Embed Size (px)
DESCRIPTION
The FINREP Taxonomy Madrid, Thursday 18 May 2006. Mark Creemers (FINREP project team, National Bank of Belgium). Agenda. What is FINREP? Objective of the FINREP Taxonomy Development Process Extending the IFRS-GP Taxonomy Links between Taxonomy and Framework Current and Future Issues. - PowerPoint PPT Presentation
Citation preview
The FINREP TaxonomyMadrid, Thursday 18 May 2006
Mark Creemers (FINREP project team, National Bank of Belgium)
© National Bank of Belgium
Agenda
What is FINREP? Objective of the FINREP TaxonomyDevelopment ProcessExtending the IFRS-GP TaxonomyLinks between Taxonomy and FrameworkCurrent and Future Issues
© National Bank of Belgium
What is FINREP?
© National Bank of Belgium
The FINREP TaxonomyCore Project Team:
Patrick Amis (Banque de France)
Jacobo Varela (Bank of Spain)
Giancarlo Pellizzari (Belgian BFIC)
Mark Creemers (National Bank of Belgium)
Timetable Start: end of January 2006
Intermediate versions in yahoo group
First "Public Working Draft": next week - www.finrep.info
Final version: September 2006
© National Bank of Belgium
The FINREP Taxonomy
Objective: The FINREP taxonomy should:
perfectly reflect FINREP reporting scheme be easy to adapt to national supervisory needs be consistent with other IFRS taxonomies
© National Bank of Belgium
Taxonomy development process
Create brand new taxonomyCfr. COREP project.
Extend existing taxonomyCfr. IFRS-GP taxonomy (IASCF).
© National Bank of Belgium
Extending the IFRS-GP taxonomy
Disadvantage: IFRS-GP = Read-Only Consistency: "apply same principles"
Structure: all elements in one schema file. No dimensions
ifrs-gp:DepositsWithOtherBanks
ifrs-gp:AmountsOwedToOtherDepositors
ifrs-gp:DepositsTotal
Don't change elements or their attributes Type, Balance attribute,...
+
© National Bank of Belgium
Extending the IFRS-GP taxonomy
Advantages:Creation and Maintenance
Don't create same element twice Same underlying (frequently changing) standards
Harmonisation Cross-Sector
IFRS-GP stands for General Purpose, although specific information for financial institutions is also included.
Intra-Sector FINREP is a European framework AND not mandatory
© National Bank of Belgium
Extending the IFRS-GP taxonomy
Steps to extend the IFRS-GP taxonomy1. Mapping IFRS-GP and FINREP
Avoid Inconsistencies:
eu-ifrs-fr:OtherAssets versus ifrs-gp:OtherAssets
2. Create missing elements (incl. labels & refs)
3. Create Linkbases (pre, cal, def)
4. Structure the taxonomy (architecture)One schema file with all elements?
One presentation, calculation and definition linkbase?
Quid dimensions?
© National Bank of Belgium
FINREP Taxonomy
IFRS - GP Schema file
IFRS - References
IFRS - Labels
FINREP Schema file
FINREP - References
FINREP - Labels
FINREP - Presentation
FINREP - Calculation
FINREP - Definition
© National Bank of Belgium
Links between taxonomy and framework
© National Bank of Belgium
Links between taxonomy and framework
© National Bank of Belgium
Links between taxonomy and framework
Equity Instruments Breakdown
CounterParty Breakdown
© National Bank of Belgium
Links between taxonomy and framework
Create necessary Hypercubes
© National Bank of Belgium
Links between taxonomy and framework
Equity Instruments Breakdown
CounterParty Breakdown
Link Hypercubes to the Primary Items
© National Bank of Belgium
Links between taxonomy and framework
© National Bank of Belgium
Links between taxonomy and framework
Primary Items
Explicit Dimension: Portfolio
Explicit Dimension: FinAssets May be duplicated:
Typed Dimension
© National Bank of Belgium
Links between taxonomy and framework
Explicit Dimension: Portfolio
Explicit Dimension: FinAssets
Typed Dimension: NatureAssets
From a conceptual point of view, Equity Instruments cannot belong to HTM or L&R portfolio!!==> Excluding Cube to exclude the combination of Equity Instruments with the Portfolios HTM and L&R
© National Bank of Belgium
Table 17: typed dimension is used
Already dimensions in this table and no link with IFRS-GP
Tables 12, 35 and 39: tuples are used
Typed dimensions versus Tuples
"For each associate, subsidiary or joint venture"
"For each defined benefit plan"
"For each consolidated company"
© National Bank of Belgium
Overview of FINREP taxonomy
Difference with COREP: one "giant" taxonomy!!Reason 1: extension of "giant" IFRS-GP.Reason 2: interdependencies between tables.
However: open for discussion...
Counterparts: T 1, 4, 5, 6, 7, 30, 36EquityInstr: T 1, 5, 7, 30ValuationMod: T 9, 11RelatedParts: T 34PastDue: T 7Portfolio & FinAssets: T 17NatureAssets: T 17 (typed dim)
Starting Point: "Template.xsd"
© National Bank of Belgium
Some Current and Future Issues
1. Versioning! IFRS-GP, bound volume 2004
Published: 31/05/2005
IFRS-GP, bound volume 2005 (FINREP) Phase 1: mainly update to new/adapted IFRS Phase 2: restructuring the taxonomy
New IFRS-GP not yet final, so FINREP is based on first version!
Important: Links between the taxo's?
© National Bank of Belgium
Some Current and Future Issues
2. No formula linkbase yet!
Calculation linkbase is too limited for supervisory checks.
3. FINREP team = "interim volunteers"!
Follow-up and Maintenance?
© National Bank of Belgium
Conclusion
How to extend FINREP?Same principles as for COREP
Documentation on www.corep.info
Next week: first "public working draft", but still some remaining work left:Complete instance document for all tables!
Make FRTA compliant!
Think about architecture!
© National Bank of Belgium
Contact & Questions
Contact:Visit www.finrep.info
Subscribe and post to XBRL-FINREP yahoo group
Questions?
© National Bank of Belgium
