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Companies regulators Showcase Filing of annual accounts with the National Bank of Belgium: a success story. Presented by: Luc Dufresne,Head of Department Microeconomic analysis and Camille Dümm, XBRL business analyst, CBSO National Bank of Belgium. - PowerPoint PPT Presentation
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Companies regulators Showcase
Filing of annual accounts with the National Bank of Belgium:
a success story
Presented by: Luc Dufresne,Head of Department Microeconomic analysis and
Camille Dümm, XBRL business analyst, CBSONational Bank of Belgium
17th International ConferenceMay 5th - 8th, 2008
Eindhoven
2
Agenda
• Context and history
• The project
• Evaluation - figures and lessons learned
• Next steps
• Live Demo
3
Legal context
• Gathering and spread– The Central Balance Sheet Office collects annually
340.000 annual accounts from 320.000 companies and publishes the annual accounts as PDF files
• Statistical mission– Data from standardized annual accounts are handled
to produce accurate data for official bodies (National accounts)
– Production of statistics per activity sector
4
History
• Electronic filing since 1993– Proprietary format (text file)– Heavy to maintain– On floppy disk
• Filing through Internet since 2004– In answer to the 1st European Directive– With digital certificate– Slow adoption because floppy disk was still an option
5
XBRL purposes
• Why XBRL– Increase flexibility in the process– Make the technical maintenance easier– Harmonize the data format and exchange with other
regulators– Prepare electronic filing of annual accounts drawn up
according to IFRS
6
Project planning
Tests
10/2006
TaxonomyAnnual accounts
Software vendors
NBB
10/2007
TaxonomyNon profit
Production
01/04/2007
Phase 1 Phase 2 Production
17/03/2008
Tests
01/2005
7
Filing channel of annual accounts
Paper PDF XBRL - Private softwares XBRL - Sofista
Internet85%
Paper15%
XBRLPDF
Evaluation - FiguresFrom April 2th till December 31th 2007
8
Objectives achieved ?
• Flexibility ?– To some extent - not yet in terms of extensions
• Maintenance ?– Developments costs were cut by 40% for the second
application • Exchange harmonization ?
– Information has to be given only once– Foreseen projects with other Belgian regulators
• Ready for IFRS ?– Ready but not yet applied for individual financial statements
9
Lessons learned
• Importance of the communication– On the website
– With software vendors
– With end-users
• Extensive information (Taxonomy, sample cases,...) available as soon as possible
• Contacts trough working groups, • Tests sessions, test-environment available
• Transparency of the application - "Keep it simple"• Road shows for accountants and professionals
10
Lessons learned
• Technical issues– Lack of specifications and generic tools
– Helpdesk overloaded
– Seasonal profile (summer peak)• Maximize automatic data processing• Infrastructure capacity
• Formula linkbase missing• Internal developments
• Questions about digital certificate• Permanent internal helpdesk
11
Targets 2008
• CBSO target - 90% filings XBRL• Remaining paper or PDF
– Specific formats (financial sector, foreign companies, ...)– Consolidated accounts (IFRS, BE-gaap, ...)
12
Next steps
• CBSO projects– Use of XBRL data available
• Company report (comparative analysis)• Tool to extract data from XBRL instance
– Extension to other kind of financial statements• If significant volume• Eventually in collaboration with other regulators
13
Next steps
• Belgian projects– Federal Service Economy - Statistical business
survey – Federal Service Finance - XBRL taxonomy for
corporate tax declaration • Will be done in close collaboration with NBB-experts• To create a common basis for other future taxonomies for
regulators
15
Click to edit Master title style
Live demo
16
3D
certificate
Process
Taxonomy
Data Entry CBSO Validator
Instance document
Software package (private)
Database
XBRL files
Rendering
CBSOWWW
3D
certificate
Data EntryCBSO
Filing Application
Module 1
Module 2
Module 3
Module 4
17
Taxonomy
CommonModule
Entry points
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Data Entry - Options
Options
Type
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Data Entry - Identification
Company
Annual account
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Data Entry
Accounting data
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Data Entry - Validation
Validation
Save Visualization
22
Data Entry - Visualization
23
Data Entry - Correction
