XBRL%20Europe

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XBRL Europe
Thursday 19 November 2009 XBRL Europe
presentation to 11th CEBS XBRL Workshop The
Progress of XBRL in Europe Gilles Maguet
Secretary General
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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

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XBRL Projects in Europe by sector October 2009
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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

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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

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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

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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

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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)
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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

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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

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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)

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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)

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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
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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.

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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

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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

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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