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XBRL%20Europe

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... towards the European level institutions (EU, EP, ECB, CESR, CEBS, CEIOPS, etc) ... Strengthening liaison with EU, FEE, ECB, CESR and CEIOPS ... – PowerPoint PPT presentation

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Title: XBRL%20Europe


1
XBRL Europe
Thursday 19 November 2009 XBRL Europe
presentation to 11th CEBS XBRL Workshop The
Progress of XBRL in Europe Gilles Maguet
Secretary General
2
WHERE XBRL IS USED ? IN WHICH SECTORS ?
  • In all sectors where regulatory reporting aspect
    is important
  • Banking Sector
  • Business Register Sector (registrars)
  • Revenue Tax Filing
  • National Statistics
  • Securities Regulator
  • Other Initiatives (Stock exchanges, Banking Water
    management Board, Municipality reporting, etc.)
  • Internally in companies to streamline the
    reporting process
  • In some other sectors where exchange of
    information makes important savings
  • Banking industry e.g. in receiving accounts in
    XBRL from clients
  • In financial analysis industry
  • In the exchange of Financial information across
    countries

3
XBRL Projects in Europe by sector October 2009
4
XBRL Projects in Europe
  • 48 XBRL country level Projects in 17 European
    Countries (14 in the EU) at various status
    (established or in progress)
  • Banking Sector (Corep Finrep and others) 11
    projects, 6 established, 5 in progress and 6 are
    for mandatory filings.
  • Business register sector 13 projects, 5
    established, 8 in progress and 4 are for
    mandatory filings. Mainly in local GAAPs and 2
    for GAAP and IFRS.
  • Tax Returns 5 projects, 3 mandatory and all in
    progress
  • Statistics 6 projects
  • Security regulator 1 established project for
    Mandatory filing in Spain (following IFRS), 2 in
    progress
  • Other sectors 9 projects

5
Why a XBRL Europe Organisation?
  • Without being aware, Europe is a XBRL continent
    and huge amount of XBRL information is or will be
    circulating in Europe.
  • But NO particular project exists for
    trans-national information, except for
    COREP/FINREP and with the IFRS taxonomy (just for
    listed companies).
  • Such Projects WILL reduce the over costs of
    crossing boundaries (recalculations,
    translations, etc).
  • XBRL technology allows exchanging information.
    Surely better with a unique Gaap in Europe. But
    to start at XBRL Europe we developed pan European
    harmonisation initiatives and for instance in the
    EU Business register WG -gt Development of a
    common taxonomy between some EU Countries in
    order to
  • to retrieve common datas from national taxonomies
  • present minimum common info across
    countries/languages

6
The Not for Profit Association XBRL Europe
Objectives
  • To foster the emergence of common XBRL projects
    between members in Europe and between European
    Countries to harmonize practices or to create
    common practices
  • To develop liaison and dialogue with European
    level organisations and European Authorities
    (European Commission, European Parliament,
    European Central Bank, etc) to increase XBRL
    awareness
  • To support the creation of new European XBRL
    jurisdictions within European Countries

7
XBRL jurisdictions in EU XBRL Europe Members
  • In Europe, It exists 13 XBRL jurisdictions
  • XBRL EUROPE counts 13 members
  • XBRL Belgium, Denmark, Germany, France, Ireland,
    Italy, Luxembourg, Netherlands, Spain and XBRL
    International and direct members The Global Trust
    Council, the European Federation of Financial
    Analyst Societies (EFFAS), and Deloitte
    Consulting BV
  • XBRL UK, Sweden, Switzerland and Poland are still
    outside XBRL Europe
  • European Commission (DG Internal Market) and FEE
    (European Federation of Accountants) are
    observers and regular attendees of XBRL Europe
    events

8
XBRL Europe Organisational Structure
Members
XBRL Europe
Executive Committee, Secretary General Strategy,
Operations, Audit Committee
WC By-Laws Marc Hemmerling (Lux)
WC Project Coordination Derek de Brandt (Be)
WC Euromarcom Noemi di Segni (It)
WC Strategy EU Liaison Jean Luc Menda (Fr)
WG EU Business Register Thomas Verdin (Fr)
WG COREP FINREP Harmon Dererek Debrandt (Be)
WG IFRS Extensions Bodo Kesselmeyer (Ge)
WG Usability Forum Bellanger (Fr)/Frank (Ge)
9
XBRL Europe Working Committees/groups Work
carried out in the last months
  • EU Business register Working group
  • In depth Survey in 5 countries monthly
    conference calls
  • Liaison launched with EBR (European Business
    Register) based in London which developed a
    platform software to store annual accounts.
  • Presentation of the work at the Paris Conference
    and Decision to launch a common taxonomy layout
    between 4 candidate countries
  • Next steps 2009 Work on the common core
    taxonomy, Mapping diagram
  • IFRS Extensions working group
  • Start of the work for the IFRS extensions with
    IASCF and with XBRL Germany for specific German
    purposes
  • Presentation of the work at the Paris Conference
  • Common work between UK and Germany and IASB for
    first common contexts

10
XBRL Europe Working Committees/groups Work
carried out in the last months
  • COREP-FINREP harmonisation working group
  • Participation in CEBS Corep/Finrep Harmonisation
    Committee and on new COREP and FINREP definition
  • Works ongoing
  • FINREP functional framework close to final
    version
  • Taxonomy works have started (data model, matrix
    schema, architecture, DTs
  • First draft of taxonomy (without formulae)
    scheduled for end of 2009
  • Analysts/users Working group
  • Charter established and group launched
  • Monnet Projet (See after)
  • Euromarcom
  • Strategy to communicate about XBRL Europe and
    to grow the membership. To assist in the creation
    of other EU jurisdictions
  • Participation in the 19th conference preparation
  • Work on the New Website (www.xbrl.org/eu) and
    presentation at the Paris conference
  • Work on the 20th International conference

11
XBRL Europe Strategy workplan for 2009/2010
  • Strategy and EU liaison Working Committee
  • Strategy To define and review XEU strategy and
    especially about
  • Awareness and lobbying towards the European level
    institutions (EU, EP, ECB, CESR, CEBS, CEIOPS,
    etc)
  • Supporting the jurisdiction development
  • Attracting new members
  • Next steps 2009/2010
  • Broader awareness in European organisations/Federa
    tions and EU Commission,
  • Support to jurisdiction development (Greece,
    Austria, Central Europe)
  • Liaison with World Bank in Austria.
  • Membership development (UK, Sweden, Switzerland,
    Poland). Focus on direct membership (Commercial
    and Association)
  • Strengthening liaison with EU, FEE, ECB, CESR and
    CEIOPS
  • Answers to new consultation papers (like the CESR
    call for evidence about XBRL which is to be
    launched very soon)

12
Monnet FP 7 update
  • Project (2,4 M) selected by European Commission
    in which XBRL Europe is involved
  • Project about multilingual and ontological tools
    using XBRL for 3 years.
  • XBRL Instance documents and Taxonomies will be
    used to test the possibibility to translate them
    immediately in locating the translated contexts
    in some centralised databases.
  • XBRL Europe is part of a consortium involving
    research institutions like University of
    Galwayand companies like SAP.
  • 3 persons of XBRL Europe are mentioned in the
    proposal (DoW Description of Work) Derek de
    Brandt, Thomas Verdin, Gilles Maguet)

13
XBRL Consortium Worldwide - Status October 2009
XBRL Europe
NO
SE
FI
NL
DE
CZ
RU
DK
PL
LU
IASB
HU
CA
SI
UK
AT
CH
UA
IE
BE
SRB
TR
US
ES
CN
GR
FR
PT
JP
IL
KR
LB
IT
IN
HK
MT
TW
Established Jurisdictions
AE
SG
Provisional Jurisdictions
BR
Focus in 2009-2010
AU
Projects Ongoing
ZA
NZ
Countries that require or permit IFRSs
Countries seeking convergence with the IASB on
pursuing adoption of IFRSs
14
Interoperability, European Institutions
initiatives XBRL
  • Start EP and Council launched Transparency
    directive 2004/109/EC in 2004 Access for
    investors to information () should be more
    organised at a Community level and then with
    Directive 2004/39/EC MiFID Directive about
    harmonised regulation for investment services in
    EU.
  • Since 2005 CEBS supported the XBRL format in
    relation to COREP and FINREP reporting
    published in 2009 workplan priority activities
    (including developments of COREP FINREP
    taxonomies) to reach with CEIOPS harmonised
    supervisory reporting by 2012.
  • CESR has launched a CALL for EVIDENCE about
    XBRL, while the US SEC has mandated in the US use
    of XBRL to report listed companies financial
    statements.
  • EC launched in 2009 Consultations papers 1) 4th
    and 7th directives reforms following the burden
    reduction programme launched by DG ENTR and
    related to national financial statements
    simplification I nteroperability 2) about the
    de Larosière report. XBRL was mentioned as a
    language to be possibly used in the 1st
    consultation. XBRL Europe made recommendations in
    both for the use of XBRL as a tool for
    simplification, interoperability and Burden
    reduction.

15
Interoperability, European Institutions
initiatives XBRL
  • EC proposed in October 2009 to reorganise the
    Financial supervision
  • European Systemic Risk Board (ESRB) as
    'macro-prudential supervision', and European
    System of Financial Supervisors (ESFS) for the
    supervision of financial institutions
    ('micro-prudential supervision'), ? a network of
    national financial supervisors the new European
    Supervisory Authorities, (transformation of CESR,
    CEBS CEIOPS Committees), European Banking
    Authority (EBA), European Insurance and
    Occupational Pensions Authority (EIOPA), the
    European Securities and Markets Authority (ESMA).
  • Common Technical standards are called upon in
    the founding documents. XBRL has a role to play
    to set up these standards with EBA, ESMA and
    EIOPA.
  • EC published the results of the 1st consultation
    (4th7th directives). XBRL is largely positively
    mentioned in the answers.
  • "The majority of respondents with an explicit
    opinion supported a common EU XBRL taxonomy.
    Strongest support came from preparers followed by
    public authorities

16
20th XBRL International Conference
  • And do not forget
  • The Next 20th XBRL International Conference from
    19th 23rd of April 2010 in ROME
  • Co-organised by XBRL Italy with the support of
    XBRL Europe
  • Registration at www.xbrl.org

17
Thank You
  • gilles.maguet_at_xbrl-eu.org
  • SECRETARY GENERAL
  • XBRL Europe
  • Avenue dAuderghem, 22-28
  • B-1040 Brussels
  • 33.4.72.56.50.40
  • 33.6.71.62.31.19
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