Transcript Slide 1
XBRL for regulatory reporting
Belgian projects
Agenda
XBRL projects by Belgian regulators
National Bank of Belgium
Banking, finance and insurance commission
Federal Public Service Finance
Agenda
The current situation
Why XBRL
Project steps
XBRL for regulatory reporting
The National Bank of Belgium
Camille DÜMM
Central Balance Sheet Office
The CBSO at a glance
Legal changes in 1975 and 1976
Most Belgian companies must legally publish their
annual accounts
Standardization of annual accounts
Set up of the CBSO on 17 April 1978 :
to ensure speedy and efficient circulation
of information available in annual
accounts
to arrange the statistical processing of
the information gathered
The CBSO at a glance
1993 Introducing filing of annual accounts on floppy
disk (text file)
2000 Spreading on microfilm abandoned in favor of
images-CD (PDF file)
2002 Supplying copies of filed annual accounts
through the Internet
2004 Filing annual accounts through the Internet
The CBSO at a glance - data
100%
In 2003 :
269.192 companies
296.673 annual accounts
4.215.000 pages
80%
60%
40%
20%
0%
1995
Paper
1999
2003
Floppy disk
Current processing of annual accounts
Electronic
Output
Data
loading
Validation
PDF file
Text file
Quality
Check
Paper
Images
database
Internet
Images CD
Image CD
Paper
Scanning
Accounting
data
Data
entry
Figures
Statistics
Studies
The XBRL Project - Justification
Why to change for XBRL ?
Current processing system rigidity
Future implementation of IAS/IFRS
Purposes of the XBRL project
Introduce flexibility in our process
Make the maintenance easier
Harmonization of the data format and exchange with
other regulators
Prepare the electronic filing of annual accounts
drawn up according to IAS/IFRS
The XBRL project - Process
CBSO Application
MAINFRAME PRODUCTION
Annual
Accounts
Dataware
House
INTERNAL
BUSINESS
LOGIC
CBSO
Identification
Data
CORPORATE
LAN
INTERNAL FIREWALL
BUSINESS LOGIC
Validation
Catalogue
pdf
FrameWork
XBRL FrameWork
Application
PRESENTATION LAYER
FILING
INTERNET
XBRL,H
TML
Security Layer
HTML
HTML
XBRL
UPLOAD
BROWSER
LDAP
EXTERNAL FIREWALL
BROWSER
CONSULTATION
NBB
12/10/2004
EXTERNAL
BROWSER
PDF
HTML
LAYER
PRESENTATION LAYER
PRESENTATION
Security Layer
DMZ
XBRL
XBRL
XBRL instance
documents
The XBRL Project - Steps
2005
Development of a taxonomy based on the Belgian GAAP
Publication of the taxonomy on the website and contact
with software companies
2006
Internal filing process adaptation
Development of a application allowing the companies to
fill in their annual accounts on Internet in XBRL
2007
Filing normalized annual accounts in XBRL
Financial reporting for
supervisory purposes :
the CBFA project.
Giancarlo PELLIZZARI
Banking, finance and insurance commission
Prudential policy
Agenda
Current situation
New European accounting context and its
implications
Financial reporting : the Belgian and European
packages
XBRL within the CBFA
Planning use of XBRL
Current situation
Scheme B : market financial reporting (B/S – P&L
– limited notes)
Scheme A : prudential reporting consisting of :
prudential reporting (Capital regulation – banking risks)
statistical data (e.g. European Central Bank, National
Bank of Belgium, etc.)
financial reporting (analysis of financial market
information and banking risks)
Current situation
Scheme A covers :
statutory basis (59 banks)
territorial basis (58 banks)
consolidated basis (24 banks)
More than 10.000 data to be delivered on :
monthly basis
quarterly basis
bi-annual basis
annual basis
Current situation
Information is processed to obtain the Bank
Performance Report, allowing individual and
group analysis :
rotations
comparisons between banks
Peer Group analysis
outlyer analysis
vertical and horizontal analysis
Bank Performance Report is an XML based tool
New European context and its
implications
Starting January 2005, all European listed
companies must use IAS/IFRSs for consolidated
financial statements.
All Belgian banks and investment firms that must
present consolidated accounts will report to the
supervisor according to a standardised
IAS/IFRSs scheme A (Royal decree not yet
approved).
Difference between BE GAAP and IAS/IFRS :
BE GAAP fixed layout
IAS/IFRSs free layout
New European context and its
implications
Standardized reporting scheme A for IAS/IFRS
consolidated financial statements will enhance :
comparability
level playing field.
Financial reporting : The Belgian and
European packages
Limited to IAS/IFRS financial reporting.
Consolidated basis.
Based on Word and Excel tables, with extensive
references to IAS/IFRSs having an XBRL
taxonomy in mind.
Belgian scheme : published for consultation until
end of October 2004.
European scheme : project within Committee of
European Banking Supervisors (CEBS).
XBRL Within the CBFA
The sector asked to consider using XBRL as
reporting standard.
After evaluation of different possibilities, XBRL
was considered as the best solution in a
IAS/IFRS environment because :
XBRL handles non standardized financial reporting
formats
taxonomies will become available
easily extendable to meet specific Belgian supervisory
needs.
From an IT perspective, the migration to XBRL is
logical as the current reporting standard is XML.
Planning use of XBRL
XBRL :
Analytical XBRL work based on final version of
reporting package, incorporating the final IFRS
taxonomy in 2005.
First implementation of XBRL : to be determined in
function of availability of IAS/IFRS taxonomies.
First use of new reporting scheme in 2006 : XML for at
least one year.
XBRL for Tax reporting
FPS Finance
Dirk Quina
Federal Public Service Finance
Background
Typical Process:
Input
Processing
Paper based Flows
Key in data
Processing of data by mainframes
Results: internal and external use
Output
Background
Gathering “Electronic” data:
Specific channel for specific purposes
Electronic devices (Tapes, disks, …)
Problems reading and processing information
Electronic data exchange
Project started mid 90’s
Focus on security
Real transactions
Existing projects
Edivat:
VAT declarations
Professional users (accountants, fiscal experts,…)
Multiple declarations
Traditional EDI
EDIFACT
Value Added Network
Registration procedure
Existing projects
Intervat:
VAT declaration:
Via Internet
XML
Intelligent form
Digital Signature
Acknowledgement
Finprof:
Withholding taxes
Single declaration – multiple declarations
Results of back-end processing via mail
Recent evolutions
On-line transactions:
Different domains:
Customs
Land Property
Communication with Banks
Exchanging information with other governmental
organizations
Traditional EDI:
Use of secure channel
XML- files
Strategic Options
Increasing importance of electronic data exchange
Use of common standard:
Internal applications
End user Applications
Within government
One platform for exchanging information
Internal
External
Strategic Options
Focus on XML
XBRL
International context:
OASIS
OECD
Tax administrations
Professional users
Not a strategic goal as such,
BUT: part of global strategy
Planned actions
“Existing” applications:
Study Client listing (VAT)
Conversion VAT declaration
Conversion Intracom listing
Study:
Analyzing existing processes
Existing taxonomies
Selecting 3 major domains
Roadmap
Timeframe: 2005
Contacts
National Bank of Belgium
Camille Dümm - Central Balance Sheet Office
[email protected]
Banking, finance and insurance commission
Giancarlo Pellizzari - Prudential policy
[email protected]
• Federal Public Service Finances
Dirk Quina
[email protected]