Transcript COREP and XBRL

CEBS XBRL Network
Ignacio Boixo
VIII European Banking Supervisors XBRL Workshop
6th - 7th November 2007
Hosted by De Nederlandsche Bank
The XBRL Network of the
Background
“While national supervisory authorities are free to
decide on the technical transmission specifications to
implement the reporting framework, CEBS
considers that XBRL can be a helpful tool in
constructing a harmonised European reporting
mechanism.
CEBS will therefore develop an XBRL platform and
make it available free of charge to national
authorities and supervised institutions. XBRL
taxonomies will be developed for both the COREP
(COmmon REPorting -Basel II-) and FINREP
(FINancial REPorting -IFRS-) frameworks.”
Point 4, Cover Note to the Framework for Common Reporting of the New Solvency Ratio
2
Flexibility Principle
Global best practices
Basel II, IAS/IFRS …
European Law
EC 2006/48 & 49 …
9X,XX% best practices + EU requirements
Transposition into
national Legislation
Country 1
Country 2
Country 3
Country 27
National Regulation
Sup. 1
NCB 2
FSA 3
CEBS
Sup. 27
National Implementation
Report 1
----------------------------------
Report 2
Report 3
Report 27
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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3
XBRL challenge!
CEBS XBRL EU: implementation model
Didactic model for explanatory purposes only
Basel II
IFRS
XBRL National implementation
XBRL
(National)
Basel II
IFRS
XBRL
(Europe)
Bank
Supervisor
Internet
Bank operations,
controls….
Presentation,
Analysis…
Errors
Errors
Bank Management
IS Supervisory
Basel II
IFRS
Operations
Counterparties
Collateral
…
to
XBRL
from
XBRL
Report
----------------------------
Report
XBRL Europe
----------------------------
File Transfer (National)
4
Basel II
IFRS
Reports
Other data
…
…
XBRL (optional or compulsory)
European adoption
Belgium
•
Cyprus
•
Denmark
•
France
•
Finland
•
Germany
•
Italy
•
Lithuania
•
Luxemburg
•
Netherlands
•
Norway,
•
Poland
•
Spain
•
Definitely Other Format
Austria, Czech, Denmark,
Eesti, Latvia, Portugal,
Slovak, Sweden, UK
Interested in XBRL
Hungary, Estonia, Greece,
Lithuania, Bulgaria, Italy
No information
Source: www.c-ebs.org
5
IT standards on filing among European Banking Supervisors
XBRL
COREP Taxonomy
FINREP(IFRS) Taxonomy
Belgian extension of FINREP
version 1.2
XBRL
Jurisdiction
Belgium
Compulsary
Belgian extension of COREP
version 1.2.4
Provisional
Cyprus
Compulsory
Version 1.2.3 dated 2007-02-02
Denmark
For the future - XBRL based on the EU taxonomy
Provisional
Finland
Optional
Versio 1.2, perustuu EU-tason taksonomian versioon 1.2.4
COREP-Fin-taksonomia 30.04.2007
In construction
France
Compulsory
COREP Extension Taxonomy
05.02.2007 (Version 1.2)
Taxonomy Version 1.2
Provisional
Germany
Optional
Taxonomy version 1.2.2
Planned
Yes
Greece
No
No
No
In construction
Ireland
Optional
Version 1.2
Taxonomy Version 1.2
Yes
Italy
No
.
In construction
Lithuania
Compulsory
XBRL 2.1 dimension 1.0
XBRL 2.1 dimension 1.0
Luxemburg
compulsory in
2008
Luxembourg XBRL Taxonomy for
COREP
Luxembourg XBRL Taxonomy for
FINREP
In construction
Netherlands
Optional
Taxonomy Version 1.2.3
Version 1.2
Yes
Norway
Optional
Will be 1.2.3 unless a new version
is released within first half 2007
In construction
Poland
Compulsory
Version 1.2 Release 3
Provisional
Spain
Compulsory
Version 1.2.2
Yes
SIZE ???
Svetlana Shekerdjieva
6
Project Management
Core Team:
Supervisors
Workshops:
7 editions * DE, ES, IT, BE, GR +
70+ attendees Non Supervisors
7
Welcome to the VIII XBRL Supervisors Workshop!
8
CEBS XBRL Resources
Ownership & Intellectual Property: CEBS Secretariat Ltd, UK
Allocated Budget: 0 €/Year.
Team: Supervisors (Core IT) part time +
external support + Basel II & IFRS Supervision
experts
Initial advice of Walter Hamscher and Carlie
Hoffman
Workshop logistics provided by hosting National
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Supervisor
CEBS XBRL Reporting Line
Committee of European Banking Supervisors
Expert Group on Financial Information
SubGroup on Reporting
COREP Network
FINREP Network
XBRL Network
Supervisors: Katrin Schmehl,
Panagiotis Voulgaris, Mark Creemers,
Victor Morilla, Michele Romanelli,
Jacobo Varela, Ignacio Boixo +….
Collaborators: Colm O hAonghusa, Javi
Mora +….
10
CEBS Contribution to XBRL
Dimensions: required for COREP
• Proposed by Charles Hoffman
• Main developers: Ignacio Hernández-Ros + Walter Hamscher
• Test cases, proof of concept tools and three (3)
rewriting cycles of COREP taxonomy, by the CEBS
team.
Versioning: Mainly CEBS team plus contract with
consultant.
Formulas: Deep involvement of CEBS team,
contract in course.
Close relationship with IFRS XBRL
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XBRL Europe Contribution to CEBS
Kick off meeting for XBRL Europe preparation at IASCF
premises in London on 18 September 2007
• Best XBRL practices both at European and National level
when implementing COREP & FINREP
• XBRL Taxonomies acknowledgment
• Support on required XBRL Standards
Advocacy at CEBS level: CESR, CEIOPS, ECB,
EFRAG…
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www.c-ebs.org
www.corep.info
www.finrep.info
Ignacio Boixo
[email protected] / [email protected]
+34 618 52 64 34