Transcript COREP and XBRL

COREP/FINREP
XBRL Update
Ignacio Boixo
XBRL Network Co-ordinator, Committee of
European Banking Supervisors
Head of International Projects, IS Department,
Bank of Spain
Manager, XBRL Spain
Information Technology Committee, European
System of Central Banks
VI Workshop, October 2006
CEBS News
Expert Group on Financial Information
decided to create three networks:
COREP network: coordinated by Fernando
Navarrete (Bank of Spain)
FINREP network: coordinated by Marc Pickeur
(CBFA)
XBRL related-matters network: coordinated
by Ignacio Boixo (Bank of Spain)
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SEC News
Washington, D.C., Sept. 25, 2006
U.S. Securities and Exchange Commission: $54 million
to transform the agency’s 1980s-vintage public
company disclosure system
$48 million to complete the transformation of the old
EDGAR database into the new XBRL-capable system
over the next year.
Complete XBRL Code Writing for U.S. GAAP Financial
Statements — $5.5 million, contracting with XBRL US
Interactive Data Tools for Investors — $500,000
www.sec.gov/news/press/2006-158.htm
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Eurostat News
XDIS/XBRL project
Focus on reporting by enterprises to National Statistics
Institutions
October 2006 – February 2007: Prepare and perform
tests (BE, ES, NL)
March 2007: Acceptance analysis
April – November 2007: Extension to other domains
and countries (maybe IE, LU and SE)
Total budget:
3.75 M€ for budget years 2005->2008
675.000 € to pilots and studies on XBRL and
other sectoral standards
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European System of Centrat Banks News
EXDI project
Focus on collecting Banking Information
XBRL format: main candidate format
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XBRL Investment (Feb.-May 2005)
Concept
IT developers full time
Intl. XBRL advisors
Business advisors
Scholars
IT support & coordination
Attendants on site
Attendants off site
Subtotal staff
Number
3
3
3
3
10
50
150
Website & e-mail
Conference call
Meeting rooms
Tools, training & develops.
Travels & accommod.
Subtotal supplies
TOTAL
(*) Market cost per unit. Source: PwC
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Units
12 months
10 weeks
10 weeks
12 months
50 weeks
50 weeks
260 msg.
54 months
corep.info
10 calls
20 days
75 trips
Market*
Cost Secretariat
12.000 € 144.000 €
6.000 € 60.000 €
3.000 € 30.000 €
1.000 € 12.000 €
3.000 € 150.000 €
3.000 € 150.000 €
546.000 €
150 €
150 €
100 €
1.000 €
1.000 € 20.000 €
50.000 € 50.000 €
2.000 € 150.000 €
221.150 €
300 €
-
767.150 €
300 €
Around three quarter million
6 € has been invested until
June 2005 by Supervisors and XBRL community
300 €
Financial information
brigde
Comp.
XBRL
Financial
Markets
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Users
Internet
Information
society
Rules
Flexibility Principle
Global best practices
Basel II, IAS/IFRS …
European Law
9X,XX% best practices + EU requirements
EC 2006/48 & 49 …
Country 1
Country 2
Transposition into
national Legislation
Country 3
Country 25
National Regulation
FSA 1
FSA 2
FSA 3
FSA 25
National Implementation
Report 1
----------------------------------
Report 2
Report 3
Report 25
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XBRL challenge!
CEBS XBRL: IT implementation model
Didactic model for explanatory purposes only
Bank
Supervisor
Taxonomy
XBRL
Errors
Internet
Bank Management
INDUSTRY
to
XBRL
Operations
Counterparties
Collateral
…
Supervision
from
XBRL
Report
XBRL
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Reports
Other data
…
CEBS XBRL EU: implementation model
Didactic model for explanatory purposes only
Basel II
IAS/IFRS
XBRL National implementation
XBRL
(National)
Basel II
IAS/IFRS
XBRL
(Europe)
Bank
Supervisor
Internet
Bank operations,
controls….
Presentation,
Analysis…
Errors
Errors
Bank Management
IS Supervisory
Basel II
IAS/IFRS
App.
Operations
Counterparties
Collateral
…
to
XBRL
from
XBRL
Report
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Report
XBRL core
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File Transfer (National)
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Basel II
IAS/IFRS
App.
Reports
Other data
…
…
Today
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