Transcript Slide 1
XBRL for regulatory reporting:
Belgian projects
Madrid, 05 October 2006
Camille Dümm
Pascal Rodrique
Central balance Sheet Office
Agenda
Belgian projects - Context
Projects summary
Regulatory bankreporting
CBSO - Individual annual accounts
Statistics - Business survey
Future projects
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Belgian projects - Context
Belgian jurisdiction created in November 2004
Hosted by the National Bank of Belgium
Founding members are:
Regulators (BFIC, CNC, NBB)
Federal Authorities (Finance, Economy)
Accountants representatives
Open to any company or organisation involved in
the exchange of financial information
Established jurisdiction since July 2006
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XBRL Belgium - Other members
Government agencies
Federal Public Service "Information and
Communication Technology"
Directorate general Statistics and
Economic Information(formerly NIS)
Data analysers
Coface Euro DB
Dun&Bradstreet Belgium
Graydon Belgium NV
Software vendors
Agoria
Intersentia
InventiveDesigners
Kluwer Software
Platinum Europe
PragmaTools
Consultants
PricewaterhouseCoopers
3i Benelux
Academic members
Facultés Universitaires Notre-Dame de
la Paix (FUNDP)
Hogeschool voor Wetenschap en
Kunst, campus Vlekho en Honim
Universiteit Gent
Press-Edition
Editeco S.A.
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Agenda
Belgian projects - Context
Projects summary
Regulatory bankreporting
CBSO - Individual annual accounts
Statistics - Business survey
Future projects
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XBRL regulatory bankreporting in Belgium
Context:
01/01/2006 - CBFA: IFRS mandatory for consolidated
financial reporting by banks.
Cross-border groups (mainly FR, BE, NL, LU).
IFRS = opportunity for harmonization:
International (European) comparison and analysis
Reduce reporting burden
However: IFRS do not impose a standardized reporting
framework.
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XBRL regulatory bankreporting in Belgium
Why XBRL ?
XBRL is a logical step when using XML
XBRL adds a conceptual layer to XML
Taxonomies (IASCF: IFRS-GP) are available
XBRL offers a lot of flexibility:
Easily extendible to meet specific supervisory needs
Facilitates conversion to IFRS and maintenance
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XBRL regulatory bankreporting in Belgium
FINREP:
30/03/2005: IFRS reporting framework
30/09/2005: XBRL taxonomy for framework
Used from Q1-2006
Based on this national experience, Belgium was deeply
involved in creation of FINREP
From 2007 onwards: BE = extension of EU
2006: IFRS-GP
2007: IFRS-GP
BE taxo
FINREP
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FINREP
BE taxo
XBRL regulatory bankreporting in Belgium
COREP:
COREP = new taxonomy and not an extension
BE = extension EU from the start
COREP
BE taxo
2007: Optional application
2008: Mandatory application
Applying COREP = Applying XBRL
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XBRL regulatory bankreporting in Belgium
Tools
Taxonomy
Taxonomy development
Taxonomy validation
UBmatrix Automator
Process and validation of instance documents
"In-house" developments with assistance of "Batavia"
component
Transfer from NBB to the supervisor (CBFA) in
XBRL format
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Experiences and Issues
Current FINREP and COREP taxonomies are
made by volunteers => Maintenance might
become an issue!
Calculation linkbase is too limited for supervisory
purposes, certainly with dimensions. Formula
linkbase not yet available
Changes in reporting scheme lead to changes in
taxonomies. Versioning will become an issue!
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CBSO Project
Context
The Central Balance Sheet Office collects 320.000
annual accounts from 290.000 non financial
companies
85% of them use already an electronic format
Transition to IAS/IFRS
The foreseeable transition to IAS/IFRS for statutory
accounts implies more flexibility
Consolidated accounts of quoted companies: 160
companies concerned
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The CBSO Project - Why XBRL
Why XBRL
Text file
XBRL
Rigid process
Introduce flexibility in the
process
Heavy maintenance
Make the maintenance easier
Proprietary format => no
exchange possible without
additional processing
Harmonization of the data
format and exchange with
other regulators
Prepare the electronic filing of annual accounts
drawn up according to IAS/IFRS
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CBSO Project - Process
PDF
Software
package
Instance
document
Taxonomy
XBRL
Sofista
Upload
XBRL
files
Database
Validator
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CBSO Project - Tools
Tools
Taxonomy
Taxonomy development - Fujitsu
Taxonomy validation - Fujitsu
- DecisionSoft
- UBmatrix
Instance document creation - Fujitsu (sample)
Process - "In-house" developments
Web application for "Data Entry"
Specific development for "Validation"
XSLT - XSLFO for "Rendering"
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Directorate-general Statistics and
Economic Information
Context
Since 1996, the DSEI (former NIS) collects annually
detailed data from companies about activity,
employment, investments and based on the annual
accounts
As from 2007, XBRL will be used to fill in the annual
survey about companies' structure
Objectives
To promote electronic reporting
To reduce the administrative burden for companies
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Directorate-general Statistics and
Economic Information
Method
Development of a specific taxonomy based on the NBB
taxonomy
Result
"On line" application
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Directorate-general Statistics and
Economic Information
Full
Abbrev
"Common" Taxonomy
Schema
Taxo "Common"
Reference
Label
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NBB Taxonomy
Agenda
Belgian projects - Context
Projects summary
Regulatory bankreporting
CBSO - Individual annual accounts
Statistics - Business survey
Future projects
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Future projects
CBSO
2007 - Study about the possible exploitation of
outputs in XBRL format
2008 - Annual accounts of non for profit
organizations
200? - Annual accounts according to IFRS
Federal Service Public Finance
2007 - Upload of annual accounts in XBRL format for
taxation purpose
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Contacts
National Bank of Belgium
Central Balance Sheet Office
[email protected]
Banking, Finance and Insurance Commission
http://www.cbfa.be/eng/index.asp
Directorate-general Statistics and Economic
Information
http://statbel.fgov.be/home_en.asp
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