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Presented by: Luc Dufresne,Head of Department Microeconomic analysis and

Companies regulators Showcase Filing of annual accounts with the National Bank of Belgium: a success story. Presented by: Luc Dufresne,Head of Department Microeconomic analysis and Camille Dümm, XBRL business analyst, CBSO National Bank of Belgium.

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Presented by: Luc Dufresne,Head of Department Microeconomic analysis and

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  1. Companies regulators ShowcaseFiling of annual accounts with the National Bank of Belgium: a success story Presented by: Luc Dufresne,Head of Department Microeconomic analysis and Camille Dümm, XBRL business analyst, CBSO National Bank of Belgium 17th International ConferenceMay 5th - 8th, 2008Eindhoven

  2. Agenda • Context and history • The project • Evaluation - figures and lessons learned • Next steps • Live Demo

  3. Legal context • Gathering and spread • The Central Balance Sheet Office collects annually 340.000 annual accounts from 320.000 companies and publishes the annual accounts as PDF files • Statistical mission • Data from standardized annual accounts are handled to produce accurate data for official bodies (National accounts) • Production of statistics per activity sector

  4. History • Electronic filing since 1993 • Proprietary format (text file) • Heavy to maintain • On floppy disk • Filing through Internet since 2004 • In answer to the 1st European Directive • With digital certificate • Slow adoption because floppy disk was still an option

  5. XBRL purposes • Why XBRL • Increase flexibility in the process • Make the technical maintenance easier • Harmonize the data format and exchange with other regulators • Prepare electronic filing of annual accounts drawn up according to IFRS

  6. Project planning Phase 1 Phase 2 P r o d u c t i o n P r o d u c t i o n Taxonomy Non profit Taxonomy Annual accounts 01/2005 10/2006 10/2007 NBB Tests Tests Software vendors 01/04/2007 17/03/2008

  7. Evaluation - Figures From April 2th till December 31th 2007 Paper 15% Internet 85% PDF XBRL

  8. Objectives achieved ? • Flexibility ? • To some extent - not yet in terms of extensions • Maintenance ? • Developments costs were cut by 40% for the second application • Exchange harmonization ? • Information has to be given only once • Foreseen projects with other Belgian regulators • Ready for IFRS ? • Ready but not yet applied for individual financial statements

  9. Lessons learned • Importance of the communication • On the website • With software vendors • With end-users • Extensive information (Taxonomy, sample cases,...) available as soon as possible • Contacts trough working groups, • Tests sessions, test-environment available • Transparency of the application - "Keep it simple" • Road shows for accountants and professionals

  10. Lessons learned • Technical issues • Lack of specifications and generic tools • Helpdesk overloaded • Seasonal profile (summer peak) • Formula linkbase missing • Internal developments • Questions about digital certificate • Permanent internal helpdesk • Maximize automatic data processing • Infrastructure capacity

  11. Targets 2008 • CBSO target - 90% filings XBRL • Remaining paper or PDF • Specific formats (financial sector, foreign companies, ...) • Consolidated accounts (IFRS, BE-gaap, ...)

  12. Next steps • CBSO projects • Use of XBRL data available • Company report (comparative analysis) • Tool to extract data from XBRL instance • Extension to other kind of financial statements • If significant volume • Eventually in collaboration with other regulators

  13. Next steps • Belgian projects • Federal Service Economy - Statistical business survey • Federal Service Finance - XBRL taxonomy for corporate tax declaration • Will be done in close collaboration with NBB-experts • To create a common basis for other future taxonomies for regulators

  14. Contact Information • XBRL Belgium • www.xbrl.be • CBSO project • ba.helpdesk@nbb.be

  15. Click to edit Master title style Live demo

  16. Process CBSO WWW PDF Software package (private) 3D certificate Instance document XBRL files Taxonomy Filing Application 3D certificate Data Entry CBSO Module 1 Module 4 Database Validator Data Entry CBSO Rendering Module 2 Module 3

  17. Taxonomy Entry points Common Module

  18. Data Entry - Options Type Options

  19. Data Entry - Identification Annual account Company

  20. Data Entry Accounting data

  21. Data Entry - Validation Validation Visualization Save

  22. Data Entry - Visualization

  23. Data Entry - Correction

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