XBRL in Europe

XBRL in EuropeXBRL in Europe

Olivier Servais, Olivier Servais,

XBRL in Europe – Permanent SecretaryXBRL in Europe – Permanent Secretary

XBRL Int’l Steering Committee – MemberXBRL Int’l Steering Committee – Member

Friday, 3 June 2005

for COREPfor COREP

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

AgendaAgenda

Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?

Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe

Next challengesNext challenges X what ?

In Europe ?

Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?

Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe

Next challengesNext challenges

after term expires

International Steering Committee

Chair: Kurt Ramin

International Steering Committee

Chair: Kurt Ramin

Board of Advisors (5 to 19 members)Not Yet Established

Board of Advisors (5 to 19 members)Not Yet Established

1st Vice ChairPaul Penler

1st Vice ChairPaul Penler

2nd Vice ChairWalter Hamscher

2nd Vice ChairWalter Hamscher

Executive Committee*(7 members)

Executive Committee*(7 members)

elects

appoints

Immediate Past ISC ChairVacant

Immediate Past ISC ChairVacant

member of

ISC chairelects

ISC SeatISC Seat

Key

No Seat on ISCNo Seat on ISC **Standing

ISC

Rep

resen

tativ

es

At Large Representatives

Michael

Ohata*

Michael

Ohata*

Vincent Bert Vincent Bert

Mike

Willis

Mike

Willis

Walter

Hamscher

Walter

Hamscher John Turner John Turner

Makoto Koizumi

Makoto Koizumi

Hugh

Wallis

Hugh

Wallis

President **Louis

Matherne

President **Louis

Matherne

Olivier Servais Olivier Servais

Established Jurisdiction Representatives

CABill

Swirsky

CABill

Swirsky

AUPaul Phenix

AUPaul Phenix

IASBKurt Ramin

IASBKurt Ramin

NZGraeme

Sinclair

NZGraeme

Sinclair

UK

Chris Rodgers

UK

Chris Rodgers

DENorbert

Flickinger

DENorbert

Flickinger

USPaul Penler*

USPaul Penler*

JPEiichi

Watanabe *

JPEiichi

Watanabe *

NLJan Pasmooij

NLJan Pasmooij

IRConor O’Kelly

IRConor O’Kelly

SPFederico Florez *

SPFederico Florez *

* At Large EC Representation from ISC

* At Large EC Representation from ISC

XBRL internationalXBRL internationalGovernance Governance & Operational structure& Operational structure

Provisional Jurisdictions

KoreaKorea SwedenSwedenBelgiumBelgium FranceFrance DenmarkDenmark

ISC Subcommittees & Product Development Team

ISC Subcommittees & Product Development Team

International Steering Committee

Chair: Kurt Ramin

International Steering Committee

Chair: Kurt Ramin

Executive CommitteeExecutive Committee

Working GroupsWorking Groups

SolutionsChair: Michael Ohata

Vice Chair: Paul Snijders

SolutionsChair: Michael Ohata

Vice Chair: Paul Snijders

DomainChair: Josef MacDonald

Vice Chair: Marc van Hilvoorde

DomainChair: Josef MacDonald

Vice Chair: Marc van Hilvoorde

Basel IIChair: Daniel D’Amico

Basel IIChair: Daniel D’Amico

AssuranceChair: Jan Pasmooij

Vice Chair: Bill Swirsky

AssuranceChair: Jan Pasmooij

Vice Chair: Bill Swirsky

AccountingChair: Daniel Roberts

Vice Chair: open

AccountingChair: Daniel Roberts

Vice Chair: open

General LedgerChair: Hugh Wallis

Vice Chair: Diane Mueller

General LedgerChair: Hugh Wallis

Vice Chair: Diane Mueller

Finance SubcommitteeChair – Kurt Ramin

Finance SubcommitteeChair – Kurt Ramin

Nominating SubcommitteeChair – Bill Swirsky

Vice Chair – Conor O’Kelly

Nominating SubcommitteeChair – Bill Swirsky

Vice Chair – Conor O’Kelly

Bylaws SubcommitteeChair - Hugh Wallis

Bylaws SubcommitteeChair - Hugh Wallis

Jurisdev SubcommitteeChair – Liv WatsonVice Chair: open

Jurisdev SubcommitteeChair – Liv WatsonVice Chair: open

* Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract)

* Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract)

Product Development TeamChair – Walter Hamscher

Product Development TeamChair – Walter Hamscher

XII Staff*XII Staff*

Advisory Board Selection Subcommittee

Chair – Mike WillisVice Chair – Olivier Servais

Advisory Board Selection Subcommittee

Chair – Mike WillisVice Chair – Olivier Servais

SpecificationChair: Paul Warren

Vice Chair: Cliff Binstock

SpecificationChair: Paul Warren

Vice Chair: Cliff Binstock

XBRL Int’lXBRL Int’lGovernanceGovernance & & Operational Operational structurestructure

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

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

XBRL in EuropeXBRL in EuropeThe ProjectThe Project

EstablishedEstablishedIrelandIrelandGermanyGermanySpainSpainThe NetherlandsThe NetherlandsUnited KingdomUnited Kingdom

ProvisionalProvisionalSwedenSwedenBelgiumBelgiumDenmarkDenmarkFranceFrance

In constructionIn constructionCzech RepublicCzech RepublicFinland Finland HungaryHungaryPoland Poland PortugalPortugalLuxembourgLuxembourg

In projectIn projectSlovenia, Austria, Slovenia, Austria, Italy, Greece, Italy, Greece, Estonia, Norway, Estonia, Norway, Malta + TurkeyMalta + Turkey

XBRL in EuropeXBRL in EuropeJurisdictionsJurisdictions

AcknowledgedAcknowledgedGermanyGermanySpainSpainThe Netherlands The Netherlands United KingdomUnited Kingdom

In constructionIn construction

Belgium Belgium FranceFranceIrelandIrelandSwedenSweden

Local GAAP Local GAAP taxonomytaxonomy

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

AgendaAgenda

Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?

Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe

Next challengesNext challenges

Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?

Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe

Next challengesNext challenges

National UK Inland Revenue

UK Financial Services Authority

UK Companies House

Datev/Bundesbank

Danish Commerce & Companies (DCCA)

Bank of Spain

Bank of Belgium – Balance sheet office

Belgian Banking supervisors

Dutch Water Boards

Dutch Statistics agency (CBS)

Dutch government

Pan-european XBRL in Europe – FP6

ICISA (CRAS group)

Eurostat (feasability study)

IASB

CEBS – COREP (Basel II)

XBRL projects in EuropeXBRL projects in Europe

30+ projects !

30+ projects !

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

• Reporting tool

• 270,000/yr 1 Apr, 2007

Prudential & Financial control for Banks, insurances, investment firms, pension funds and listed companies

• Prudential (IFRS) Banking reporting (Schema A)

• Prudential Banking reporting (Basel II)

• Review the supply chain

• Review the process

Every consolidated bank

Every bank

1 Jan, 2006

1 Jan, 2007

Coordinating actions for banks

• IFRS Bank taxonomy devpt

• Review the supply chain

• Review the process

Every bank 1 Jan, 2006

• Balance sheet deposit (Tax on web)

• 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

The Dutch Taxonomy Project

› Taxonomy for Dutch financial reporting‒ Annual accounts‒ Taxes‒ Financial statistics

› Issues:‒ Identifying companies ‒ Reporting frequency‒ Types of reports and status‒ Audit reports

› Interdepartmental project‒ Ministry of Justice‒ Ministry of Finance

Architecture

Dutch Tree

Domain specific

Form sets

Per subject / target group

IFRS

Sets Sets

Taxes

Statistics

…

IFRS Waiver taxonomy

GEN-Base

Generic Elements Netherlands DataTypes

Elements annual account Relations

Report

Sets

DataTypes(RJ)

Relations

Business case

I II IIIcompany backofficeinfrastructure

Chamber ofCommerce

annual acco unts

StatisticsNetherlands

T axoffice

taxes

e co nom ic s tatis tics

O ndernem ing

interm ediary /acc ountant

advice

<Dutch Taxonomy>IV

Status of project

› In progress‒ Standardization of context information‒ Further normalization

› Chain testing by performing a business case

› Letter of intent by all stakeholders› First test release of the Dutch Taxonomy

is now available!‒ www.xbrl-ntp.nl/english‒ User: taxonomie01 - Pass: boston

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

8 200 Banks

FDIC OCC FRB OTS NCUA

Quarterly information comprised of 2,000 fields described in 400 pages of instructions

Multiple copies of data exist inside multiple agencies (error prone)

Avg. of 60-70 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

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

8 200 Banks

FDIC OCC FRB OTS NCUA

FFIEC

“All of this can be boiled down into a fairly modernized process with XBRL”. On the back end, 1,500 formulas promote data quality (timeliness/flexibility)

Filers required to submit data in XBRL format over the web (automation) Multiple sources of data => SINGLE SOURCE (integrity) Processing Time 60 - 70 days => 32 Days (timeliness) Processing Costs $65M => $39M, a savings of $26M (cost/efficiency) Cost savings to the U.S. banking agencies accrue when the system is

extended to other data series

Federal Deposit Insurance Corporation -

Future

18

Operational launch is planned for the third quarter – October 1, 2005

Additional information available at: www.FFIEC.gov/FIND

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

AgendaAgenda

Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?

Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe

Next challengesNext challenges

Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?

Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe

Next challengesNext challenges

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

11stst EuropeEuropeanan XBRL Conference XBRL Conference for Financial Servicesfor Financial Services

Theme : Theme : How XBRL will improve Financial Services reporting by 2006How XBRL will improve Financial Services reporting by 2006

Hosts : Hosts : XBRL in Europe, XBRL in Europe, with CEBSwith CEBS

Keynote speakers: Keynote speakers: José Maria Roldan (Chairman of Committee of José Maria Roldan (Chairman of Committee of

European Banking Supervisors), Pierre-Yves ThoravalEuropean Banking Supervisors), Pierre-Yves Thoraval (Member of Basel (Member of Basel

Committee), Peter Praet (Member of the Board of CBFA), Tom Jones (Vice-Committee), Peter Praet (Member of the Board of CBFA), Tom Jones (Vice-

Chairman of IASB) and representatives of the European Commission and Chairman of IASB) and representatives of the European Commission and

banks (Deutsche Bank, San Paolo IMI + Borsa Italiana)banks (Deutsche Bank, San Paolo IMI + Borsa Italiana)

When: When: 29 June 2005 10.00 – 17.0029 June 2005 10.00 – 17.00

Where:Where: Chartered Accountants Hall, London Chartered Accountants Hall, London

Size: Size: 200+ attendees200+ attendees

Audience profile: Audience profile: Bankers and supervisorsBankers and supervisors

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

11stst EuropeEuropeanan XBRL Conference XBRL Conference for Financial Servicesfor Financial Services

SupervisorsSupervisors   2424

BanksBanks   1515

Consulting & Consulting & SW vendorsSW vendors 2525

PressPress 3 3 

OthersOthers 3030

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

European Banking Supervisors XBRL European Banking Supervisors XBRL RoundtableRoundtable

The conceptThe concept Purposes : Purposes :

Help to supervisors to decide that XBRL is of use for them within COREP/FINREP, and then to Help to supervisors to decide that XBRL is of use for them within COREP/FINREP, and then to

implement XBRL for COREP & FINREP at national levelimplement XBRL for COREP & FINREP at national level

Provide technical background & knowledge in order to implement XBRLProvide technical background & knowledge in order to implement XBRL

Duration & formDuration & form: 3-4 days Workshop, by mid-September: 3-4 days Workshop, by mid-September

AudienceAudience : supervisors only (+ guests), involved in XBRL COREP/FINREP projects, on invitation : supervisors only (+ guests), involved in XBRL COREP/FINREP projects, on invitation

onlyonly

LocationLocation: Brussels (premises TBD): Brussels (premises TBD)

CostsCosts::

Organisational: covered by XiEOrganisational: covered by XiE

Real costs (accom, trainers…): covered Real costs (accom, trainers…): covered

by participants/CEBSby participants/CEBS

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

European Banking Supervisors XBRL European Banking Supervisors XBRL RoundtableRoundtable

AgendaAgenda Day 1: What is the COREP/FINREP XBRL project(s)Day 1: What is the COREP/FINREP XBRL project(s)

Hands on XBRL basics for supervisorsHands on XBRL basics for supervisors

Day 2: How to implement COREP/FINREP with XBRLDay 2: How to implement COREP/FINREP with XBRL

Strategies, tools, converters and IT environment Strategies, tools, converters and IT environment

Day 3 am: Customizing COREP/FINREP at national level Day 3 am: Customizing COREP/FINREP at national level

Day 3 pm: Software vendors presentationDay 3 pm: Software vendors presentation

Day 4 am: Internal roundtable (Supervisors only)Day 4 am: Internal roundtable (Supervisors only)

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

Next challenges for XiENext challenges for XiE

Provide to FP6 the XiE commitmentsProvide to FP6 the XiE commitments

Identify the next expectations : Identify the next expectations : From “why and who” to “how to, how From “why and who” to “how to, how

much, how long” (the EGG & GCD experiences with SGS)much, how long” (the EGG & GCD experiences with SGS)

Re-define the proper organization : Re-define the proper organization : on trackon track

Improve cooperation with legal representative bodies (CEBS-Improve cooperation with legal representative bodies (CEBS-

COREP, CESR, CEIOPS, IFAC-FEE, FESE-WFE…) : COREP, CESR, CEIOPS, IFAC-FEE, FESE-WFE…) : on trackon track

Get new EC funds : Get new EC funds : on trackon track

Reach self-funding (without EC) : Reach self-funding (without EC) : on trackon track

Create XiE as a legal entity : Create XiE as a legal entity : on trackon track

CEBS - XBRL COREP Steering Committee  Friday, 3 June 2005

Thank you !Thank you !

olivier.servais@xbrl-eu.orgolivier.servais@xbrl-eu.org

+32 2 702 64 82+32 2 702 64 82 +32 2 702 64 75+32 2 702 64 75+32 497 456 456+32 497 456 456

www.XBRL-eu.orgwww.XBRL-eu.org/london