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XBRL Europe – CEBS workshops
Jean Luc Menda - Vice Chair XBRL Europe
Gilles Maguet – Secretary General XBRL
Europe
Tuesday 30 September 2008
Jurisdictional Status March 2008Jurisdictional Status March 2008
Countries seeking convergence with the IASB on pursuing adoption of IFRSs
Countries that require or permit IFRSs
UKCA
ESUS
AU
NZ
IE
JPKR
BE
BR
PT
RU
SG
HK
NOSE
PL
FI
IT
CN
IN
LB
CZ
UA
LUIASB
AE
NL
TR
GR
MT
FR
SI
HU
AT
Established Jurisdictions
Provisional Jurisdictions
Projects Ongoing
DE
DK
ZA
Focus in 2008-2009
IL
CH
SRB
TW
XBRL Europe
XBRL in EuropeXBRL in Europe
9 established jurisdictions• Belgium, France, Germany, Ireland,
Netherland, Spain, UK, Denmark, Sweden
3 provisional jurisdictions• Italy, Luxembourg, Poland,
7 to 10 in progress projects for jurisdictions• Portugal, Switzerland, Norway, Finland,
Hungary, Czech Republic, Greece, Turkey
Brief Overview of XBRL projects & commitments in EuropeBrief Overview of XBRL projects & commitments in Europe
Country
XBRL Jurisdictio
nBanking
RegulatorBalance
Sheet FilingRevenue&T
ax FilingNational Statistics
Market Regulator
Belgium Established
Denmark Established
France Established
Germany Established
Greece In progress
Ireland Established
Italy Provisional
Luxembourg Provisional
Netherland Established
Poland Provisional
Spain Established
Sweden Established
UK Established
CEBS
CESR
EUROSTAT
USA Established
SOME XBRL PROJECTS IN SOME XBRL PROJECTS IN EUROPEEUROPE
Belgian Central Bank
Belgian non-financial companies use XBRL for the drawing up of their statutory annual accounts to be filed with the National Bank (Central Balance Sheet Office - CBSO) in the form of XBRL-instance documents.
Mandatory Filing
CEBS COREPFINREP- COmmon solvency ratio REPorting framework, for credit institutions and investment firms under the future European Union capital requirements regime.
Mandatory Filing
Commission bancaire/Banque de France
Commission Bancaire has started receiving COREP and FINREP reportings in XBRL.Commission bancaire launched a new SURFI project.
Mandatory Filing
Government of Netherlands NTP
The eGovernment program is scheduled to reduce compliance costs by €350 million per annum. The program is focussed on financial, tax and statistical reporting as well as financial services industry for credit risk filings (based on Basel II).
Voluntary Filing
UK Companies House Business register based on UK GAAP Taxonomy
Mandatory Filing
UK Inland RevenueTax return mandatory in 20011 based on UK GAAP Taxonomy
Mandatory Filing
Danish Commerce and Companies Agency
A full scale project that enable all Danish companies to file XBRL instance documents with the DCCA as well as with Statistics Denmark. The instance documents will contain the complete annual filings including notes
Voluntary Filing
Bundesanzeiger Germany
Public Register for company information based on German GAAP and IFRS taxonomies
Mandatory Filing
Infogreffe France Business register based on French GAAP Voluntary Filing
Infocamere Italy Business Register based on Italian GAAP Voluntary filing
Etc.
XBRL in EuropeXBRL in Europe
EUROPEAN AUTHORITIES SUPPORT:
CESR note on the regulatory information storage system the 30 june 2006
Transparency directive (2004/109/EC) with a mention to XBRL
Recommandation of the European Commission to prepare CESR Platform to archive the financial datas in using XBRL (October 2007)
EC document on SEC cooperation where XBRL is mentioned
European Parliament resolution on the use of XBRL and especially in the constitution of a EU business register (June 2008) and urging EC to assist in the implementation
Euopean Commission plan to reduce administrative burden in EU by 25% and where XBRL is envisaged
European Commission announcement at the last FEE congress 5th october that XBRL will play a major role in the administrative burden reduction
Use of XBRL technology in EuropeUse of XBRL technology in Europe
A way to alleviate costs on corporates and all along the supply chain in all the EU countries
A way to alleviate IT costs where exchange formats are always proprietary
A way to unify scattered reporting and reporting technology systems in Europe in order to reinforce comparisons between the companies
A way to set up European repositories which could harmonise competition within the internal EU market
A way to set up European Repository for listed public companies in order to reinforce European competition vis à vis the US SEC repository which will be set up soon (CESR work and recommendations on XBRL)
A way to work together between EU countries in reducing the costs in many sectors (Statistics, accountancy, banks, etc.
XBRL EuropeXBRL Europe A not for profit association under Belgium Law
• Composed of XII and the European jurisdictions
• Open to Direct membership direct members or association members
• With governance bodies (general assembly ; Chairmanship – President, VP ; Executive Committee – 4 elected members – Chairman and 2 VPs: Jan Pasmooij(NL) , Jean Luc Menda(Fr), Tony Fragnito(XII), Luc Dufresne(B) - with a Secretary General Gilles Maguet
Located in FEE premises (Fédération des Experts Comptables Européens) at Avenue d’Auderghem, 22 – 28, B – 1040 Brussels
XBRL Europe Results to dateXBRL Europe Results to date
The objectives at the start (June 2008): Put in place an organization,Develop the membership Launch and run working groups,Develop a strategy and liaise with
European authorities and organisations
XBRL Europe Results to dateXBRL Europe Results to date
Summary of the Results to date (4 months): Organization set up, with budget and
membership fee, governance structure and admin follow up.
Membership increased 5 to 8 with candidacies for direct membership
4 working groups formedliaison with European authorities and
organisations started
XBRL Europe MembershipXBRL Europe Membership
XII & Juridictions (8 members)XBRL International, Belgium, Ireland, France, Spain – the
foundersNetherland, Germany, Denmark
Direct association member applicationGlobal Trust CenterPossibly a European professional organisation
Possible next jurisdictions applicationsLuxembourg, Italy, Poland? Depending on By laws
modification (in progress in WG 1)
Organisation & Working GroupsOrganisation & Working Groups
WG 1 By-Laws Revision
Leader Marc Hemmerling XBRL
Lux SG9 persons
XBRL EuropeExecutive Committee,
secretariat GeneralStrategy, Operations
Membres
WG2 Euromarcom10 persons
WG3 Projects coordination
GroupLeader Bodo Kesselmeyer
XBRL Germany21 Persons
WG4 Strategy & EU Liaison Working
Group10 persons
XBRL Europe Working GroupsXBRL Europe Working Groups
WG 1 – By law clarification/modification Objective : to propose new by-laws version. Leader Marc Hemmerling Members: Tony Fragnito, Gilles Maguet, Rony Vercauteren, Lars J Dyrner, Norbert Flickinger, Ignacio
Boixo, Colm O hAonghusa, Noemi Di Segni
WG 3 – Projects coordination group Objective : to propose and run 2/3 common projects between members like:
IFRS Taxonomy extensions development Corep/Finrep simplificationEuropean Business Registry
Leader Bodo Kesselmeyer Members: Derek de Brandt, Jim Keevins, Nils-Bro Müller, Thomas Klement, Eric Jarry, Lyes
Mohammedi, Thomas Verdin, Steve Berdah, Bruno Tesnière, Jean Berty Hennel, Stéphane Bellanger, Stéphane Allez, Jean-luc Franck, Antoine Bourdais, Paul Snijders, Ignacio Boixo, Nathalie Gianese, Michele Romanelli, Bartosz Ochoscki, Josef Mac Donald, Maciej Piechocki, Gilles Maguet
XBRL Europe Working GroupsXBRL Europe Working Groups
IFRS Taxonomy extensions for stock listed companies
to optimize the XBRL-implementation processes of European stock listed companies and to harmonize IFRS Taxonomy Extensions in Europe.
Corep/Finrep simplification - HarCOFIN (CEBS) coordinator through its XBRL Network. Corep and Finrep initial CEBS taxonomies
developed and mostly extended in various countries in the course of 2006-2008. Not each country has implemented all CEBS’ Corep and Finrep taxonomies. Each local authority extended the taxonomies according to local regulatory and legal requirements
Cross-border banking institutions face numerous variances between local Finrep and Corep XBRL filings
CEBS has started an initiative to harmonize Corep and Finrep, based on the current local implementations
the role of this working group to join forces with the CEBS as CEBS audience is regulators only
XBRL Europe Working GroupsXBRL Europe Working Groups
European Business Registry The EU Business Registers Working (sub)Group has been created to
increase the coordination and interoperability for European Business Registrars’ XBRL efforts and taxonomies. In order to facilitate the cross-border production and use of XBRL documents of the European Business Registers, it will :
Propose a light taxonomy, to be referred in all European XBRL instance documents including companies’ legal and economic data.
Propose methods, process and common design rules for local taxonomies and reports for Business Registers.
Collaborate with the existing GCRS project which is an initiative of the European Central Register Forum in different European countries.
XBRL Europe Working GroupsXBRL Europe Working Groups
WG 2– Euromarcom Objectives : Organisation of events (19th conference in Paris!),
Participation to events, Marketing material and Website Work carried out mainly in presentations for the moment
To the FEE congress in Copenhagen 4/5 Sept 2008 – Jan Pasmooij, Gilles MaguetTo the Global Forum the 21st October invited by the Global Trust Center
Started the 29th of September Members declared : Poul Kjaer, Ralph Frank, Laure Cuquel, Frederic Chapus,
Delphine Delaveau, Philippe Jouannet, Marc Olivier Lellouche, Jan Pasmoij, Richard Shiphorst, Ignacio Boixo, Gilles Maguet
XBRL Europe Working GroupsXBRL Europe Working GroupsWG 4– Strategy and EU liaison
Objective: To define strategy Liaison with the European authorities, Liaison with European organisations/federations, Meetings and visits to develop, and to liaise with EU authorities and European organisations
Members declared : Ole Stern Jorgensen, Thomas Küster, Luc Dufresne, Connor O'Kelly, Jean Luc Menda, Jan Pasmoij, Marc Hemmerling, Tony Fragnito, Gilles Maguet,
Work carried out for the momentVisits to the European Commission DG internal Market (Pierre Delsaux official at EC) end of July through Piotr Madziar adviser to Mr Delsaux.That has lead to the announcement made by Pierre Delsaux at the FEE congress on the role of XBRL for reducing administrative burden and to the invitation to Commissioner McCreevy to speak at the 18th conf (declined) Visit to FEE officials
XBRL Europe Working GroupsXBRL Europe Working Groups
19th XBRL Conference organisation in Paris Week of 24th June in Paris (date to be confirmed) Logistics organised by XII with the support of XBRL France Setting up of a XII programme Committee in which our WG 2 will
work to define and set up :TracksKeynote speakers from European authorities and organisations like CEBS, European CommissionEtc.
Reminder : 18th international conference in Washington the 14th an 15th of October 2008
Thank YouThank You
SECRETARY GENERAL
XBRL Europe
Avenue d’Auderghem, 22-28
B-1040 Brussels
+33.4.72.56.50.40
+33.6.71.62.31.19
