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Rome, 5-7 May 2014

Piotr Madziar – European Commission

20-21/02/2014

XBRL Days and Eurofiling Workshop

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ContextMain ChallangesEP, Barroso II financial

initiatives:SSM, ESAsBRISAccounting DirectiveTransparencyCRDIVSolvency

Timing:•EBA now•BRIS 2015•TD 2016•Solvency.

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Barroso II Commission – some achievements

SSMESAs

TD

OTC

EMIR

CRDIV

Stress tests

AQR

European Stability

Mechanism

European Semester

SME accounts

Digital Agenda

BRIS

CEN/DPM.

ICT standardisation

agenda

CBV/ROV/RegOrg

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Brussel’s role

Level 1 leader:

Propose EU directives

Negotiate with EP and Council

Publish framework Legislation (Directives)

Level 2 – typically assistance only:

Monitor ITS development (incl. DPM, taxonomies,

implementation etc.)

Comfort EP and Council (if necessary)

Publish ITS

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Level 1 examples:

ESMA will develop draft ESEF (like XBRL) and submit it to

COM by end 2016. All issuers will file ESEF annual financial

reports as of 1/1/2020, ESMA will develop and run EEAP

where all regulatory info (now in OAMs), single cross-border

search etc. will be available.

BRIS: COM will develop and run BRIS, an exchange

platform assuring cross-border multi-language access,

unique identification, features, universal search etc.

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2014 -2020 EP Hot topicsSolvency?Fiscal Union?Transparency of budgets incl. transactional levelEU economic monitoring and risk managementStandardisation• Blend private industry standards with official ones• EU endorsement of int’l standards

Digital economy•Complete digital agenda•Translate achievements into growth advantages•Data privacy and security

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Non – TD criteria

There are several strategic issues that should play a role once the Commission considers the adoption of the ITS:- We promote interoperability, burden reduction and re-use of data,- We support international standards, especially if their adoption in the EU enhances financial stability, free trade and investments- We promote open data in open standards

Several strategic EU acts and docs, G8 an G20 declarations etc. outline those objectives.

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Duplication of fiscal and supervisory data

Business

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Simplification & burden reduction - SBR concept

Repository of reusable data

Business

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XBRL -> national GAAPs issue

EU core taxonomy IFRS for all EU issuers

Basis EU Accounting directive IFRS

Options • National regulatory extensions?• Company extensions?

IFRS for SME?

Pros • Brand new Directive• Two birds in one shot –

electronic reporting requirement in Accounting Directive resolved

• True ESEF• Completion of IAS

reform of 2002

Cons • Is it still ESEF?• Is national framework cost-

efficient?• Who will do it?• May require extensive review of

national GAAPs

• In 2002 IFRS was selectively applied for a reason

• IFRS for SME received mixed views in the EU.

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XBRL challenges

Learn, test and use at the same timeLegacy systems, business caseNational rules and practicesDue process for EU adoption of international standards

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  All the comments are of personal nature and cannot be taken for an official position of the Commission.

Thanks for your attention! Questions?