25th june 2008eccbso - xbrl filings with central banks european committee of central balance sheet...

25th June 2008 ECCBSO - XBRL filings with Central banks

European Committee of Central European Committee of Central Balance Sheet Data OfficesBalance Sheet Data Offices

XBRL filings with central banksXBRL filings with central banks

Amsterdam, 25th June 2008

Luc Dufresne. Chairman ECCBSO / Head of the Micro-economic Information Department at the National Bank of Belgium / Chairman of XBRL Belgium

ECCBSO - XBRL filings with Central banks25th June 2008

AgendaAgenda

ECCBSO and III WG Standard Formats ECCBSO/IASC Foundation Joint XBRL Project Use case – XBRL filing in Belgium


European Committee of Central Balance Sheet Data European Committee of Central Balance Sheet Data Offices (ECCBSO)Offices (ECCBSO)

Informal group of CBSO’s belonging to NIS and NCB

Experience using accounting data for several purposes: Risk assessment Economic analysis Statistics

Common tool: corporation's annual accounts

Different goals, different questionnaires

5 working groups: Risk assessment, BACH database, ESD database, Study WG, IFRS impact and CBSO databases (III WG)


WG on IFRS impact - ParticipantsWG on IFRS impact - Participants

Members (NCB) Oesterreichische Nationalbank National Bank of Belgium Banque de France Deutsche Bundesbank Banco de Portugal Banco de España

Member (private) Centrale dei Bilanci

Observers IASCF-XBRL Working Team European Central Bank


Targets IIIWG: ECCBSO’s mandateTargets IIIWG: ECCBSO’s mandate

Monitor and report to ECCBSO on IFRS new projects (specially SME)

Monitor IFRS impact in Europe Monitor the “Reporting burden process” Standard formats:

Update to 2007 changes and to IAS 1 Format compatible with IFRS for SME

XBRL and CBSO: current use. Update the IFRS-CBSO taxonomy



AgendaAgenda


IFRS-based standard format: strategic planIFRS-based standard format: strategic plan

Definition of a common format based on IFRS-GP XBRL taxonomy to organize data interchange in the future

Creation of an extended and reduced version

Creation of a taxonomy: work in collaboration with IASCF-XBRL Team

Monitoring with real examples (over 100 European largest groups)

Storage in a database (ERICA) designed for analysis purpose



AgendaAgenda


Cooperation between ECCBSO and IASCF – 1Cooperation between ECCBSO and IASCF – 1

Involvement of ECCBSO in the IASCF XBRL team activities. ECCBSO representation in XBRL Advisory Council

(XAC) ECCBSO representation in XBRL Quality Review

Team (XQRT)



Involvement of IASC Foundation XBRL team in the ECCBSO activities Commitment to improve the ERICA database by

“anonymizing” the data Sharing IASCF IT resources and infrastructure (web

and application servers) Consideration of transferring these developments

(including the IP) to ECCBSO



Foreseeable developments Website: ECCBSO could get more visibility in the

considered review of the IASCF XBRL website Communication between both organisations:

An informal call every month to briefly share a status update

Sharing content for newsletter



AgendaAgenda


XBRL in European CBSOXBRL in European CBSO

Austria Belgium France Germany Italy Portugal Spain

Name XBRL Austria XBRL Belgium XBRL France XBRL Deutschland XBRL Italia XBRL Portugal XBRL España

Status Not active Established Established Established Provisional In construction Established

Juris

dict

ion

Involvement of central bank / CBSO

Possible use of XBRL for COREP

Founding member and chairmanship

Only in the domain of COREP and

FINREP projects

Founding member and active work in several projects

Banca d’Italia is founding member

One of main promoters

Founding member. Secretary and

Chairman of Strategic Committee

Project 1 Credit institutions

(FINREP / COREP project)

Credit institutions (COREP and

FINREP)

Credit institutions (COREP)

Italian Stock

Exchange Credit institutions

(COREP and FINREP)

Status Completed Working since June

2007 Active Under development

Previous works with draft taxonomies


Joint project

Statistics Department/CBFA

Indirect, though the Banking

Commission

Active involvement of banking supervision

department None

Banco de España in charge of these

projects

Project 2 Belgian GAAP French GAAP German GAAP Italian GAAP Spanish-GAAP2008

Status Completed Available soon Second version Under development Under development


Project lead by NBB – Data

reported to Belgian CBSO

As an observer Active involvement of

CBSO / Financial Statements Data Pool

None Project lead with

National Accounting Body

Project 3 Tax reporting taxonomy for companies

Tax reporting taxo for large international

groups only

Taxonomy for financial institutions

Deposit of financial statements

Reporting of local

entities

Status Under development Under development Under development Kick-off deferred until April 2008

Under test with real

data

Mai

n n

atio

nal p

roje

cts


Consultant None

Active involvement of banking supervision department

None None


Belgian case - Legal contextBelgian case - Legal context

Gathering and spread The Central Balance Sheet Office collects

annually 340.000 annual accounts from 320.000 companies and publishes the annual accounts as PDF files

Statistical mission Data from standardized annual accounts are

handled to produce accurate data for official bodies (National accounts)

Production of statistics per activity sector


Belgian case - HistoryBelgian case - History

Electronic filing since 1993 Proprietary format (text file) Heavy to maintain On floppy disk

Filing through Internet since 2004 In answer to the 1st European Directive With digital certificate Slow adoption because floppy disk was still an

option


Belgian case - XBRL purposesBelgian case - XBRL purposes

Why XBRL Increase flexibility in the process Make the technical maintenance easier Harmonize the data format and exchange with

other regulators Prepare electronic filing of annual accounts

drawn up according to IFRS


Belgian case - ImplementationBelgian case - Implementation

Taxonomy based on Belgian-GAAP For filing of individual accounts of non-

financial companies Launched in April 2007 with free “front

end” basic application for users Communication with software vendors from

the beginning of the project XBRL promoted through financial incentive

regarding the other filing channels (PDF or paper)


Filing channel of annual accounts

Paper PDF XBRL - Private softwares XBRL - Sofista

Internet85%

Paper15%

XBRLPDF

Belgian case - FiguresBelgian case - FiguresFrom April 2th till December 31th 2007


Belgian case - Objectives achieved ?Belgian case - Objectives achieved ?

Flexibility ? To some extent - not yet in terms of extensions

Maintenance ? Developments costs were cut by 40% for the second

application Exchange harmonization ?

Information has to be given only once Foreseen projects with other Belgian regulators

Ready for IFRS ? Ready but not yet applied for individual financial

statements


Belgian case – Next stepsBelgian case – Next steps

CBSO projects Use of XBRL data available Extension to other kind of annual accounts

Belgian authorities Federal Service Economy - Statistical business

survey Federal Service Finance - XBRL taxonomy for

corporate tax declaration

25th June 2008 ECCBSO - XBRL filings with Central banks

Thanks for your attentionThanks for your attention

25th june 2008eccbso - xbrl filings with central banks european committee of central balance sheet...

Documents

eccbso xbrl filings

eccbso slide

sme xbrl

agenda eccbso

involvement of eccbso

iascf xbrl team activities

iascfxbrl team monitoring

ifrsgp xbrl taxonomy