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XBRL Europe–

XBRL Europe– . Thursday 19 November 2009 XBRL Europe presentation to 11th CEBS XBRL Workshop “The Progress of XBRL in Europe” Gilles Maguet – Secretary General. WHERE XBRL IS USED ? IN WHICH SECTORS ?. In all sectors where regulatory reporting aspect is important Banking Sector

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XBRL Europe–

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  1. XBRL Europe– Thursday 19 November 2009 XBRL Europe presentation to 11th CEBS XBRL Workshop “The Progress of XBRL in Europe” Gilles Maguet – Secretary General

  2. WHERE XBRL IS USED ? IN WHICH SECTORS ? • In all sectors where regulatory reporting aspect is important • Banking Sector • Business Register Sector (registrars) • Revenue & Tax Filing • National Statistics • Securities Regulator • Other Initiatives (Stock exchanges, Banking Water management Board, Municipality reporting, etc.) • Internally in companies to streamline the reporting process • In some other sectors where exchange of information makes important savings • Banking industry e.g. in receiving accounts in XBRL from clients • In financial analysis industry • In the exchange of Financial information across countries

  3. XBRL Projects in Europe by sector – October 2009

  4. XBRL Projects in Europe • 48 XBRL country level Projects in 17 European Countries (14 in the EU) at various status (established or in progress) • Banking Sector (Corep & Finrep and others): 11 projects, 6 established, 5 in progress and 6 are for mandatory filings. • Business register sector: 13 projects, 5 established, 8 in progress and 4 are for mandatory filings. Mainly in local GAAPs and 2 for GAAP and IFRS. • Tax Returns: 5 projects, 3 mandatory and all in progress • Statistics: 6 projects • Security regulator: 1 established project for Mandatory filing in Spain (following IFRS), 2 in progress • Other sectors: 9 projects

  5. Why a XBRL Europe Organisation? • Without being aware, Europe is a XBRL continent and huge amount of XBRL information is or will be circulating in Europe. • But NO particular project exists for trans-national information, except for COREP/FINREP and with the IFRS taxonomy (just for listed companies). • Such Projects WILL reduce the over costs of crossing boundaries (recalculations, translations, etc). • XBRL technology allows exchanging information. Surely better with a unique Gaap in Europe. But to start at XBRL Europe we developed pan European harmonisation initiatives and for instance in the EU Business register WG -> Development of a common taxonomy between some EU Countries in order to: • to retrieve common datas from national taxonomies • present minimum common info across countries/languages

  6. The Not for Profit Association XBRL Europe Objectives • To foster the emergence of common XBRL projects between members in Europe and between European Countries to harmonize practices or to create common practices • To develop liaison and dialogue with European level organisations and European Authorities(European Commission, European Parliament, European Central Bank, etc) to increase XBRL awareness • To support the creation of new European XBRL jurisdictions within European Countries

  7. XBRL jurisdictions in EU & XBRL Europe Members • In Europe, It exists 13 XBRL jurisdictions • XBRL EUROPE counts 13 members: • XBRL Belgium, Denmark, Germany, France, Ireland, Italy, Luxembourg, Netherlands, Spain and XBRL International and direct members The Global Trust Council, the European Federation of Financial Analyst Societies (EFFAS), and Deloitte Consulting BV • XBRL UK, Sweden, Switzerland and Poland are still outside XBRL Europe • European Commission (DG Internal Market) and FEE (European Federation of Accountants) are observers and regular attendees of XBRL Europe events

  8. XBRL Europe Organisational Structure Members XBRL Europe Executive Committee, Secretary General Strategy, Operations, & Audit Committee WC By-Laws Marc Hemmerling (Lux) WC Project Coordination Derek de Brandt (Be) WC Euromarcom Noemi di Segni (It) WC Strategy & EU Liaison Jean Luc Menda (Fr) WG EU Business Register – Thomas Verdin (Fr) WG COREP FINREP Harmon – Dererek Debrandt (Be) WG IFRS Extensions – Bodo Kesselmeyer (Ge) WG Usability Forum –Bellanger (Fr)/Frank (Ge)

  9. XBRL Europe Working Committees/groups – Work carried out in the last months EU Business register Working group In depth Survey in 5 countries – monthly conference calls Liaison launched with EBR (European Business Register) based in London which developed a platform software to store annual accounts. Presentation of the work at the Paris Conference and Decision to launch a common taxonomy layout between 4 candidate countries Next steps 2009 : Work on the common core taxonomy, Mapping diagram IFRS Extensions working group Start of the work for the IFRS extensions with IASCF and with XBRL Germany for specific German purposes Presentation of the work at the Paris Conference Common work between UK and Germany and IASB for first common contexts

  10. XBRL Europe Working Committees/groups – Work carried out in the last months COREP-FINREP harmonisation working group Participation in CEBS Corep/Finrep Harmonisation Committee and on new COREP and FINREP definition Works ongoing FINREP functional framework close to final version Taxonomy works have started (data model, matrix schema, architecture, DTs First draft of taxonomy (without formulae) scheduled for end of 2009 Analysts/users Working group Charter established and group launched Monnet Projet (See after) Euromarcom Strategy : to communicate about XBRL Europe and to grow the membership. To assist in the creation of other EU jurisdictions Participation in the 19th conference preparation Work on the New Website (www.xbrl.org/eu) and presentation at the Paris conference Work on the 20th International conference

  11. XBRL Europe Strategy & workplan for 2009/2010 Strategy and EU liaison Working Committee Strategy: To define and review XEU strategy and especially about Awareness and lobbying towards the European level institutions (EU, EP, ECB, CESR, CEBS, CEIOPS, etc) Supporting the jurisdiction development Attracting new members Next steps 2009/2010: Broader awareness in European organisations/Federations and EU Commission, Support to jurisdiction development (Greece, Austria, Central Europe) Liaison with World Bank in Austria. Membership development (UK, Sweden, Switzerland, Poland). Focus on direct membership (Commercial and Association) Strengthening liaison with EU, FEE, ECB, CESR and CEIOPS Answers to new consultation papers (like the CESR call for evidence about XBRL which is to be launched very soon)

  12. Monnet FP 7 update • Project (2,4 M€) selected by European Commission in which XBRL Europe is involved • Project about multilingual and ontological tools using XBRL for 3 years. • XBRL Instance documents and Taxonomies will be used to test the possibibility to translate them immediately in locating the translated contexts in some centralised databases. • XBRL Europe is part of a consortium involving research institutions like University of Galwayand companies like SAP. • 3 persons of XBRL Europe are mentioned in the proposal (DoW – Description of Work) : Derek de Brandt, Thomas Verdin, Gilles Maguet)

  13. XBRL Consortium Worldwide - Status October 2009 XBRL Europe NO SE FI NL DE CZ RU DK IASB LU PL HU CA SI UK AT CH UA IE BE SRB TR US ES CN GR FR PT IL JP KR LB IT IN TW MT HK Established Jurisdictions AE SG Provisional Jurisdictions BR Focus in 2009-2010 AU Projects Ongoing ZA NZ Countries that require or permit IFRSs Countries seeking convergence with the IASB on pursuing adoption of IFRSs

  14. Interoperability, European Institutions initiatives & XBRL Start: EP and Council launched Transparency directive 2004/109/EC in 2004 “Access for investors to information (…) should be more organised at a Community level” and then with Directive 2004/39/EC MiFID Directive about harmonised regulation for investment services in EU. Since 2005 CEBS supported the XBRL format in relation to COREP and FINREP reporting & published in 2009 workplan & priority activities (including developments of COREP & FINREP taxonomies) to reach with CEIOPS harmonised supervisory reporting by 2012. CESR has launched a “CALL for EVIDENCE” about XBRL, while the US SEC has mandated in the US use of XBRL to report listed companies financial statements. EC launched in 2009 Consultations papers: 1) 4th and 7th directives reforms following the burden reduction programme launched by DG ENTR and related to “national financial statements” simplification &I nteroperability; 2) about the de Larosière report. XBRL was mentioned as a language to be possibly used in the 1st consultation. XBRL Europe made recommendations in both for the use of XBRL as a tool for simplification, interoperability and Burden reduction.

  15. Interoperability, European Institutions initiatives & XBRL EC proposed in October 2009 to reorganise the Financial supervision: European Systemic Risk Board (ESRB) as 'macro-prudential supervision', and European System of Financial Supervisors (ESFS) for the supervision of financial institutions ('micro-prudential supervision'),  a network of national financial supervisors & the new European Supervisory Authorities, (transformation of CESR, CEBS & CEIOPS Committees), European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), the European Securities and Markets Authority (ESMA). “Common Technical standards” are called upon in the founding documents. XBRL has a role to play to set up these standards with EBA, ESMA and EIOPA. EC published the results of the 1st consultation (4th&7th directives). XBRL is largely positively mentioned in the answers. "The majority of respondents with an explicit opinion supported a common EU XBRL taxonomy. Strongest support came from preparers followed by public authorities”

  16. 20th XBRL International Conference • And do not forget • The Next 20th XBRL International Conference from 19th – 23rd of April 2010 in ROME • Co-organised by XBRL Italy with the support of XBRL Europe • Registration at www.xbrl.org

  17. 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 Thank You

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