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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