XBRL in Europe

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XBRL in Europe
for COREP
Olivier Servais, XBRL in Europe Permanent
Secretary XBRL Intl Steering Committee
Member Friday, 3 June 2005
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Agenda

• Whos driving XBRL What is XBRL in Europe?
• Overview of XBRL projects (not only) in Europe
• Next challenges

• Whos driving XBRL What is XBRL in Europe?
• Overview of XBRL projects (not only) in Europe
• Next challenges

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XBRL internationalGovernance Operational
structure
Board of Advisors (5 to 19 members)Not Yet
Established
Executive Committee(7 members)
International Steering Committee Chair Kurt Ramin
appoints
elects
ISC chair
after term expires
member of
1st Vice Chair Paul Penler
2nd Vice Chair Walter Hamscher
Immediate Past ISC Chair Vacant
At Large EC Representation from ISC
elects
ISC Representatives
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XBRL IntlGovernance Operational structure
ISC Subcommittees Product Development Team
International Steering Committee Chair Kurt Ramin
Bylaws Subcommittee Chair - Hugh Wallis
Executive Committee
Advisory Board Selection Subcommittee Chair
Mike Willis Vice Chair Olivier Servais
XII Staff
Working Groups
Finance Subcommittee Chair Kurt Ramin
Assurance Chair Jan Pasmooij Vice Chair Bill
Swirsky
Accounting Chair Daniel Roberts Vice Chair open
Jurisdev Subcommittee Chair Liv Watson Vice
Chair open
DomainChair Josef MacDonald Vice Chair Marc
van Hilvoorde
Basel II Chair Daniel DAmico
Nominating Subcommittee Chair Bill Swirsky Vice
Chair Conor OKelly
Solutions Chair Michael Ohata Vice Chair Paul
Snijders
General Ledger Chair Hugh Wallis Vice Chair
Diane Mueller
Product Development Team Chair Walter Hamscher
Specification Chair Paul Warren Vice Chair
Cliff Binstock
Louis Matherne, President Marisa Chung,
Business Development Operations Manager
Tracey Tarinelli, Program Manager Peter
Calvert, Web Content Manager (contract)
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XBRL in Europe The Project

• Theme Speeding up the development
• and adoption of XBRL in Europe
• Supported by the 6th Framework Program
• IST-2002-2.3.1.9 - Networked businesses and
  governments
• Focus
• Increase awareness
• Founding jurisdictions
• Internet
• Permanent secretariat
• Key features
• Neutral Independent
• Two-way dialogue
• ICT dimension
• Infrastructure
• Outcome

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XBRL in Europe Jurisdictions
Established Ireland Germany Spain The
Netherlands United Kingdom Provisional Sweden Bel
gium Denmark France In construction Czech
Republic Finland Hungary Poland
Portugal Luxembourg In project Slovenia,
Austria, Italy, Greece, Estonia, Norway, Malta
Turkey
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Local GAAP taxonomy
Acknowledged Germany Spain The Netherlands
United Kingdom In construction Belgium
France Ireland Sweden
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Agenda

• Whos driving XBRL What is XBRL in Europe?
• Overview of XBRL projects (not only) in Europe
• Next challenges

• Whos driving XBRL What is XBRL in Europe?
• Overview of XBRL projects (not only) in Europe
• Next challenges

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XBRL projects in Europe

• National
• UK Inland Revenue
• UK Financial Services Authority
• UK Companies House
• Datev/Bundesbank
• Danish Commerce Companies (DCCA)
• Bank of Spain
• Bank of Belgium Balance sheet office
• Belgian Banking supervisors
• Dutch Water Boards
• Dutch Statistics agency (CBS)
• Dutch government
• Pan-european
• XBRL in Europe FP6
• ICISA (CRAS group)
• Eurostat (feasability study)
• IASB
• CEBS COREP (Basel II)

30 projects !
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Projects and future applications in
Organisation Application Project Target Target date
Balance sheet deposit Collection of raw data Statistical process Interface to other regs NBB taxonomy devpt Review the supply chain Review the process Reporting tool 270,000/yr 1 Apr, 2007
Prudential Financial control for Banks, insurances, investment firms, pension funds and listed companies Prudential (IFRS) Banking reporting (Schema A) Prudential Banking reporting (Basel II) Review the supply chain Review the process Every consolidated bank Every bank 1 Jan, 2006 1 Jan, 2007
Coordinating actions for banks IFRS Bank taxonomy devpt Review the supply chain Review the process Every bank 1 Jan, 2006
Balance sheet deposit (Tax on web) Collection of raw data Statistical process Awareness Evaluation Review of process 210,000/year TBD
Collection of raw data Awareness Evaluation 210,000/year TBD
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The Dutch Taxonomy Project

• Taxonomy for Dutch financial reporting
• Annual accounts
• Taxes
• Financial statistics
• Issues
• Identifying companies
• Reporting frequency
• Types of reports and status
• Audit reports
• Interdepartmental project
• Ministry of Justice
• Ministry of Finance

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Architecture
Per subject / target group
Sets
Form sets
Elements annual account
Domain specific
GEN-Base Generic Elements Netherlands
Dutch Tree
IFRS
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Business case
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Status of project

• In progress
• Standardization of context information
• Further normalization
• Chain testing by performing a business case
• Letter of intent by all stakeholders
• First test release of the Dutch Taxonomy is now
  available!
• www.xbrl-ntp.nl/english
• User taxonomie01 - Pass boston

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Federal Deposit Insurance Corporation - Today

• Quarterly information comprised of 2,000 fields
  described in 400 pages of instructions
• Multiple copies of data exist inside multiple
  agencies (error prone)
• Avg. of 60-70 days to receive, validate publish
  filings (not timely)
• Estimated processing costs over next 10 years -
  65 million (costly)
• March 2003 reports had nearly 18 000 errors that
  needed to be corrected (integrity issues)
• 1 000 basic math errors
• 17 000 quality (validation) errors

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Federal Deposit Insurance Corporation - Future

• All of this can be boiled down into a fairly
  modernized process with XBRL. On the back end,
  1,500 formulas promote data quality
  (timeliness/flexibility)
• Filers required to submit data in XBRL format
  over the web (automation)
• Multiple sources of data gt SINGLE SOURCE
  (integrity)
• Processing Time 60 - 70 days gt 32 Days
  (timeliness)
• Processing Costs 65M gt 39M, a savings of 26M
  (cost/efficiency)
• Cost savings to the U.S. banking agencies accrue
  when the system is extended to other data series

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• Operational launch is planned for the third
  quarter October 1, 2005
• Additional information available at
• www.FFIEC.gov/FIND

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Agenda

• Whos driving XBRL What is XBRL in Europe?
• Overview of XBRL projects (not only) in Europe
• Next challenges

• Whos driving XBRL What is XBRL in Europe?
• Overview of XBRL projects (not only) in Europe
• Next challenges

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1st European XBRL Conference for Financial
Services

• Theme How XBRL will improve Financial Services
  reporting by 2006
• Hosts XBRL in Europe, with CEBS
• Keynote speakers José Maria Roldan (Chairman of
  Committee of European Banking Supervisors),
  Pierre-Yves Thoraval (Member of Basel Committee),
  Peter Praet (Member of the Board of CBFA), Tom
  Jones (Vice-Chairman of IASB) and representatives
  of the European Commission and banks (Deutsche
  Bank, San Paolo IMI Borsa Italiana)
• When 29 June 2005 10.00 17.00
• Where Chartered Accountants Hall, London
• Size 200 attendees
• Audience profile Bankers and supervisors

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1st European XBRL Conference for Financial
Services
Supervisors  24
Banks  15
Consulting SW vendors 25
Press 3 
Others 30
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European Banking Supervisors XBRL Roundtable The
concept

• Purposes
• Help to supervisors to decide that XBRL is of use
  for them within COREP/FINREP, and then to
  implement XBRL for COREP FINREP at national
  level
• Provide technical background knowledge in order
  to implement XBRL
• Duration form 3-4 days Workshop, by
  mid-September
• Audience supervisors only ( guests), involved
  in XBRL COREP/FINREP projects, on invitation only
• Location Brussels (premises TBD)
• Costs
• Organisational covered by XiE
• Real costs (accom, trainers) covered
• by participants/CEBS

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European Banking Supervisors XBRL
Roundtable Agenda

• Day 1 What is the COREP/FINREP XBRL project(s)
• Hands on XBRL basics for supervisors
• Day 2 How to implement COREP/FINREP with XBRL
• Strategies, tools, converters and IT environment
• Day 3 am Customizing COREP/FINREP at national
  level
• Day 3 pm Software vendors presentation
• Day 4 am Internal roundtable (Supervisors only)

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Next challenges for XiE

• Provide to FP6 the XiE commitments
• Identify the next expectations From why and
  who to how to, how much, how long (the EGG
  GCD experiences with SGS)
• Re-define the proper organization on track
• Improve cooperation with legal representative
  bodies (CEBS-COREP, CESR, CEIOPS, IFAC-FEE,
  FESE-WFE) on track
• Get new EC funds on track
• Reach self-funding (without EC) on track
• Create XiE as a legal entity on track

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Thank you !

• ? olivier.servais_at_xbrl-eu.org
• 32 2 702 64 82
• ? 32 2 702 64 75
• ?32 497 456 456
• www.XBRL-eu.org
• www.XBRL-eu.org/london