x-dis/xbrl pilot project | 4 june 2007 | seite 1 cord task force meeting - luxembourg x-dis/xbrl...

X-DIS/XBRL Pilot Project | 4 June 2007 | Seite 1

CoRD Task Force Meeting - Luxembourg

X-DIS/XBRL Pilot ProjectThe XBRL Standard and its Usefulness for the Collection of Statistical Data

Adolfo RodriguezSoftware AG Spain - Eurostat Contractor

4th of June, 2007CoRD Task Force Meeting - Luxembourg


X-DIS/XBRL Pilot Project | 4 June 2007 |

XBRL Technology

Adoption of XBRL Technology

XBRL on Statistics

X-DIS/XBRL Pilot Project

Tasks of X-DIS/XBRL Pilot Project

Project Results

Overall Conclusions

11

Content



StandardizationStandardization

CalculationCash = Currency + Deposits

CalculationCash = Currency + Deposits

FormulasCash ≥ 0

FormulasCash ≥ 0

ContextsUS $

FY2006, Budgeted

ContextsUS $

FY2006, Budgeted

ReferencesGAAP I.2.(a) Instructions

Ad Hoc disclosures

ReferencesGAAP I.2.(a) Instructions

Ad Hoc disclosures

XBRLItem

XBRLItem

LabelCashCashEquivalentsAnd

ShortTermInvestments

LabelCashCashEquivalentsAnd

ShortTermInvestments

ValidationValidation

Presentation現金及び現金等価物

Presentation現金及び現金等価物

PresentationCash & Cash Equivalents

PresentationCash & Cash Equivalents

Finance-specific use of XMLOpen standardCollaborative market effort – 350 member

organizationsConsortium established in 1999Implemented as a regulatory standard

Finance-specific use of XMLOpen standardCollaborative market effort – 350 member

organizationsConsortium established in 1999Implemented as a regulatory standard

Technology StandardTechnology Standard

Crosses all industriesDesigned for extensibilityIncludes XBRL GLTaxonomies: IFRS, US GAAP (e.g. Commercial &

Industrial, Banking & Savings Inst., Insurance, Investment Management)…

Crosses all industriesDesigned for extensibilityIncludes XBRL GLTaxonomies: IFRS, US GAAP (e.g. Commercial &

Industrial, Banking & Savings Inst., Insurance, Investment Management)…

Broad ApplicationBroad Application

XBRL Technology



XBRL Technology



XBRL Technology


XBRL on Statistics



Project Results

Overall Conclusions

22

Content



Adoption of XBRL TechnologyXBRL in Financial Value Chain

BusinessOperationsProcessesProcesses

Internal Financial Reporting

ParticipantsAuditors

TradingPartners

InvestorsFinancial

Publishers and DataAggregators

Regulators

Software Vendors

ManagementAccountants

Entities(Public Corporations, SMEs, Public Sector Entities)

CentralBanks

ExternalFinancialReporting

Economic Policymaking

Investment,Lending,

Regulation

XBRL Taxonomies and Extension Taxonomies

(statistics, central banks, tax, others)

XBRL GLJournal Taxonomies

XBRLGAAP Taxonomies,

IFRS-GP, US-GAAP, etc.



XBRL Projects scopeXBRL SPAIN TAXONOMIES Updated as of 2006/03/03

ACRONYM DENOMINATION RESPONSIBLE FOR GOAL EDITION DATE / USE (a) USE / NOTES

IPP Financial Periodic Information CNMV Financial periodic information of the issuing entities (CNMV Circular 1/2005)

2005-06-30 / 2005 2.940 entities, quarterly

PGC90 1990 Spanish Chart of Accounts ICAC Annual accounts defined in the Spanish Chart of Accounts of 1990, that Spanish corporations have to deposit in the Mercantile Registers

2005-09-30 / 2006 2005-9-30 Abbreviated formatIn 2006 Normal format

DGI Spanish Global Common Document for General Identification Data

Mercantile Registry Common data used by different institutions to identify entities

2005-06-30 / 2006 New modular version of 2006-02-15; draft in course of approval

SST Appraisal companies Banco de España Public information sent by appraisal companies September 2003 / 2003 65 corporations

ES-BE-FS Financial Information Exchange System Banco de España Public financial statements of financial entities (Circular 4/2004 of Banco de España)

2005-04-01 / 2005 (1st version)2006-01-01 / 2006 (2nd version)

6 credit institutions, 1st version200 entities aprox., 2nd versión

ES-BE-CBARES-BE-CBANES-BE-CBT

Central Balance Sheet Data Office, reduced (R), normal (N) and quarterly (Q) questionnaires

Banco de España (Central Balance Sheet Data Office)

Taxonomy extensions of the PGC90 taxonomy for contributing corporations on a voluntary basis

June 2006 / 2007 4.000 corporations in electronic questionnaire

SEPBLAC Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences

Banco de España Information sent to SEPBLAC in the range of the prevention of money laundering

April 2005 / 2007

BP Balance of Payments Banco de España Information sent to the Balance of Payments, by obliged informants

2006 / 2007

Public sector Local accounting instructions TaxonomyGeneral State Comptroller (IGAE)

Annual accounts defined by the Local accounting instructions 2006 / 2007 Normal, simplified and basic formats

Contribution to international taxonomies

COREP Common Reporting CEBS (Banco de España)

Common core information on financial entities solvency, included in pillar I of the Basel agreement and its transposition to the European regulation (revision Directive 12/2000)

2006 / 2007

FINREP Financial Reporting CEBS (Banco de España)

Creation of financial statements of credit institutions for supervising bodies, based on IFRS

2007 / 2008

CBSO-RF European Central Balance Sheet Data Offices

European Committee of Central Balance Sheet Data Offices (III WG)

Taxonomy based on the International Financial Reporting Standards (extensión of the IFRS-GP taxonomy)

November 2005 / 2006

(a) Date when the draft was edited, approval of the taxonomy or forseeable approval, in the situation / Date when the taxonomy began to be used or forseeable year to be used for financial reporting.



XBRL in EuropeNationalUK Inland RevenueUK Financial Services AdministrationDatev/BundesbankDanish Commerce & CompaniesBank of SpainBank of Belgium – Balance sheet officeBelgian Banking supervisorsDutch Water Boards Dutch Statistics agency (CBS)Dutch governmentPan-europeanXBRL in Europe – FP6ICISA (CRAS group)Eurostat (feasibility study)IASB



XBRL Technology


XBRL on Statistics



Project Results

Overall Conclusions

33

Content



XBRL on Statistics

Data sources required for…European Country A Country B

Reporting Concepts

Reporting Concepts

Gap (%) Reporting Concepts

Gap (%)

Statistical scope X

(e.g. SBS)(e.g. SBS+ STS)

4th directive

EUROPEANSTATISTIC

AL TAXONOM

Y

Transposition

4th directive NATIONAL

STATISTICAL

TAXONOMY

CONVERSION

Transposition 4th

directive NATIONALSTATISTIC

AL TAXONOM

Y

CONVERSION

Reporting framework A

Transposition Reporting framework

A

Transposition

Reporting framework

A

Reporting framework B

Transposition Reporting framework

B

Transposition

Reporting framework

B

Concepts from scratch

Concepts from

scratch

Concepts from

scratch



XBRL on Statistics

12 11 0 = FL12 12 0 = FL + FM + FN + FQ - FS - FT 13 11 0 = FS + FU + FW + GE13 32 0 = FY15 11 0 = LP - (MY + NC) 16 11 0 = Effectif moyen sur l'exercice comptable



XBRL Technology


XBRL on Statistics



Project Results

Overall Conclusions

44

Content




¬ X-DIS/XBRL Pilot Project belongs to X-DIS Project. X-DIS stands for XML for Data Interoperability in Statistics

¬ X-DIS is funded by IDABC Work Program (2005-2009). IDABC stands for Interoperable Delivery of European eGovernment Services to public Administrations, Businesses and Citizens

¬ X-DIS/XBRL Pilot Project intends to test the feasibility of exploiting for statistical purposes the use of XBRL in company reporting

¬ Pilot Project Phase 1 extends from March 2006 to March 2007. Phase closed

¬ Pilot Project Phase 2 extends from December 2006 to December 2007. Phase ongoing



XBRL Technology


XBRL on Statistics



Project Results

Overall Conclusions

55

Content



Tasks of X-DIS/XBRL Pilot Project - Phase 1Task Task Name Task Description

Task 1Mapping of existing taxonomies

First of all an inventory of all relevant taxonomies at the time of the start of this pilot will have to be established.A detailed line by line mapping exercise should be performed between the requirements in the relevant statistical legislation and these taxonomies. This will help determine whether the statistical requirements are not already available in the existing taxonomies.

Task 2Monitoring XBRL developments

Other than the detailed analysis of the taxonomies, developments in existing XBRL projects in statistical and accounting domains should be monitored very closely. This will avoid duplicating efforts. Throughout the duration of the project, Eurostat should be kept informed of these developments and the possibilities for synergy with the pilot project should be outlined.

Task 3Creation of a statistical taxonomy

Based on the outcome of task 3.1., it should be determined whether or not the creation of a statistical taxonomy is useful and desirable. It should also be established if a comprehensive taxonomy (encompassing all European statistical reporting requirements) should be created rather than taxonomies per statistical field (SBS, STS, BOP etc.). Member States could afterwards extend these taxonomies in order to integrate their own additional reporting requirements.

Task 4 Test phase

As suggested in the feasibility study, the taxonomies should be tested in a live environment with the cooperation of 2 or 3 NSIs. Each participating NSI would have to involve a sufficiently large number of enterprises in order to estimate the total population for which the taxonomies could be acceptable and subsequently used. A broad variety of enterprises should be covered (SMEs and listed companies, enterprises in different business lines, companies who are part of a group or consortium and individual businesses). In this phase it should also be investigated how XBRL reporting of microdata from enterprises to NSI can be brought in line with the subsequent SDMX reporting of aggregated data from NSI to Eurostat.

Task 5 Acceptance

If the test phase proves successful, it has to be established if XBRL can be proposed to the NSIs as a tool for their data collection from enterprises and whether the latter would be inclined to adopt it. Aspects of respondent burden, initial investment, and media to be used for data exchange and running costs will have to be investigated.

Task 6The use of XBRL in surveys by the NSIs

A further issue to investigate is the use of XBRL in surveys. Is it realizable for enterprises to no longer send their information to the NSI, posting data instead on their websites? The data would be ‘picked up’ by the NSI via a web search engine with an XBRL-tag as search criterion.



Tasks of X-DIS/XBRL Pilot Project - Phase 2Task Task Name Task Description

Task 1New Modules of the European Taxonomy

The European XBRL taxonomy, currently limited to the SBS framework, needs to be extended to other statistical business frameworks. Eurostat will indicate two or three new statistical areas to be analysed and for which new modules of the European statistical taxonomy will be developed. Reuse of common concepts between modules and a modular approach to taxonomy design are highly recommended .

Task 2

Extended testing of European SBS

taxonomy

The modular European statistical taxonomy needs to be tested in real cases, to further prove its reusability across the European Statistical System. Tests will comprise the generation of XBRL reports by companies, transmission of reports to NSI, validation of reports and loading of data into NSI's production systems. The SBS module, developed in the framework of contract No 14400/2005/005-2006/066 – CS 1, already tested in collaboration with BE, ES and NL, will have to be tested with two or three more countries indicated by Eurostat among the members of the XBRL Task Force. The new domain-specific modules will have to be tested in all countries (BE, ES, NL and the new ones).

Task 3

Analysis of Sectoral XML Standards Potentially Interesting for Statistics

Many custom XML standards have been developed or are being developed by industrial and business communities. The aim of this task is to point out which ones could be of potential interest for primary statistical data collection (from businesses to NSI), in the spirit of the work done with XBRL.



XBRL technology

Adoption of XBRL technology

XBRL on Statistics



Project Results

Overall Conclusions

66

Content



Project Results from Phase 1

¬ Describes a set of common elements to both accounting standards

¬ Common mechanism to share those elements

¬ Ensures comparability

XBRL TechnologyCapabilities

ArchitectureConstraints

Accounting Or Functional

IssuesOrganizational

Impact



Project Results from Phase 1Functional Issues

¬ Do not mix up analysis between IFRS and GAAP principles

¬ Focus on IFRS principles and disclosures

¬ Low reusability on Financial Reporting disclosures for Statistics

¬ Variables for statistical frameworks, from enterprises viewpoint are, semantically, an accidental set of accounting terms

¬ A statistical framework accomplishes FR, GL and other elements.

¬ Data collection can be different for the different countries.

¬ Do not embed, but inherit, reporting models in statistical ones.

¬ Necessary reporting data models

¬ Ontologies are created with semantic data models



Project Results from Phase 1 Technical Issues

¬ XBRL technology quite ready form the technical viewpoint

¬ No best practices in the area of taxonomy frameworks (many different approaches)

¬ Enjoying European XBRL taxonomies recommend

¬ No best practices in the area of taxonomy extensions (few of FRTA rules covering extensions)

¬ Lack of XBRL taxonomies for European reporting directives



Project Results from Phase 1 Architectural Issues

¬ Underlying transport layer transparent

¬ Development will be aligned with EIF

¬ Tools at technical level

¬ Cheapest adoption with XBRL Reference Architecture



Project Results from Phase 1 Organizational Issues

¬ Most companies have no resources to cope with XBRL

¬ At short time ROI must be offered to enterprises

¬ Current state of data models does not offer a ROI

¬ At long term, a few companies will need to be XBRL-aware

¬ At short term, improvement for NSIs

¬ Synergies with necessity of adopting IFRS



77

Content

XBRL technology

Adoption of XBRL technology

XBRL on statistics



Project Results

Overall Conclusions



Overall Conclusions

¬ XBRL is a improvement for NSI at short time

¬ Companies want to reduce their reporting burden regardless of the way, as long as:¬ Their core business is not impacted¬ No investment is required¬ The procedure is as easy as possible¬ No XBRL knowledge is required

¬ XBRL Reference Architecture can be extended to ease adoption

¬ Mapping between taxonomies is not always feasible

X-DIS/XBRL Pilot Project | 4 June 2007 | Seite 25


Software AGBright ideas, everywhere

x-dis/xbrl pilot project | 4 june 2007 | seite 1 cord task force meeting - luxembourg x-dis/xbrl...

Documents

scratch concepts

us gaap

banking savings

regulationxbrl taxonomies

statistical scope xe

central banks

extension taxonomiesstatistics

sbs sts