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XBRL in Europe Projects, users and regulators. Olivier Servais, Permanent Secretary Dirk Quina , Ministery of Finance in Belgium Wednesday, 6 October 2004. X what ?. In Europe ?. Agenda. What is XBRL ? Overview of XBRL projects (not only) in Europe XBRL for regulators. What is XBRL ? - PowerPoint PPT Presentation
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XBRL in Europe
XBRL in EuropeXBRL in Europe
Projects, users and Projects, users and regulatorsregulators
Olivier Servais, Olivier Servais, Permanent SecretaryPermanent Secretary
Dirk QuinaDirk Quina, Ministery of Finance in Belgium, Ministery of Finance in Belgium
Wednesday, 6 October 2004
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
AgendaAgenda
What is XBRL ?What is XBRL ?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
XBRL for regulatorsXBRL for regulators
What is XBRL ?What is XBRL ?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
XBRL for regulatorsXBRL for regulatorsX what ?
In Europe ?
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
Universal XML-based royaly-free standardUniversal XML-based royaly-free standard to improve publishing, to improve publishing,
exchange, analysis & comparison of financial data exchange, analysis & comparison of financial data
Dedicated to :Dedicated to : regulators,regulators, companies, banks, insurance, companies, banks, insurance,
software vendors, analyst, auditors & accountants …software vendors, analyst, auditors & accountants … GAAP translated in a taxonomyGAAP translated in a taxonomy
Benefits : Benefits : No need to re-type No need to re-type -> less time, no more errors, …-> less time, no more errors, … Improving control over the processImproving control over the process of delivering detailed reporting to of delivering detailed reporting to
investors and other stakeholdersinvestors and other stakeholders Limited in costs Limited in costs (royalty-free)(royalty-free) Multi-language & Multi-mediaMulti-language & Multi-media Enhance insights and transparencyEnhance insights and transparency Enhance quality and usability of informationEnhance quality and usability of information Enhance IAS/IFRS conversionEnhance IAS/IFRS conversion
eXtensible Business Reporting Language
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
What is ?
Preparer‘s EnvironmentPreparer‘s Environment User environmentUser environment
ExplanatoryText
Accounting System
Other sourcesof information
++
++
RegulatoryFilings
Tax Return
Internal/ExternalReporting
++Taxonomies
(Standards)
InstanceDocument(s)== Style SheetStyle SheetStyle Sheets++
Web Site
Printed Financials
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
ExternalFinancialReporting
BusinessOperations
InternalFinancialReporting
Investmentand Lending
AnalysisProcessesProcesses
AuditorsTradingPartners
Regulators
Software Vendors
ManagementAccountants
Business Event Reporting
AuditSchedules
Tax Filings
Regulatory Filings
ParticipantsParticipants
Stakeholdersand
InvestorsCompanies
FinancialPublishersand Data
Aggregators
The Supply Chain G/L Journal
Entry Reporting
Financial Statements
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
ERPAdmin.
XBRLengine
GAAPtaxonomy
Businesstaxonomy
Companytaxonomy
Review dataFoot notes
XBRL reports
HTML
Excel
XBRL
WWWWWW
XBRLengine
ERPAdmin.
CompanyCompany
ShareholderShareholder
Regulator Regulator
XBRL
.txt
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
Live and future software applications
Adobe
Cartesis
Corel
DecisionSoft
Fujitsu
Microsoft Office
Microsoft Business Solutions
Oracle
Semansys
SAP
Software AG
SUN
Tibco
…
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
“XBRL in Europe”
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 & IndependentTwo-way dialogueICT dimensionInfrastructure Outcome
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
Members : PricewaterhouseCoopers
NIVRA / XBRL NL
IAS Committee Foundation
XBRL UK
CSC Computer Sciences
Semansys Technologies
Chato d'O
Europe : DG IS
DG IM
DG Ent
Eurostat
Sponsors : XBRL Int’l, Ge, Ir, Sp,…
Dutch Tax authority
UK Inland Revenue
Belgian Central bank
FEE (accountants)
EFRAG
EFFAS Belgian Accounting
Standards Setters
Euronext …
“XBRL in Europe”Key players
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
XBRusseLs 200410th Int’l Conference
Theme : Financial reporting goes global : XBRL and IFRS working together
Hosts :
XBRL International & International Accounting Standards Board
When & Where ? 16-17 November, 2004 at Brussels Sheraton Towers
Attendees ? 500+
Top-level speakers from : European & national authorities (IASB,
Commission, tax agencies, central banks…), CFO from large Int’l Companies
& Banks (EU HQ in Brussels), …Book your diary
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
So, why should U come?
Because we’ll be less than 2 months before IFRS kickoff
Because we expect major announcements
Because it will be the XBRL « place-to-be »
Because food and wine are fine
…
Because Brussels is the center of the world …
… and that’s why you’re here
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
AgendaAgenda
What is XBRL ?What is XBRL ?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
XBRL for regulatorsXBRL for regulators
What is XBRL ?What is XBRL ?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
XBRL for regulatorsXBRL for regulators
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
US
UK
JPNLES
SE
CN
ZA AU
DEDK
BE
Financial Regulators
With courtesy from Walter Hamscher
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
CAUK
AU
JP
NZ
CN
With courtesy from Walter Hamscher
Tax Authorities
IE NL
BESP
DE
NO
DK
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
Exchanges
NASDAQNASDAQ
Sao PauloSao Paulo
NZXNZXASXASXJohannesburgJohannesburg
ShenzenShenzen
EuroNextEuroNext
KOSDAQKOSDAQ
TokyoTokyo
SGXSGX
SWXSWXLuxLux
Pilot LiveEval
TSXTSX
OBXOBX
LSELSECSECSE
DeutscheBörse
DeutscheBörse
With courtesy from Walter Hamscher
NationalUK Inland Revenue
UK Financial Services Administration
Datev/Bundesbank
Danish Commerce & Companies
Bank of Spain
Bank of Belgium – Balance sheet office
Belgian Banking supervisors
Dutch Water Boards
Dutch Statistics agency (CBS)
Dutch government
Pan-europeanXBRL in Europe – FP6
ICISA (CRAS group)
Eurostat (feasability study)
IASB
XBRL projects in EuropeXBRL projects in Europe
EstablishedEstablished
GermanyGermany
IAS Board IAS Board
IrelandIreland
SpainSpain
The NetherlandsThe Netherlands
United KingdomUnited Kingdom
ProvisionalProvisionalSwedenSweden
Jurisdiction development
In constructionIn constructionBelgiumBelgiumDenmarkDenmarkFinlandFinlandFranceFranceHungaryHungaryNorway Norway
In projectIn projectItalyItalyPortugalPortugal““New” countriesNew” countries
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
AgendaAgenda
What is XBRL ?What is XBRL ?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
XBRL for regulatorsXBRL for regulators
What is XBRL ?What is XBRL ?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
XBRL for regulatorsXBRL for regulators
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
Project for reducing expenses of €3 Billions€3 Billions by 2008 by 2008
By harmonizing and improving the business exchange
By using XBRL
Supported by the Dutch government:
Ministery of Finance
Tax authority (Belastingdienst)
Economic Affairs
Justice
Social Affairs (Sociale Zaken en Werkgelegenheid)
Water boards (Verkeer en Waterstaat)
Environment (VROM)
And with Chamber of Commerce
Submitted to the EU during the Dutch Chairmanship (S2-2004)
“Meer ruimte voor ondernemers door minder lasten“
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
€350 Millio
ns
Projects and future applications inProjects and future applications inOrganisation Application Project Target Target
date• Balance sheet deposit
• Collection of raw data
• Statistical process
• Interface to other reg’s
• NBB taxonomy devpt
• Review the supply chain
• Review the process
• 270,000/yr 1 April, 2007
Prudential control for Banks • IFRS Bank (Schema A) taxonomy devpt
• Review the supply chain
• Review the process
Every bank TBD
Coordinating actions for banks
• IFRS Bank taxonomy devpt
• Review the supply chain
• Review the process
Every bank TBD
• Balance sheet deposit (Tax on web-2)
• 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
European Congres for AccountantsFriday, 8 October 2004 XBRL in Europe
8 900 Banks
FDIC OCC FRB OTS NCUA
Multiple copies of data exist inside multiple agencies (error prone)
Avg. of 60-75 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
Federal Deposit Insurance Corporation -
Today
European Congres for AccountantsFriday, 8 October 2004 XBRL in Europe
8 900 Banks
FDIC OCC FRB OTS NCUA
FFIEC
XBRL open source data standard used for communicating report requirements, validations, instructions (timeliness/flexibility)
Filers required to submit data in XBRL format over the web (automation)
Multiple sources of data => SINGLE SOURCE (integrity) Processing Time 60 - 75 days => 2 Days (timeliness) Processing Costs $65M => $39M, a savings of $26M (cost/efficiency)
Federal Deposit Insurance Corporation -
Future
European Congres for AccountantsFriday, 8 October 2004 XBRL in Europe
European Congres for AccountantsFriday, 8 October 2004 XBRL in Europe
Significant benefitsSignificant benefits
Improving control over the process Improving control over the process of delivering detailed reporting to stakeholdersof delivering detailed reporting to stakeholders
Facilitating conversion Facilitating conversion to new or alternative reporting models (IFRS, Basel II)to new or alternative reporting models (IFRS, Basel II)
Multi-media support (“Multi-media support (“Produce one, render manyProduce one, render many”) : ”) : web, CD, papier…web, CD, papier…
Interoperability with other XML (Tax XML…)Interoperability with other XML (Tax XML…)
Can compare facts across reporting entitiesCan compare facts across reporting entities
Authenticated data warrantyAuthenticated data warranty
Ease-of-use : Ease-of-use : web browser, Excel, Access, SQL-database applicationweb browser, Excel, Access, SQL-database application
Enhance insights and transparencyEnhance insights and transparency
Enhance quality and usability of informationEnhance quality and usability of information
Lower risks of ‘misunderstanding’Lower risks of ‘misunderstanding’
Adopted as a standardAdopted as a standard
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
Thank you !
+32 2 702 64 82 +32 2 702 64 75+32 497 456 456
www.XBRL-eu.org
