1 / 19

XBRL Europe –

XBRL Europe – . CEBS workshops Jean Luc Menda - Vice Chair XBRL Europe Gilles Maguet – Secretary General XBRL Europe Tuesday 30 September 2008. Jurisdictional Status March 2008. XBRL Europe. NO. SE. FI. NL. DE. CZ. DK. IASB. LU. PL. RU. HU. CA. SI. UK. AT. CH. UA. IE. BE.

lois
Download Presentation

XBRL Europe –

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. XBRL Europe – • CEBS workshops • Jean Luc Menda - Vice Chair XBRL Europe • Gilles Maguet – Secretary General XBRL Europe • Tuesday 30 September 2008

  2. Jurisdictional Status March 2008 XBRL Europe NO SE FI NL DE CZ DK IASB LU PL RU HU CA SI UK AT CH UA IE BE SRB TR US ES GR CN FR PT IL LB JP IT KR IN MT TW HK Established Jurisdictions AE SG Provisional Jurisdictions BR Focus in 2008-2009 AU ZA Projects Ongoing NZ Countries that require or permit IFRSs Countries seeking convergence with the IASB on pursuing adoption of IFRSs

  3. XBRL in Europe • 9 established jurisdictions • Belgium, France, Germany, Ireland, Netherland, Spain, UK, Denmark, Sweden • 3 provisional jurisdictions • Italy, Luxembourg, Poland, • 7 to 10 in progress projects for jurisdictions • Portugal, Switzerland, Norway, Finland, Hungary, Czech Republic, Greece, Turkey

  4. Brief Overview of XBRL projects & commitments in Europe

  5. SOME XBRL PROJECTS IN EUROPE

  6. XBRL in Europe EUROPEAN AUTHORITIES SUPPORT: CESR note on the regulatory information storage system the 30 june 2006 Transparency directive (2004/109/EC) with a mention to XBRL Recommandation of the European Commission to prepare CESR Platform to archive the financial datas in using XBRL (October 2007) EC document on SEC cooperation where XBRL is mentioned European Parliament resolution on the use of XBRL and especially in the constitution of a EU business register (June 2008) and urging EC to assist in the implementation Euopean Commission plan to reduce administrative burden in EU by 25% and where XBRL is envisaged European Commission announcement at the last FEE congress 5th october that XBRL will play a major role in the administrative burden reduction

  7. Use of XBRL technology in Europe A way to alleviate costs on corporates and all along the supply chain in all the EU countries A way to alleviate IT costs where exchange formats are always proprietary A way to unify scattered reporting and reporting technology systems in Europe in order to reinforce comparisons between the companies A way to set up European repositories which could harmonise competition within the internal EU market A way to set up European Repository for listed public companies in order to reinforce European competition vis à vis the US SEC repository which will be set up soon (CESR work and recommendations on XBRL) A way to work together between EU countries in reducing the costs in many sectors (Statistics, accountancy, banks, etc.

  8. XBRL Europe • A not for profit association under Belgium Law • Composed of XII and the European jurisdictions • Open to Direct membership direct members or association members • With governance bodies (general assembly ; Chairmanship – President, VP ; Executive Committee – 4 elected members – Chairman and 2 VPs: Jan Pasmooij(NL) , Jean Luc Menda(Fr), Tony Fragnito(XII), Luc Dufresne(B) - with a Secretary General Gilles Maguet • Located in FEE premises (Fédération des Experts Comptables Européens) at Avenue d’Auderghem, 22 – 28, B – 1040 Brussels

  9. XBRL Europe Results to date • The objectives at the start (June 2008): • Put in place an organization, • Develop the membership • Launch and run working groups, • Develop a strategy and liaise with European authorities and organisations

  10. XBRL Europe Results to date • Summary of the Results to date (4 months): • Organization set up, with budget and membership fee, governance structure and admin follow up. • Membership increased 5 to 8 with candidacies for direct membership • 4 working groups formed • liaison with European authorities and organisations started

  11. XBRL Europe Membership • XII & Juridictions (8 members) • XBRL International, Belgium, Ireland, France, Spain – the founders • Netherland, Germany, Denmark • Direct association member application • Global Trust Center • Possibly a European professional organisation • Possible next jurisdictions applications • Luxembourg, Italy, Poland? Depending on By laws modification (in progress in WG 1)

  12. Organisation & Working Groups Membres XBRL Europe Executive Committee, secretariat General Strategy, Operations WG2 Euromarcom 10 persons WG3 Projects coordination Group Leader Bodo Kesselmeyer XBRL Germany 21 Persons WG4 Strategy & EU Liaison Working Group 10 persons WG 1 By-Laws Revision Leader Marc Hemmerling XBRL Lux SG 9 persons

  13. XBRL Europe Working Groups • WG 1 – By law clarification/modification • Objective : to propose new by-laws version. • Leader Marc Hemmerling • Members: Tony Fragnito, Gilles Maguet, Rony Vercauteren, Lars J Dyrner, Norbert Flickinger, Ignacio Boixo, Colm O hAonghusa, Noemi Di Segni • WG 3 – Projects coordination group • Objective : to propose and run 2/3 common projects between members like: • IFRS Taxonomy extensions development • Corep/Finrep simplification • European Business Registry • Leader Bodo Kesselmeyer • Members: Derek de Brandt, Jim Keevins, Nils-Bro Müller, Thomas Klement, Eric Jarry, Lyes Mohammedi, Thomas Verdin, Steve Berdah, Bruno Tesnière, Jean Berty Hennel, Stéphane Bellanger, Stéphane Allez, Jean-luc Franck, Antoine Bourdais, Paul Snijders, Ignacio Boixo, Nathalie Gianese, Michele Romanelli, Bartosz Ochoscki, Josef Mac Donald, Maciej Piechocki, Gilles Maguet

  14. XBRL Europe Working Groups • IFRS Taxonomy extensions for stock listed companies • to optimize the XBRL-implementation processes of European stock listed companies and • to harmonize IFRS Taxonomy Extensions in Europe. • Corep/Finrep simplification - HarCOFIN • (CEBS) coordinator through its XBRL Network. Corep and Finrep initial CEBS taxonomies developed and mostly extended in various countries in the course of 2006-2008. Not each country has implemented all CEBS’ Corep and Finrep taxonomies. Each local authority extended the taxonomies according to local regulatory and legal requirements • Cross-border banking institutions face numerous variances between local Finrep and Corep XBRL filings • CEBS has started an initiative to harmonize Corep and Finrep, based on the current local implementations • the role of this working group to join forces with the CEBS as CEBS audience is regulators only

  15. XBRL Europe Working Groups • European Business Registry • The EU Business Registers Working (sub)Group has been created to increase the coordination and interoperability for European Business Registrars’ XBRL efforts and taxonomies. In order to facilitate the cross-border production and use of XBRL documents of the European Business Registers, it will : • Propose a light taxonomy, to be referred in all European XBRL instance documents including companies’ legal and economic data. • Propose methods, process and common design rules for local taxonomies and reports for Business Registers. • Collaborate with the existing GCRS project which is an initiative of the European Central Register Forum in different European countries.

  16. XBRL Europe Working Groups • WG 2– Euromarcom • Objectives : Organisation of events (19th conference in Paris!), Participation to events, Marketing material and Website • Work carried out mainly in presentations for the moment • To the FEE congress in Copenhagen 4/5 Sept 2008 – Jan Pasmooij, Gilles Maguet • To the Global Forum the 21st October invited by the Global Trust Center • Started the 29th of September • Members declared : Poul Kjaer, Ralph Frank, Laure Cuquel, Frederic Chapus, Delphine Delaveau, Philippe Jouannet, Marc Olivier Lellouche, Jan Pasmoij, Richard Shiphorst, Ignacio Boixo, Gilles Maguet

  17. XBRL Europe Working Groups • WG 4– Strategy and EU liaison • Objective: To define strategy Liaison with the European authorities, Liaison with European organisations/federations, Meetings and visits to develop, and to liaise with EU authorities and European organisations • Members declared : Ole Stern Jorgensen, Thomas Küster, Luc Dufresne, Connor O'Kelly, Jean Luc Menda, Jan Pasmoij, Marc Hemmerling, Tony Fragnito, Gilles Maguet, • Work carried out for the moment • Visits to the European Commission DG internal Market (Pierre Delsaux official at EC) end of July through Piotr Madziar adviser to Mr Delsaux. • That has lead to the announcement made by Pierre Delsaux at the FEE congress on the role of XBRL for reducing administrative burden and to the invitation to Commissioner McCreevy to speak at the 18th conf (declined) • Visit to FEE officials

  18. XBRL Europe Working Groups • 19th XBRL Conference organisation in Paris • Week of 24th June in Paris (date to be confirmed) • Logistics organised by XII with the support of XBRL France • Setting up of a XII programme Committee in which our WG 2 will work to define and set up : • Tracks • Keynote speakers from European authorities and organisations like CEBS, European Commission • Etc. • Reminder : 18th international conference in Washington the 14th an 15th of October 2008

  19. Thank You • gilles.maguet@xbrl-eu.org SECRETARY GENERAL XBRL Europe Avenue d’Auderghem, 22-28 B-1040 Brussels • +33.4.72.56.50.40 • +33.6.71.62.31.19

More Related