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