Transcript Agenda - Eurofiling

XBRL Europe –
CEBS workshops
Jean Luc Menda - Vice Chair XBRL Europe
Gilles Maguet – Secretary General XBRL
Europe
Tuesday 30 September 2008
Jurisdictional Status March 2008
XBRL Europe
NO
SE
FI
NL
IASB
CA
LU
DE
CZ
DK
PL
SI
UK
CH
IE
US
RU
HU
AT
SRB
BE
UA
TR
ES
PT
GR
FR
IT
LB
CN
IL
IN
MT
Established
Jurisdictions
Provisional
Jurisdictions
JP
KR
TW
HK
AE
SG
BR
Focus in 2008-2009
Projects
Ongoing
ZA
AU
NZ
Countries that require or permit IFRSs
Countries seeking convergence with the IASB on pursuing adoption of IFRSs
XBRL in Europe
 9 established jurisdictions
• Belgium, France, Germany, Ireland,
Netherland, Spain, UK, Denmark, Sweden
 3 provisional jurisdictions
• Italy, Luxembourg, Poland,
 7 to 10 in progress projects for
jurisdictions
• Portugal, Switzerland, Norway, Finland,
Hungary, Czech Republic, Greece, Turkey
Brief Overview of XBRL projects & commitments in Europe
XBRL
Jurisdiction
Banking
Regulator
Balance
Sheet Filing
Belgium
Established


Denmark
Established
France
Established


Germany
Established


Greece
In progress

Ireland
Established

Italy
Provisional

Luxembourg
Provisional

Netherland
Established

Poland
Provisional

Spain
Established

Sweden
Established

UK
Established

Country
CEBS

Revenue&Tax
Filing
National
Statistics












CESR

EUROSTAT
USA
Market
Regulator

Established


SOME XBRL PROJECTS IN EUROPE
Belgian Central
Bank
Belgian non-financial companies use XBRL for the drawing up of their
statutory annual accounts to be filed with the National Bank (Central
Balance Sheet Office - CBSO) in the form of XBRL-instance documents.
Mandatory Filing
CEBS
COREPFINREP- COmmon solvency ratio REPorting framework, for credit
institutions and investment firms under the future European Union
capital requirements regime.
Mandatory Filing
Commission
bancaire/Banque
de France
Commission Bancaire has started receiving COREP and FINREP
reportings in XBRL.
Commission bancaire launched a new SURFI project.
Mandatory Filing
Government of
Netherlands NTP
The eGovernment program is scheduled to reduce compliance costs by
€350 million per annum. The program is focussed on financial, tax and
statistical reporting as well as financial services industry for credit risk
filings (based on Basel II).
Voluntary Filing
UK Companies
House
UK Inland Revenue
Business register based on UK GAAP Taxonomy
Tax return mandatory in 20011 based on UK GAAP Taxonomy
Mandatory Filing
Mandatory Filing
Danish Commerce
and Companies
Agency
A full scale project that enable all Danish companies to file XBRL
instance documents with the DCCA as well as with Statistics Denmark.
The instance documents will contain the complete annual filings
including notes
Voluntary Filing
Bundesanzeiger
Germany
Public Register for company information based on German GAAP and
IFRS taxonomies
Mandatory Filing
Infogreffe France
Business register based on French GAAP
Voluntary Filing
Infocamere Italy
Business Register based on Italian GAAP
Voluntary filing
Etc.
XBRL in Europe
EUROPEAN AUTHORITIES SUPPORT:
 CESR note on the regulatory information storage system the 30 june
2006
 Transparency directive (2004/109/EC) with a mention to XBRL
 Recommandation of the European Commission to prepare CESR
Platform to archive the financial datas in using XBRL (October 2007)
 EC document on SEC cooperation where XBRL is mentioned
 European Parliament resolution on the use of XBRL and especially in
the constitution of a EU business register (June 2008) and urging EC to
assist in the implementation
 Euopean Commission plan to reduce administrative burden in EU by
25% and where XBRL is envisaged
 European Commission announcement at the last FEE congress 5th
october that XBRL will play a major role in the administrative burden
reduction
Use of XBRL technology in Europe
A way to alleviate costs on corporates and all along the
supply chain in all the EU countries
A way to alleviate IT costs where exchange formats are
always proprietary
A way to unify scattered reporting and reporting
technology systems in Europe in order to reinforce
comparisons between the companies
A way to set up European repositories which could
harmonise competition within the internal EU market
A way to set up European Repository for listed public
companies in order to reinforce European competition vis
à vis the US SEC repository which will be set up soon
(CESR work and recommendations on XBRL)
A way to work together between EU countries in
reducing the costs in many sectors (Statistics,
accountancy, banks, etc.
XBRL Europe
 A not for profit association under Belgium Law
• Composed of XII and the European jurisdictions
• Open to Direct membership direct members or association
members
• With governance bodies (general assembly ; Chairmanship –
President, VP ; Executive Committee – 4 elected members –
Chairman and 2 VPs: Jan Pasmooij(NL) , Jean Luc Menda(Fr),
Tony Fragnito(XII), Luc Dufresne(B) - with a Secretary General
Gilles Maguet
 Located in FEE premises (Fédération des Experts
Comptables Européens) at Avenue d’Auderghem, 22 – 28,
B – 1040 Brussels
XBRL Europe Results to date
 The objectives at the start (June 2008):
Put in place an organization,
Develop the membership
Launch and run working groups,
Develop a strategy and liaise with European
authorities and organisations
XBRL Europe Results to date
 Summary of the Results to date (4
months):
Organization set up, with budget and
membership fee, governance structure and
admin follow up.
Membership increased 5 to 8 with
candidacies for direct membership
4 working groups formed
liaison with European authorities and
organisations started
XBRL Europe Membership
 XII & Juridictions (8 members)
XBRL International, Belgium, Ireland, France,
Spain – the founders
Netherland, Germany, Denmark
 Direct association member application
Global Trust Center
Possibly a European professional organisation
 Possible next jurisdictions applications
Luxembourg, Italy, Poland? Depending on By
laws modification (in progress in WG 1)
Organisation & Working Groups
XBRL Europe
Membres
WG 1 By-Laws Revision
Leader Marc
Hemmerling XBRL Lux
SG
9 persons
Executive Committee,
secretariat General
Strategy, Operations
WG2 Euromarcom
10 persons
WG3 Projects
coordination Group
Leader Bodo
Kesselmeyer
XBRL Germany
21 Persons
WG4 Strategy & EU
Liaison Working Group
10 persons
XBRL Europe Working Groups

WG 1 – By law clarification/modification
 Objective : to propose new by-laws version.
 Leader Marc Hemmerling
 Members: Tony Fragnito, Gilles Maguet, Rony Vercauteren, Lars J Dyrner, Norbert
Flickinger, Ignacio Boixo, Colm O hAonghusa, Noemi Di Segni

WG 3 – Projects coordination group
 Objective : to propose and run 2/3 common projects between
members like:
IFRS Taxonomy extensions development
Corep/Finrep simplification
European Business Registry
 Leader Bodo Kesselmeyer
 Members: Derek de Brandt, Jim Keevins, Nils-Bro Müller, Thomas Klement, Eric Jarry,
Lyes Mohammedi, Thomas Verdin, Steve Berdah, Bruno Tesnière, Jean Berty Hennel,
Stéphane Bellanger, Stéphane Allez, Jean-luc Franck, Antoine Bourdais, Paul Snijders,
Ignacio Boixo, Nathalie Gianese, Michele Romanelli, Bartosz Ochoscki, Josef Mac
Donald, Maciej Piechocki, Gilles Maguet
XBRL Europe Working Groups
 IFRS Taxonomy extensions
for stock listed companies
 to optimize the XBRL-implementation processes of European stock
listed companies and
 to harmonize IFRS Taxonomy Extensions in Europe.
 Corep/Finrep simplification - HarCOFIN
 (CEBS) coordinator through its XBRL Network. Corep and Finrep initial
CEBS taxonomies developed and mostly extended in various countries
in the course of 2006-2008. Not each country has implemented all
CEBS’ Corep and Finrep taxonomies. Each local authority extended the
taxonomies according to local regulatory and legal requirements
 Cross-border banking institutions face numerous variances between
local Finrep and Corep XBRL filings
 CEBS has started an initiative to harmonize Corep and Finrep, based on
the current local implementations
 the role of this working group to join forces with the CEBS as CEBS
audience is regulators only
XBRL Europe Working Groups
 European Business Registry
 The EU Business Registers Working (sub)Group has been created to
increase the coordination and interoperability for European Business
Registrars’ XBRL efforts and taxonomies. In order to facilitate the
cross-border production and use of XBRL documents of the European
Business Registers, it will :
 Propose a light taxonomy, to be referred in all European XBRL instance
documents including companies’ legal and economic data.
 Propose methods, process and common design rules for local
taxonomies and reports for Business Registers.
 Collaborate with the existing GCRS project which is an initiative of the
European Central Register Forum in different European countries.
XBRL Europe Working Groups
 WG 2– Euromarcom
 Objectives : Organisation of events (19th conference in
Paris!), Participation to events, Marketing material and
Website
 Work carried out mainly in presentations for the moment
To the FEE congress in Copenhagen 4/5 Sept 2008 – Jan
Pasmooij, Gilles Maguet
To the Global Forum the 21st October invited by the Global
Trust Center
 Started the 29th of September
 Members declared : Poul Kjaer, Ralph Frank, Laure Cuquel, Frederic
Chapus, Delphine Delaveau, Philippe Jouannet, Marc Olivier Lellouche, Jan
Pasmoij, Richard Shiphorst, Ignacio Boixo, Gilles Maguet
XBRL Europe Working Groups
WG 4– Strategy and EU liaison
 Objective: To define strategy Liaison with the European
authorities, Liaison with European organisations/federations,
Meetings and visits to develop, and to liaise with EU authorities
and European organisations
 Members declared : Ole Stern Jorgensen, Thomas Küster, Luc Dufresne,
Connor O'Kelly, Jean Luc Menda, Jan Pasmoij, Marc Hemmerling, Tony Fragnito,
Gilles Maguet,
Work carried out for the moment
Visits to the European Commission DG internal Market
(Pierre Delsaux official at EC) end of July through Piotr
Madziar adviser to Mr Delsaux.
That has lead to the announcement made by Pierre Delsaux
at the FEE congress on the role of XBRL for reducing
administrative burden and to the invitation to Commissioner
McCreevy to speak at the 18th conf (declined)
Visit to FEE officials
XBRL Europe Working Groups
19th XBRL Conference organisation in Paris
 Week of 24th June in Paris (date to be confirmed)
 Logistics organised by XII with the support of XBRL France
 Setting up of a XII programme Committee in which our WG
2 will work to define and set up :
Tracks
Keynote speakers from European authorities and
organisations like CEBS, European Commission
Etc.
Reminder : 18th international conference in
Washington the 14th an 15th of October 2008
Thank You
[email protected]
SECRETARY GENERAL
XBRL Europe
Avenue d’Auderghem, 22-28
B-1040 Brussels
+33.4.72.56.50.40
+33.6.71.62.31.19