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XBRL – ESEFA comprehensiveapproach
A new way of digital transformation
NAME OR LOGO
X - flexible framework: enables customization
and application in different reporting scenariosindependent from legal regulations
B - designed for description and exchange of
business related data (includes all requiredcharacteristics and functionalities for thisapplication)
R - informative reporting: exchange of
aggregated data for analysis and decisionmaking
L - communication (encoding and decoding) of
information: sentences/statements builtaccording to certain syntax (grammar) andsemantics (meaning)
○ public, open, free standard
INTRODUCTION TO THE STANDARD
WHAT DOES THE XBRL STAND FOR, WHAT ISXBRL USED FOR AND SINCE WHEN?
2
NAME OR LOGO
Initial requirements - standard for:
describing information
requirements in order to…
…transfer it between different
systems
3
NAME OR LOGO
Additional Requirements
advanced validation
(mathematical/ logical rules, error
messaging)
visualization/rendering (e.g. tax forms,
tables, reports)
versioning of definitions
(dictionaries) in time/space
„drill-down” of information (XBRL
Global Ledger)
4
NAME OR LOGO
XBRL Governance
non-profit organization and local
jurisdictions (coordination/management of
initiatives and works
○ 700+ members (direct or indirect)
○ commercial companies: audit, consulting, software,banks, stock exchanges
○ non-profit organizations: accountants, securitiesexchanges, banks, analysts
○ public authorities: banking supervisors/centralbanks, business registers, securities regulators,statistical and tax offices
aim
○ development and proliferation of XBRL through thefollowing activities
○ management/coordination (Board of Directors,Standards Board, Best Practice Board, etc.)
○ development and maintenance of specifications(working groups: permanent/temporary)
○ support in implementation projects, increasingawareness (e.g. through events, trainings, ...)
5
More on…
NAME OR LOGO
What are the XBRL & underlying technical specifications?
6
documents describing fundamental technical definition of how XBRL works: specifications
recommendations - XBRL 2.1, Dimensions 1.0, Formula 1.0, Inline XBRL, Table linkbase, Versioning, Extensible Enumerations, …
conformance suits (tests for compliance and compatibility)
best practice documents (FRTA, FRIS, GFM, …) and project specific rules (ESMA, EDGAR Filer Manual, EBA/EIOPA Filing Rules)
Abstract Model (UML diagrams) and Open Information Model: XBRL in JSON, XML, CSV, SQL, …)
other: registries, collaboration, etc.
technical files (XML Schema)
NAME OR LOGO
linkbase
set of relation
resource
se t
How does the XBRL Architecture look (components) and relations?
taxonomy consist of schema
and l inkbasesinstance document references
taxonomy file (or files)
schema contains declarat ions
of various artefacts (business
terms, types of relations, etc.)
instance document contains
facts that provide values for
concepts defined in the
taxonom y and refer to contexts
identifying reporting entity,
period and further describing
data according to the
dimensional breakdowns
linkbase contains relations
between artefac ts defined in
sch em a files o r /a n d or links
the m to other artefactsinformation
extension taxonomy is one or
more schema files declaring
artefacts required in
description of information
requirements but missing in
the extended taxonomy plus
linkbases linking the extens ion
and extended artefacts
numeric facts refer to a unit
(identifying the measure) and
contain information on
precision of their measurement
DTS is a set of taxonomy
(schema and linkbase) files
linked together and accessible
through a specific entry
point(s)
facts may link to footnotes
containing additional
descriptions/explanations of
fact values
inline xbrl
instance document
unit
unit of
measure:
numerator
/
denominator
context
entity
period
dimensional
fact value (based on definition of
the instantiated primary item/metric)
precision of measurement,
language, etc .
set of relations
footnote
versioning
reportdiscoverable taxonomy set
Taxonomy l inkbase
sc h e m a set of relations
typ e / nam e of
relations resource
primary item
/metr ic
set of relations
dimensional
property relation
extension l inkbase extension schema
extended taxonomy
NAME OR LOGO
Others?
XBRL SCHEMA XBRL LINKBASES
8
NAME OR LOGO
file extension .xml, root element: linkbase
contains:
extended link roles,
Locators and resources
arcs (of various arcroles)What is XBRL Schema & LinkBases? Schema Linkbases
file extension .xsd, root element - schema referencelinkbase
Documentation of
concepts (resources, e.g.
labels, references, …)contains definitions (mostly in a form of unstructured list) of concepts (items,tuples, dimensions, domain members) and their properties label linkbase
refers to or includes linkbase files which in turn may refer to definitions of conceptsin schema
contains namespace declaration:presentation
linkbase
calculation linkbase
definition linkbase
solves name conflicts and ensures uniqueness
targetNamespace attribute sets a namespace (surname) for all elements and
attributes declared in a schema
takes form of URIs (Unique Resource Identifiers)
Different kinds of
relations between
concepts (presentation,
aggregations, similar
i tems, …)
reused namespaces are declared with prefix: xmlns:prefix="namespace"is used instead of namespace when referencing a concept)
<xs:schema targetNamespace="http://eiopa.europa.eu/xbrl/"xmlns:eiopa="http://eiopa.europa.eu/xbrl/"xmlns:xs="http://www.w3.org/2001/XMLSchema"xmlns:xbrli="http://www.xbrl.org/2003/instance">
(prefix
table linkbase
Additional information
rela ting to a variety of
concep ts and th eir
com binations, etc. (e .g .
business ru les)
formulalinkbase
generic labeland reference
linkbase
<xs:element name="x1" xbrli:periodType="instant" ... />
taxonomy may consist of many schema files importing each other (modularization)
NAME OR LOGO
... ...
... ...
What kind of Business Concepts are defined inXBRL Schema files (Inventories paradigm)?
...
Value of a group of inventories reported sequentially as many times as needed
Inventories ...
All regions
Domestic
Foreign
... ...
...Operatingsegments
Inventories
... ... ...
... ... ...
dimensions a breakdown or a property that may consist of explicit list of
members or be restricted by a type e.g.
Geographical areas of operations dimension with explicit members All
regions , Domestic and Foreign
Operating segments dimension with typed domain SegmentName
Company must disclose their
operations for domestic and
foreign markets and spli t their
operations according to operating
segments.
tuple: represents compound facts i .e. groups of information, e.g. Inventories
Valuation (a tuple) comprises of items: Group of inventories , Valuation method ,
Inventories must be grouped and
disclosed with their value according
to LIFO or FIFO valuation method.
Inventories valuation
Group of Valuation method Value of group of
invento ries inven to ries
... ... ...
Inventories
...
...item: financial term that represents an observation, i.e. a fact carrying a value,
e.g. Inventories = 1200400.56 EUR
A company must report amount of
inventories as of a balance sheet
day.
NAME OR LOGO
Declarations
DECLARE AN ITEM DECLARE DIMENSIONS,
MEMBER & HYPERCUBE
11
NAME OR LOGO
li:item"
ItemType"
name="inv" id="ifrs_inv"
type="xbrl i :monetary
subst i tu t ionGroup="xbr
xbrli:periodType="instant"
abstract= "false"
xbrli:balance="debit"
each i tem for reference from instance document or
code)
term or a
"true")
item (not tuple or dimensional construct):
a simple fact containing a value
How to Declare an Item?
Balance sheet
unique identification (for computers not humans) of
other files
expected va lue:
- monetary (number referring to a currency ISO 4217
- decimal or integer ( including min and max range)
- text (certain length, enumerated l ist , pat tern for post code, etc .)
- date (plus t ime interval)
- e t c .
… …
Inventories …
… …
instant = stock (for particular date), e.g. assets,
liabilities, …
duration = flow (for period), e.g. revenues, costs,
expenses, …
ne ede d for allowing different tim e periods within are po rt (e .g . revenues for last year and last qua rte r)
<xsd :e lementrepor table
header
(abst rac t=
accounting balance nature (credit /debit) indicat ing the required sign, e .g.
- costs a re ″debi t″ = repor ted as a posi t ive f igure (and
subtracted from revenues),
- credi t a re ″credi t″ = repor ted as a negat ive f igure
(and added to revenues),
Important for i tems such as „adjustment of …”
(other attributes) />
NAME OR LOGO
Inventories
phical distribution broke ng segments
Market
All regions
Domestic
Foreign
Segment
…
…
…
…
…
…
…
…
…
Ge ope
<xsd:element substi tutionGroup="xbrldt:dimensionItem"
name="opSegs"
xbrldt:typedDomainRef="#segName" (…) />
value of typed typ edom ain dimension
<xsd:element id="segName" name="segName"
type="xsd :s t r ing" />
<xsd:element substitutionGroup="xbrli :i tem"
type="nonnum:domainItemType" name="allRegs" (…) />
<xsd:element substitutionGroup="xbrli :i tem"
type="nonnum:domainItemType" name="dmstc" (…) />
<xsd:element substitutionGroup="xbrli :i tem"
type="nonnum:domainItemType" name="frgn" (…) />
<xsd:element substi tutionGroup="xbrldt:dimensionItem"
name="geoOperAreas" (…) />
ogra rati
hypercu
own by
primary item – a
fact containing a
value
b e
xsd :eleme n t su b stitu tio nGroup = "xbrld t:hypecu beItem "
name="mrktAndOpSeg" (…) />
d
How to declare Dimensions, Members &Hypercube?
memb er s
explicit
dimensiondomain
n d
NAME OR LOGO
What are the Linkbases?Diverse kinds of sets of relations for different purposes
(functions)
o addit ional documentat ion:
•
•
•
label (multil ingual, contextual)
references (to legal acts, guidelines, …)
generic (further customizat ion)Additional information on business terms in
linkbases:o relat ions (of different kinds and nature) between
concepts :p resen ta -
tion
• presentat ion and defini t ion (browsing of
taxonomy)
calculation (aggregations)
generic (further customizat ion)
generic calculation •
•
Inventories are translated into Polish as „Zapasy”
and in German as „Vorräte” .
o
o
dimensional information: defini t ion (data model)
any other: generic (further customizat ion)
(extended)
linksMeasurement method of inventories as defined by
IFRSs is described by IAS 2, paragraph 9 .
Technically:Inventories are reported in Statement of financial
position in a group of Current Assets and in notes
in Disclosures of current assets .
reference definition
o
o
start and end with <link:linkbase> tag
linkbases m ay be „em bedded in” XML Schema file o rinstance document (re po rt); no t recom m e nd ed(decreases extensibility and flexibility as well a spossibility of m odulariza tion - division into files hassecondary priority)
if separate file then it’s extension is: .xml
Inventories are sum of Raw materials, Merchandise,
Production supplies, Work in progress, Finished
goods and Other inventories.
label
Inventories must be reported in the breakdown for
segments and geographical areas where company
operates .o
NAME OR LOGO
Context
What is the relation betweenconcept declaration & afact?
<context id="ABC_20100101_20101231">
<identifier
Unit
D"
</ ifrs:ProfitLoss >
XB
RL
Instan
ced
ocu
me
nt
<entity>
scheme="http://nasdaq.com/ticker "> ABC
</identifier></entity>
Taxonomy <period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate>
</period>Element definition:
<element
id="ifrs_ProfitLoss" </context>
name="ProfitLoss"<unit id="U-USD">
<measure>iso4217:USD</measure></unit>
type="xbrli:monetaryItemType"
substitutionGroup="xbrli:item"
xbrli:periodType="duration"Fact
xbrli:balance="credit"<ifrs:ProfitLoss
nillable="true" /> contextRef="ABC_20100101_20101231 "unitRef="U-US
decimals="0">
6611000
NAME OR LOGO
What is an XBRL instance document?
XBRL instance document is a business report in an electronic format created according to the rules of XBRLspecifications and the referenced DTS
referencing XBRL taxonomy files from instance documentsdepends on taxonomy modularisation (entry file or a set of files): schemaRef/linkbaseRef
absolute/relative reference
declaration of namespace prefixes (preferably canonical), contexts, units, facts:
unit
context
fact
fact
fact
context
fact
fact
context
fact
fact
instance
schemaRef
linkbaseRef
context
context
context
unit
fact
fact
fact
fact
fact
fact
fact
linkbaselinkbase
roleRef
arcroleRef
loc
schemaschema
import
include
linkbaseRef
NAME OR LOGO
XBRL
INLINE XBRL INLINE XBRL SPECIFICATION
17
NAME OR LOGO
HTML XBRLWhat is the Idea behind inline XBRL?TRANSFORMATION
a normative stylesheet strips out the XHTML from irrelevant parts and provides a valid XBRL Instance
document (no checks against DTS)
validation
Instance
VALIDATION
XBRL In s ta n ce docum ent is valid a te d
a g a in st a ta xo n o m ydiscuss ionanalysis
supervisorreporting entity
MAPPING/STORAGE
data is mapped to a data based where i t
is stored and available for further
analysis
resulting XBRL
<ifrs:Revenue contextRef="e2010" unitRef="USD"
prec i s ion="5">43623000000</ i f r s :Revenue>
inline-XBRL
<td class="rightal ign">
<ix:nonFraction name="ifrs:Revenue"
contextRef="e2010" precision="5" unitRef="USD" scale="6"
f o rma t = " ix t : numco mmado t”> <i x :exc l u de>$ </ ix : exc l ude> 43 , 623 <
/ ix:nonFract ion>
< / t d >
XHTML
(iXBRL)
XBRLXBRL
Instance
XBRL
Taxonomy
NAME OR LOGO
Elements:
ix:continuation
ix:denominator
ix:exclude
ix:footnote
ix:fraction
ix:header
ix:hidden
ix:nonFraction
ix:nonNumeric
ix:numerator
ix:references
ix:relationship
ix:resources
ix:tuple
Inline XBRL specification
Attributes:
arcrole
contextRef
continuationFrom
decimals
escape
footnoteRole
format
fromRefs
id
linkRole
name
precision
order
scale
sign
target
title
toRefs
tupleID
tupleRef
unitRef
https: / /specif icat ions.xbrl .org/work -product -
index-inl ine-xbrl-inl ine-xbrl-1 .1 .html
NAME OR LOGO
LAMDA DEVELOPMENT S.A.
Type of form
The header, hidden, references, & resources elements
LAMDA DEVELOPMENT S.A.Greek Business Register No 003379701000
LEI No00337970100037A Kifissias Avenue, 15123, Athens Greece
www.lamdadev.gr
LAMDA
NAME OR LOGO
Type of Elements
Different types
The Nonfraction
The Footnote
The Relationship
The Nonnumeric
21
NAME OR LOGO
The NonFraction Element
LAMDA DEVELOPMENT S.A.Business Register No 003379701000
Consolidated Balance SheetDecember 31st ,2019 vs 2018
2019 2018
NAME OR LOGO
The Footnote element
…
LAMDA DEVELOPMENT S.A.Business Register No 003379701000
Consolidated Balance SheetDecember 31st ,2019 vs 2018
2019 2018
NAME OR LOGO
The Relationship element
LAMDA DEVELOPMENT S.A.Business Register No 003379701000
Consolidated Balance SheetDecember 31st ,2019 vs 2018
2019 2018
NAME OR LOGO
The Nonnumeric element LAMDA DEVELOPMENT S.A.
Business Register No 003379701000Notes to Financial Statement
NAME OR LOGO
Where to find examples of inline XBRL?
LAMDA DEVELOPMENT S.A.Business Register No 003379701000
Notes to Financial Statement
2019 2018
https://www.sec.gov/cgi-bin/viewer?action=view&cik=920760&accession_number=0001628280-21-000722&xbrl_type=v#
NAME OR LOGO
Let’s Help more…
Other issues
Preparers Benefits
Tagging rules Filling
27
NAME OR LOGO
d a ta
I am a Preparer. What Can I Do?
form- b a se ds olu t ion
filer
Creation of an XBRL/iXBRL report may be achieved in multiple ways with variousinvolvement of filers’ human and financial resources and with use of a variety ofexisting off-the-shelf tools, customised solutions or services
selection of an approach by a filer depends among others on:
financial report t aggin g
applicat ion
(b o lt-
o n /cloud)
< … / >
filerfiler
financial report
the type of information requirements being exchanged (amount of data, frequency, transformations, etc.),
legacy systems involved in preparation of data to be included in a report(number of systems involved, etc.),
requirements of the recipient and the infrastructure it provides.
filer
third party
exp er t s
map p in gsinternal
sys t ems
approaches for filers in terms of production of XBRL reports:
outsourcing of the XBRL report creation process to a specialised third party,
use of form-based solution offered by a recipient or a third party,
adding XBRL tags to a report created in other common format (e.g. MS Word, MS Excel, PDF) using off-the-shelf third party tools,
integrating production of XBRL reports in the existing systems of a filer using in-house resources or comprehensive disclosure management solutions available on the market.
filer third party
exp er t s
ext racted source
NAME OR LOGO
What are the benefits & challenges ofvarious implementation approaches?
Approach Benefits ChallengesOutsourcing
Annotating
reports with
XBRL
Integrated
comp rehensive support of know ledgeable th ird party experts low control over tagging (lim ited to review)
only basic taxonomy know ledge required to review the tagging lim ited possib ility to reduce the cost of subsequent filings
low risk of no t me eting reporting obligations ad d itional effo rt at the end of the reporting pro cess and lack of in ternal
no maj or investme nt required on filer side capabilities or possibility to leverage the benefits of s truc tured data
minima l impact on the existing proces se s
lim ited investment requires familiarity with XBRL and the too lkit
control over result additional (potentially time consuming) effo rt at the end of th e reporting
process with l imited benefits outside of the reporting context
may require additional audit of external party to review correctness o f
tagging
comp rehensive approach significant upfront investment (cost and time)
cos t - s aving in m id to long te rm when subsequent reports may po tentially high level of complication in imple men tation
be pro duced semi- a u toma tically potentially m ore detailed know ledge on XBRL and taxonom ies required
contro l over the process and result (unless in tegration is perfo rm ed by external consul tants)
enhanced reporting in other contexts (in ternal or ex ternal)
additional analytical possibilities based on s truc tured data
potentially existing solu tions applied by a filer may become
XBRL enabled and support the process
NAME OR LOGO
How does a process of tagging may look in practice?
Match taxonomy
concept (extend if
allo wed/n eeded also in
relations)
Define general
in form ation (en tity,
periods, units, etc.)
Tag concept,
d imen sion s, period , u n it,
etc. in the report
preloaded) and load a
report in .doc, .xls, .pdf
(converting to .doc)
Generate an iXBRL file
and validate
2019
20
–3
–3
–6
14
€ millions, unless otherwise stated 2018 2017
Total revenue ,793 17,560 16,815
Cost of cloud and software ,313 –2,557 –2,370
Cost of services ,313 –2,716 –2,660
Total cost of revenue ,626 –5,272 –5,031
Gross profit ,167 12,288 11,784
NAME OR LOGO
Filing rules. Why & How?
affects:taxonomies (extensions in open reporting project, e.g. ESMA Filing Manual)
instance documents (in open or close reporting scenarios)
aim:define rules that limit the flexibility of XBRL in the construction of XBRL instance documents
provide additional guidelines related to the filing of data in general or specific cases
levels:MUST (obligatory)
SHOULD (less important/impacting or some stakeholders have specific cases)
MAY (nice to have)
NAME OR LOGO
general-specialessence-alias
Anchoring examplegeneral-special
general-special
general-special
general-special
Revenue from software licensesRevenue
Revenue from rendering of information
technology consult ing services
Licence fee incomeRevenue from cloud and software
Revenue from software support
Revenue from software licensesRevenue from rendering of data
services
Revenue from software licenses and
support
Revenue from cloud subscript ions and
support
Revenue from cloud subscript ions and
support
Profit or loss [abstract]
Revenue from software supportRevenue from rendering of internet and
data services
Revenue from cloud and softwareRevenue from software licenses and
support
Revenue from rendering of servicesRevenue from rendering of information
technology maintenance and support services
NAME OR LOGO
ESEF Process
Where we are now?
○ The majority of MS will postpone the ESEF process
○ The ESEF process will start for listed entities officially in 1st January 2022.
○ Greece will start to receive through Business Register (GEMI) in ESEF format the financial statements for listed entities from 1st January 2022
33
NAME OR LOGO
XBRL - ESEF
XBRL - ESEF FORMAT (IFRS
compatible)
XBRL – GREECE FORMAT
(2013/34)
34
NAME OR LOGO
XBRL - ESEF
The challenges in the Greek Business Register (GEMI)
35
➢ ESEF Taxonomy
➢ Extended ESEF Taxonomy for Banks, Financial Institutions and Insurance Entities
➢ Greek Taxonomy for non listed entities (uses Greek Accounting Standards according to Directive 2013/34/EU
NAME OR LOGO
A new set of concepts (extensions) has been implemented to ensure uniformity of tagging amongst GreekBanks and Insurance companies. The IT-banks: prefix identifies concepts specifically developed for Banks
The blue line identifies the extension, whilethe orange line identifies the anchoring
concept
Standardized Extensions in Greece – Problems
identified in Banks & Insurance Companies
NAME OR LOGO
Annual Financial Statements
Annual FS
documents)
Consolidated Financial Statements
ment of Cons
documents)
Acknowledge-
FS (≠ ESEF
Auditor‘s report
electronic file
Auditor‘s report
Issuance
Audit of ESEF-
documents
Compilation of ESEF-
documents
Audit of Cons FS +
Group Mgmt Report
Submission File for
Business Register (GEMI)
Adoption of
(≠ ESEF-
Auditor‘s report
electronic file
Auditor‘s report
Issuance
Audit of ESEF-
documents
Compilation of ESEF-
documents
Audit of Annual FS +
MgmtReport
Compilation and Audit Process
NAME OR LOGO
Are financial statements’ layoutsmandatory in other European countries?
Is comparability threatened?
Should (could) the Greek experience bereplicated elsewhere in Europe?
FOOD FOR THOUGHT
Standardized Extensions in Greece & other EU
countries
NAME OR LOGO
Timeline for implementing XBRL / ESEFOur two-year action plan (on track)
2020Y
01 02
Initial approachFeb, 2020
03 04 05 06
First mappingJun, 2020
07 08 09 10
ESEF TaxonomyOct, 2020
11 12 01
2021
GREEK TaxonomyJan, 2021
02 03 04 05 06 07
IT infrastructure ready for testing
processJul, 2021
08 09 10 11
Production stageNov, 2021
12
39
NAME OR LOGO
Greek Process
Our process in the Business Register (GEMI)
✓ Data Collection (portals, file uploads, etc.)
✓ Data Validation (Validity against pre-defined rules, Consistency/Plausibility validations, etc.)
✓ Data Transformation (For reporting, analysis, etc)
✓ Data Analytics/Reporting (Transformation, Data Reformatting (cubes/views/etc.) Reporting tools
40
NAME OR LOGO
○ XBRL needs a lot of human resourcescommitted to results (steady group ofqualified experts)
○ XBRL needs a lot of investments ininfrastructure (cost of money)
○ Business Register (GEMI) decided toprepare the XBRL solution in house
○ Market Solutions in EU area areexpensive because they offer a numberof App’s & API’s
○ A market acceptance is needed althoughit is not necessary
○ Simple solutions are available for verysmall entities
○ Some tools could be available for freefrom Business Register for avoidingadministrative burden
Summary
An area of discussion….
41
Useful points
Thank You
Gerasimos Georgopoulos
+30 210 38 93 310
http://www.businessregistry.gr
