Transcript Folie 1 - Eurofiling
15th XBRL International Conference
COREP and FINREP: Start of real XBRL reporting in the European Banking Supervision
Committee of European Banking Supervisors XBRL Network Daniel Hamm Katrin Schmehl Munich, 2007-06-06
Agenda
Short Summary of COREP
Short Summary of FINREP
COREP and FINREP in Europe Today
Status and Future of the Projects
Agenda
Short Summary of COREP
Short Summary of FINREP
COREP and FINREP in Europe Today
Status and Future of the Projects
COREP Background
Country 1 Basel II Directives 2000/12 & 93/6 Country 2 Country 3 European Law 9X,XX% Basel II compatible Transposition into national Legislation Country 25 National Regulation FSA 1 FSA 2 FSA 3 FSA 25 National Implementation
Report 1 ----------- ----------- ----------- Report 2 Report 3 ---------------------------------------- ---------------------------------------- ---------------------------------------- ------------------------------------ Report 25 ---------------------------------------- ---------------------------------------- ---------------------------------------- ------------------------------------ XBRL challenge!
COREP: Dates & Facts
•COREP: CO mmon REP orting •Initiative of the Committee of European Banking Supervisors (CEBS, http://www.c-ebs.org
) End of 2004: Decision of CEBS to use XBRL
2004 2005
July 2005: First Public Working Draft of Dimensions March 2006: COREP Taxonomy 1.0
2006
October 2006: Start of national extensions
time
February 2005: First European Banking Supervisors XBRL Workshop (Madrid) Start of taxonomy development September 2005: III European Banking Supervisors XBRL Workshop (Brussels) First presentation of results to supervisors September 2006: Dimensions 1.0 Recommendation COREP Taxonomy 1.2 (official release to build national extensions)
COREP: Dates & Facts
Taxonomies represent 18 templates Overview and group solvency details (2) Credit Risk (7) Market Risk (6) Operational Risk (3) Current taxonomy version: 1.2.4 (dated 2007-04-20) Several European Banking Supervisors XBRL Workshops took place (latest was the VII Workshop and took place in Munich last month) Official Website: http://www.corep.info
Agenda
Short Summary of COREP
Short Summary of FINREP
COREP and FINREP in Europe Today
Status and Future of the Projects
FINREP: Dates & Facts
FINREP: FIN ancial REP orting FINREP: XBRL representation of the Financial Reporting Framework of the CEBS FINREP is designed for credit institutions that use IAS / IFRS (International Accounting Standards / International Financial Reporting Standards) FINREP taxonomy is an extension of the IFRS-GP taxonomy (developed by the International Accounting Standards Committee Foundation - IASCF) FINREP Taxonomy 1.0 dated 2006-09-30 Current version: 1.2 (dated 2006-12-21)
Goals of COREP and FINREP
At first, the goal was the pure development of working taxonomies Early need to integrate European supervisors („end-users“) in the development process Three different types of goals now: Technical goal Allocation of taxonomies Business goal: Encourage / support national supervisors in their XBRL adoption Use of synergy effects „ XBRL“ goal Create awareness for XBRL capabilities and benefits across Europe Help in developing the standard according to the project‘s needs
Agenda
Short Summary of COREP
Short Summary of FINREP
COREP and FINREP in Europe Today
Status and Future of the Projects
COREP/FINREP in Spain
Spain
SIIF: XBRL system of the Bank of Spain
2005: System of interchange of financial information (SIIF)
2006: SIIF is improved to support the New Basel’s Accord Solvency Information
Only XBRL
XBRL is the only format allowed, but providing a translation tool Entities to consider providing XBRL directly Translation tool must be maintained National Bank Financial entity Financial entity Financial entity
Services being provided
Providing helper services
Instance validation service Instance visualizing service
Taxonomy dictionary browser Taxonomy browser
Spanish COREP:
Commercial XBRL engine for validation Visualization based on XSLT, but using the API of the XBRL engine
Bank of Spain:
One entity and one period per instance document
Front-end Javascript XSLT Javascript XSLT HTML XBRL XSLT Processor XSLT Financial Entity
COREP/FINREP in the Netherlands
The Netherlands
e-Line: generic solution for reporting of the Bank of the Netherlands Data-entry Internet
Data transmission Plausibility Data warehouse Quality checks Storage National Statistics Bureau Departments Publication ECB BIS Eurostat
XML XBRL Mathematical
Government
e-Line: Support for reporting entities
Overview of reports DNB to be delivered
Fill out reports
data-entry Importing: XML, XBRL
Quality checks: technical and business rules
Export to Excel / PDF
Multi-user handling
Sample data entry form of a COREP template
e-Line: support for interested national banks in Europe e-Line
provides: an web-based tool
possibilities to adjust the design to the corporate design of the national bank
possibilities to create own reporting forms support for any language an overview of the reporting progress data storage back-up facilities
adjustments on reports security (PKI = Public Key Infrastructure) interfaces to back office systems
COREP/FINREP in Belgium
Belgium
CSSR: Central Server for Statistical Reporting Requirements:
User friendly for small companies filling in statistical forms
Full automation capabilities for big companies using XBRL, XML, file transfer in a complex IT environment with a very high level of security
CSSR: Central Server for Statistical Reporting The solution
a single IT software tool implemented on server(s) connected to the Internet dedicated to all kinds of statistical and prudential reports used by all kinds of reporting agents (financial, non-financial, public, private, big or small companies) to report to different authorities (central bank, supervisors, NSI)
Sample data entry form of a COREP template
CSSR: support for interested national banks in Europe
single software multi-reporting agents & multi-users multi-domains, multi-surveys, multi-forms based on XBRL multilevel functionalities (small or big companies) multilevel security multilingual multi-authorities (National Bank, Supervisor, National Accounts) only used by Belgian authorities ==> Why not widen the use of CSSR to other authorities in charge of statistical & prudential data collection?
Back to EUROPE
Agenda
Short Summary of COREP
Short Summary of FINREP
COREP and FINREP in Europe Today
Status and Future of the Projects
How to support the national developments?
Workshops: 7 editions * 70+ attendees Core Team: Supervisors DE, ES, IT, BE, GR + Non Supervisors
How to enhance XBRL for the needs of the European supervisors?
Formula Linkbase
Formulas should be part of the taxonomy.
Calculation linkbase is too limited for supervisory needs.
Different national solutions for same problem.
Integration in national taxonomy-extensions Development at application-level
Versioning
Documentation on changes: on the base taxonomies on different versions of the extension taxonomies between two extension taxonomies?
How to enhance XBRL for the needs of the European supervisors?
Workshops: 7 editions * 70+ attendees Core Team: Supervisors DE, ES, IT, BE, GR + Non Supervisors
Questions