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1Paris – 22nd June, 2009
Sebastián MurielPresident (XBRL Spain) http://www.xbrl.es
General Manager (red.es) http://www.red.es
International Steering CommitteeSpanish Jurisdiction
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• Spain is considered to be ahead of the XBRL development due to the efforts fulfilled by the public and private sector.
• The Public Organizations and Regulatory Councils which have lead the establishment of XBRL in Spain are:
-Bank of Spain
-CNMV: National Share Market Commission
Bank of SpainCNMV
XBRL in Spain: Strategy
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• Traditionally, business that have been more active in XBRL are the most regulated sectors, especially the companies listed on the national stock exchange:
-All the companies included in the IBEX 35 index report their quarterly statements using XBRL to the CNMV since July 2005
-Most of the Spanish private banks use XBRL for their reporting. e.g. SCH, BBVA, Banco Popular, Caja Madrid, etc.
Bank of SpainCNMV
IBEX 35Financial Institutions
XBRL in Spain: Strategy
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• So far, major economic institutions and main financials companies have boost/encouraged the initiative of the XBRL implementation.
• There is an opportunity to move the experience of XBRL into:
-Local Government
-Small and Medium enterprises (SMEs)
Banco de EspañaCNMV
IBEX 35Financial Institutions
SMEs
Local
Government
XBRL in Spain: Strategy
• Red.es is a government owned company assigned to the Ministry of Industry, that works closely with the public and private sector, in order to achieve the development and promotion the non-discriminatory use of the Information Society in Spain
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The spanish public administration framework
17 Regional Governments
2 Autonomous cities
50 Provinces
8.107 Local Entities
Banco de EspañaCNMV
IBEX 35Financial Institutions
SMEs
Local
Government
PUBLIC PROMOTION ON MASSIVE XBRL USE FOR LOCAL GOVERNMENT
FINANTIAL REPORTING
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XBRL in local budget reporting
http://www.e-local.es
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XBRL in local budget reporting
12%
5%
83%
14%
20%
66%
5%
57%
38%
Web form
Excel
XBRL
2008
2006 2007
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New GAAP (PGC 2007)
• On February 10th, it was published in BOE JUS/206/2009 the order on the presentation of annual accounts under the new GAAP (PGC 2007)
Banco de EspañaCNMV
IBEX 35Financial Institutions
SMEs
Local
institutions
• It is mandatory to use XBRL as the STANDARD FOR DIGITAL PRESENTATION OF FINANCIAL STATEMENTS
• Either through physical presentation on computer records in the telematics business presentation or by electronic signature
• We have developed open source APIs for main ERPs that are used by most of SMEs in Spain (INTECO – Ministry of Industry) (both java and command line)
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New GAAP (PGC 2007)
http://www.pgc2007.info/http://www.inteco.es/Calidad_del_Software/ /descargas/api_xbrl_pgc2007/
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Financial entities
Mercantile Register
FINANCIAL STATEMENTS
Now
PGC 2007
Balance
The financial statements are generated one time in the same format (XBRL)
SMEs
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CSR with XBRL
CSR (Corporate Social Responsibility) lacks
of a minimum of clarity, is too industry-specific
and the format in which it is based is not
suitable to comparisons
A double solution:– Semantic agreement– Digital format
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CSR with XBRL (taxonomy)
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CSR with XBRL: 1st real example
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XBRL in Latin America
• The Spanish Ministry of Foreign Affairs has approved the application for XBRL Spain to lead a training course in XBRL with the AECID (Spanish Agency for International Development) in La Antigua (Guatemala)
•On-line course of Interactive Data for Financial Supervision: this course is aimed at providing introductory knowledge on interactive data in XBRL language and its applications for financial sector supervision
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Thank you !! .. any questions ??
XBRL [email protected]
Tef (+34) 91 212 76 20 ext. 4328
Fax: (+34) 91 555 77 76
Plaza Manuel Gómez Moreno,
Edificio Bronce, 7ª Planta
28020 Madrid
