Luxembourg

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Luxembourg the Central Balance Sheet Office and
the XBRL project
UNECE / Eurostat 06-08 Novembre 2006
GONZALEZ Patricia
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Filing of annual accounts (50 000 entreprises
concerned)
LAW 19 DECEMBER 2002

• Turnover ? 100 000 regardless of legal form
• Annual accounts
• balance sheet, profit and loss account, notes to
  the accounts
• management report
• auditing report
• detailed accounts according to the standardized
  chart of accounts 
• Exceptions
• insurance and banking companies
• non profit organisations, foundations,
  agricultural associations

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Differences in disclosure policy
DISCLOSURE OF ANNUAL ACCOUNTS

• Data on incorporated enterprises is publicly
  available
• Data is not available for sole proprietorships
• Detailed data on accounts is only available to
  BSO and other administrations (e.g. Tax
  authorities)

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Law 2002 - Article 76
RELATIONSHIP RCS-STATEC

• Annual accounts ? RCS ? Statec
• for archiving purposes, to hold data on IT
  support media
• 2003 Parliament and Council Directive 2003/58 on
  disclosure requirements for certain types of
  companies (not only annual accounts)
• Following functions
• RCS will be in charge of electronic data
  collection, scanning images
• Role of Statec is to prepare structured data
  collection, i.e. develop specifications for paper
  and electronic questionnaires/forms

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STAKEHOLDERS

• STATEC - Service central de la statistique et des
  études économiques
• RCS - Registre de commerce et des sociétés
• Ministry of Justice

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THE CBSO PROJECT

• The Central Balance Sheet Office aim is
• to collect data from non financial companies,
• to analyse the data and establish statistics,
• to disseminate the data to public and private
  users.
• Structured data issued from the annual accounts.

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THE CBSO PROJECT CURRENT STATE

• Several feasibility studies implementation of
  the CBSO, modernisation of the filing procedure,
  use of XBRL.
• CBSO has developed static paper forms.
• Forms have to be validated by the Accounting
  Standards Committee.
• Annual accounts are filed in on paper only and
  there is no electronic way to file them.
• Companies have to accomplish different steps for
  filing in their accounts important
  administrative burden.

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WHY CHOOSING XBRL?

• XBRL as a reporting standard
• Enables the electronic filing of the annual
  accounts
• Avoids data manipulation by manual encoding ? use
  information out of the accounting systems
• Collects high quality data
• Provides a taxonomy for annual accounts ?
  harmonize the data format
• Reduces administrative burden ? assure an
  exchange with other administrations

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THE XBRL TAXONOMY CURRENT STATE

• 1. Consultancy from the BNB CBSO.
• 2. Creation of the  lu-fr-pfs-ci-2007-01-01 
  taxonomy
• According to luxembourgish accountancy standards
• Compliant spec 2.1 and FRTA 1.0
• Multilingual (french, english and german)
• 3. Translation of the balance sheets, income
  statements (abreviated and complete) in the three
  languages into XBRL standards achieved (complete
  table of accounts in course of completion).
• 4. Cooperating on the final modifications on the
  table of accounts to be in conformity with the
  XBRL standards.

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Legal framework under construction
CONSTRAINTS

• creation of an Accounting Standards Committee
  (before Chrismas 2006)
• creation of a standardized chart of accounts
  (prepared during spring 2006 and almost
  finalized)
• filing procedure fixing among others paper or
  electronic formats, fixation of civil penalties
  for late filing
• access to financial reports either for the
  public or for administrative purposes (especially
  tax authorities)

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PLANS FOR THE FUTURE

• Set up an XBRL non profit organisation in
  Luxembourg
• Contact major stakeholders - especially
  accounting software vendors
• Non standardized annual accounts from February
  2007 on
• First XBRL draft Taxonomy on April/May 2007
• Structured data collection in 2009 and
  dissemination in 2010 or 2011
• Analysis and financial information
• Feed-back to reporting companies

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Thank you for your attention

• Questions?
• The CBSO contact
• STATEC Central Balance Sheet Office
• Centre Administratif Pierre Werner
• 13 rue Erasme
• L-2013 Luxembourg
• Tel. [phone]
• patricia.gonzalez_at_statec.etat.lu

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