Outcome
XBRL in EuropeXBRL in EuropeThe ProjectThe Project
EstablishedEstablishedIrelandIrelandGermanyGermanySpainSpainThe NetherlandsThe NetherlandsUnited KingdomUnited Kingdom
ProvisionalProvisionalSwedenSwedenBelgiumBelgiumDenmarkDenmarkFranceFrance
In constructionIn constructionCzech RepublicCzech RepublicFinland Finland HungaryHungaryPoland Poland PortugalPortugalLuxembourgLuxembourg
In projectIn projectSlovenia, Austria, Slovenia, Austria, Italy, Greece, Italy, Greece, Estonia, Norway, Estonia, Norway, Malta + TurkeyMalta + Turkey
XBRL in EuropeXBRL in EuropeJurisdictionsJurisdictions
AcknowledgedAcknowledgedGermanyGermanySpainSpainThe Netherlands The Netherlands United KingdomUnited Kingdom
In constructionIn construction
Belgium Belgium FranceFranceIrelandIrelandSwedenSweden
Local GAAP Local GAAP taxonomytaxonomy
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
AgendaAgenda
Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
Next challengesNext challenges
Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
Next challengesNext challenges
National UK Inland Revenue
UK Financial Services Authority
UK Companies House
Datev/Bundesbank
Danish Commerce & Companies (DCCA)
Bank of Spain
Bank of Belgium – Balance sheet office
Belgian Banking supervisors
Dutch Water Boards
Dutch Statistics agency (CBS)
Dutch government
Pan-european XBRL in Europe – FP6
ICISA (CRAS group)
Eurostat (feasability study)
IASB
CEBS – COREP (Basel II)
XBRL projects in EuropeXBRL projects in Europe
30+ projects !
30+ projects !
Projects and future applications inProjects and future applications inOrganisation Application Project Target Target
date• Balance sheet deposit
• Collection of raw data
• Statistical process
• Interface to other reg’s
• NBB taxonomy devpt
• Review the supply chain
• Review the process
• Reporting tool
• 270,000/yr 1 Apr, 2007
Prudential & Financial control for Banks, insurances, investment firms, pension funds and listed companies
• Prudential (IFRS) Banking reporting (Schema A)
• Prudential Banking reporting (Basel II)
• Review the supply chain
• Review the process
Every consolidated bank
Every bank
1 Jan, 2006
1 Jan, 2007
Coordinating actions for banks
• IFRS Bank taxonomy devpt
• Review the supply chain
• Review the process
Every bank 1 Jan, 2006
• Balance sheet deposit (Tax on web)
• Collection of raw data
• Statistical process
• Awareness & Evaluation
• Review of process
210,000/year TBD
• Collection of raw data • Awareness
• Evaluation
210,000/year TBD
The Dutch Taxonomy Project
› Taxonomy for Dutch financial reporting‒ Annual accounts‒ Taxes‒ Financial statistics
› Issues:‒ Identifying companies ‒ Reporting frequency‒ Types of reports and status‒ Audit reports
› Interdepartmental project‒ Ministry of Justice‒ Ministry of Finance
Architecture
Dutch Tree
Domain specific
Form sets
Per subject / target group
IFRS
Sets Sets
Taxes
Statistics
…
IFRS Waiver taxonomy
GEN-Base
Generic Elements Netherlands DataTypes
Elements annual account Relations
Report
Sets
DataTypes(RJ)
Relations
Business case
I II IIIcompany backofficeinfrastructure
Chamber ofCommerce
annual acco unts
StatisticsNetherlands
T axoffice
taxes
e co nom ic s tatis tics
O ndernem ing
interm ediary /acc ountant
advice
<Dutch Taxonomy>IV
Status of project
› In progress‒ Standardization of context information‒ Further normalization
› Chain testing by performing a business case
› Letter of intent by all stakeholders› First test release of the Dutch Taxonomy
is now available!‒ www.xbrl-ntp.nl/english‒ User: taxonomie01 - Pass: boston
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
8 200 Banks
FDIC OCC FRB OTS NCUA
Quarterly information comprised of 2,000 fields described in 400 pages of instructions
Multiple copies of data exist inside multiple agencies (error prone)
Avg. of 60-70 days to receive, validate + publish filings (not timely)
Estimated processing costs over next 10 years - $65 million (costly)
March 2003 reports had nearly 18 000 errors that needed to be corrected (integrity issues)
1 000 basic math errors 17 000 quality (validation) errors
Federal Deposit Insurance Corporation -
Today
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
8 200 Banks
FDIC OCC FRB OTS NCUA
FFIEC
“All of this can be boiled down into a fairly modernized process with XBRL”. On the back end, 1,500 formulas promote data quality (timeliness/flexibility)
Filers required to submit data in XBRL format over the web (automation) Multiple sources of data => SINGLE SOURCE (integrity) Processing Time 60 - 70 days => 32 Days (timeliness) Processing Costs $65M => $39M, a savings of $26M (cost/efficiency) Cost savings to the U.S. banking agencies accrue when the system is
extended to other data series
Federal Deposit Insurance Corporation -
Future
18
Operational launch is planned for the third quarter – October 1, 2005
Additional information available at: www.FFIEC.gov/FIND
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
AgendaAgenda
Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
Next challengesNext challenges
Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
Next challengesNext challenges
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
11stst EuropeEuropeanan XBRL Conference XBRL Conference for Financial Servicesfor Financial Services
Theme : Theme : How XBRL will improve Financial Services reporting by 2006How XBRL will improve Financial Services reporting by 2006
Hosts : Hosts : XBRL in Europe, XBRL in Europe, with CEBSwith CEBS
Keynote speakers: Keynote speakers: José Maria Roldan (Chairman of Committee of José Maria Roldan (Chairman of Committee of
European Banking Supervisors), Pierre-Yves ThoravalEuropean Banking Supervisors), Pierre-Yves Thoraval (Member of Basel (Member of Basel
Committee), Peter Praet (Member of the Board of CBFA), Tom Jones (Vice-Committee), Peter Praet (Member of the Board of CBFA), Tom Jones (Vice-
Chairman of IASB) and representatives of the European Commission and Chairman of IASB) and representatives of the European Commission and
banks (Deutsche Bank, San Paolo IMI + Borsa Italiana)banks (Deutsche Bank, San Paolo IMI + Borsa Italiana)
When: When: 29 June 2005 10.00 – 17.0029 June 2005 10.00 – 17.00
Where:Where: Chartered Accountants Hall, London Chartered Accountants Hall, London
Size: Size: 200+ attendees200+ attendees
Audience profile: Audience profile: Bankers and supervisorsBankers and supervisors
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
11stst EuropeEuropeanan XBRL Conference XBRL Conference for Financial Servicesfor Financial Services
SupervisorsSupervisors 2424
BanksBanks 1515
Consulting & Consulting & SW vendorsSW vendors 2525
PressPress 3 3
OthersOthers 3030
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
European Banking Supervisors XBRL European Banking Supervisors XBRL RoundtableRoundtable
The conceptThe concept Purposes : Purposes :
Help to supervisors to decide that XBRL is of use for them within COREP/FINREP, and then to Help to supervisors to decide that XBRL is of use for them within COREP/FINREP, and then to
implement XBRL for COREP & FINREP at national levelimplement XBRL for COREP & FINREP at national level
Provide technical background & knowledge in order to implement XBRLProvide technical background & knowledge in order to implement XBRL
Duration & formDuration & form: 3-4 days Workshop, by mid-September: 3-4 days Workshop, by mid-September
AudienceAudience : supervisors only (+ guests), involved in XBRL COREP/FINREP projects, on invitation : supervisors only (+ guests), involved in XBRL COREP/FINREP projects, on invitation
onlyonly
LocationLocation: Brussels (premises TBD): Brussels (premises TBD)
CostsCosts::
Organisational: covered by XiEOrganisational: covered by XiE
Real costs (accom, trainers…): covered Real costs (accom, trainers…): covered
by participants/CEBSby participants/CEBS
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
European Banking Supervisors XBRL European Banking Supervisors XBRL RoundtableRoundtable
AgendaAgenda Day 1: What is the COREP/FINREP XBRL project(s)Day 1: What is the COREP/FINREP XBRL project(s)
Hands on XBRL basics for supervisorsHands on XBRL basics for supervisors
Day 2: How to implement COREP/FINREP with XBRLDay 2: How to implement COREP/FINREP with XBRL
Strategies, tools, converters and IT environment Strategies, tools, converters and IT environment
Day 3 am: Customizing COREP/FINREP at national level Day 3 am: Customizing COREP/FINREP at national level
Day 3 pm: Software vendors presentationDay 3 pm: Software vendors presentation
Day 4 am: Internal roundtable (Supervisors only)Day 4 am: Internal roundtable (Supervisors only)
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
Next challenges for XiENext challenges for XiE
Provide to FP6 the XiE commitmentsProvide to FP6 the XiE commitments
Identify the next expectations : Identify the next expectations : From “why and who” to “how to, how From “why and who” to “how to, how
much, how long” (the EGG & GCD experiences with SGS)much, how long” (the EGG & GCD experiences with SGS)
Re-define the proper organization : Re-define the proper organization : on trackon track
Improve cooperation with legal representative bodies (CEBS-Improve cooperation with legal representative bodies (CEBS-
COREP, CESR, CEIOPS, IFAC-FEE, FESE-WFE…) : COREP, CESR, CEIOPS, IFAC-FEE, FESE-WFE…) : on trackon track
Get new EC funds : Get new EC funds : on trackon track
Reach self-funding (without EC) : Reach self-funding (without EC) : on trackon track
Create XiE as a legal entity : Create XiE as a legal entity : on trackon track
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
Thank you !Thank you !
olivier.servais@xbrl-eu.orgolivier.servais@xbrl-eu.org
+32 2 702 64 82+32 2 702 64 82 +32 2 702 64 75+32 2 702 64 75+32 497 456 456+32 497 456 456
www.XBRL-eu.orgwww.XBRL-eu.org/london