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XBRL in Europe Projects, users and…

XBRL in Europe Projects, users and…. Business cases. Olivier Servais, XBRL in Europe – Permanent Secretary XBRL Int’l Steering Committee – Member Tuesday, 26 April 2005. X what ?. In Europe ?. Agenda. What is XBRL in Europe Overview of XBRL projects in Europe Next steps.

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XBRL in Europe Projects, users and…

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  1. XBRL in EuropeProjects, users and… Business cases • Olivier Servais, • XBRL in Europe – Permanent Secretary • XBRL Int’l Steering Committee – Member • Tuesday, 26 April 2005

  2. X what ? In Europe ? Agenda • What is XBRL in Europe • Overview of XBRL projects in Europe • Next steps • What is XBRL in Europe • Overview of XBRL projects in Europe • Next steps 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  3. XBRL in Europe The Background • Europe is • The first economic power • Expanding from 15 to 25 countries and from 300M to 500M inhabitants • 20 official languages • 7,000+ listed companies that reporting with 2+ GAAP (Local GAAP, IFRS, US GAAP) • 26 stock exchanges • The interest of the EC for XBRL (reporting, IFRS, new LL3 committees …) • XBRL is at border-line between technology and finance • Stage in the XBRL life cycle, to increase awareness and use • Need to have dedicated resources on a neutral and permanent basis • The ability for some to cooperate on a unique European project 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  4. XBRL in Europe The Project 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 & Independent • Two-way dialogue • ICT dimension • Infrastructure • Outcome 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  5. “XBRL in Europe” The Rules • XiE is NOT : • Piece of cake  • Generating any profit • A legal entity nor a part of the EU Commission • An XBRL Int’l member or new jurisdiction • Able to give money. The money has to be expended by its members on a “pay-back” mechanism • Chasing for any other grant nor competing with any other organisation • An end • XiE is : • 1.5 year effort to get the grant • A project granted by the EC … for Europe • An affiliate to XBRL Int’l • A facilitator for creating and developing jurisdictions, increase awareness and speed up use • A real neutral and independent player and is working for, and with, any player • Two-year duration • Just a start 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  6. JurisDev • Established • Ireland • Germany • Spain • The Netherlands • United Kingdom • Provisional • Sweden • Belgium • Denmark • In construction • Czech Republic • Finland • France • Hungary • Italy • Poland • Portugal • In project • Slovenia, Austria, Greece, Estonia, Norway, Luxemburg, Malta + Turkey

  7. Local GAAP taxonomy • Available • Germany • Spain • United Kingdom • Belgium • Denmark • In construction • France • Ireland • Sweden • The Netherlands • Italy

  8. Agenda • What is XBRL in Europe • Overview of XBRL projects in Europe • Next steps • What is XBRL in Europe • Overview of XBRL projects in Europe • Next steps 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  9. National UK Inland Revenue UK Financial Services Authority UK Companies House Datev/Bundesbank Danish Commerce & Companies (DCCA) Bank of Spain – Banking Supervisor Agency for registrations of companies & balance sheet Spanish Stock Exchange Bank of Belgium – Balance sheet office Belgian Banking supervisors Dutch Water Boards Dutch Statistics agency (CBS) Dutch government Italian Stock Exchange (Borsa Italiana) MPS Net Pan-european XBRL in Europe – FP6 ICISA (CRAS group) Eurostat (feasability study) IASB CEBS – COREP (Basel II) & FINREP (IFRS) XBRL projects in Europe 30+ projects !

  10. Projects and future applications in

  11. UK : the Inland Revenue project • Announcement as part of UK Budget on March 16. • Inland Revenue strategy is to reduce filing costs by moving businesses and their advisers online. • Corporation Tax filings using XBRL will be in place by March 2006. • Filings will consist of an XML return and XBRL calculations and financials. • IR is also looking at the use of intelligent-form technologies which are expected to tie closely into their use of XBRL. • This strategy has the full backing of HM Treasury and the Chancellor of the Exchequer. 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  12. Projects and future applications in • Contribution to IFRS FS taxonomy extensions • Financial statements to Bank of Spain • Pilot project at the Agency for registrations of companies & balance sheet • Spanish Stock Exchange • Recent new members: • Ministry of Finance • Ministry of Industry • Tax Agency 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  13. Building an XBRL Solvency Ratio taxonomy • Sponsored by the Committee of European Banking Supervisors • COREP: defining a COmmon REPorting framework around the solvency ratio (Based on Basel II, Pillar I)for credit institutions and investment firms under the European Union Capital Requirements. • Key features • Requirements for Flexibility, Consistency & Standardisation • Started in February 05, to be ended in June ’05 • 50 people representing 22 countries involved • Deliverables • Initial COREP XBRL taxonomy • Set of non-confidential test cases • Basic collaborative environment • Further details on www.corep.info 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  14. Self-assessment MPSnet: il workflow

  15. Borsa Italiana view of XBRL Borsa Italiana’s vision concerning XBRL • The instance document could also be sent to: • Listed company’s website • Info vendors • Media • Regulators Adobe Intelligent Form (pre-defined) Excel (pre- defined) XBRL instance builder Listed comps NIS Borsa Italiana public website XBRL validator Errors msgs DBMS XML XBRL Borsa Italiana

  16. Credit Risk : the FLIPA project • Credit Insurers and Business information suppliers team up to develop a joint framework over XBRL technology • Sponsors: • ICISA: International Credit Insurance and Surety Association • FEBIS: Federation of Business Information Services • Deliverable • Generic taxonomy • Multi-language • IFRS extension 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  17. XBRL-CRAS FLIPA taxonomy extract Deliverable: The FLIPA Taxonomy Message informationnon-XBRL e-Report on XBRL Message informationnon-XBRL Envelopeheader Sender, Product, ... ... Envelopetrailer Entity Related entities Key financial figures Business rating Credit recommendation Negative events … Confidential

  18. CRAS FLIPA Taxonomy: Multi language support Creation by CRAS team Translation by Japanese Team(TSR, TDB+…) Translation by Lince - Italy Translation by Atradius Translation by Coface Intercredit Confidential

  19. €350+ Millions 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  20. Agenda • What is XBRL in Europe • Overview of XBRL projects in Europe • Next steps • What is XBRL in Europe • Overview of XBRL projects in Europe • Next steps 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  21. Some learnings • No reason anymore for not adopting XBRL • Specs are stable for 3 years • Solutions are available • Political issues are … no longer issues • Financial services are one of the most pro-active, but securities and companies are on track too • No need for imposing XBRL…XBRL is just an opportunity • From “why and who” to “how to, how much, how long” (the EGG & GCD experiences) • XiE was expected, it is now a reality, and it’s just the beginning of a longer story

  22. 1stEuropean XBRL Conference for Financial Services • Theme : How XBRL will improve Financial Services reporting by 2006 • Hosts : XBRL in Europe, with the Committee of European Banking Supervisors (CEBS) and the European Banking Federation (FBE) • Keynote speakers: Jaime Caruana (Chairman of Basel Committee), José Maria Roldan (Chairman of Committee of European Banking Supervisors), Peter Praet (Member of the Board of CBFA), Tom Jones (Vice-Chairman of IASB) and representatives of banks • When: 29 June 2005 10.00 – 17.00 • Where: Chartered Accountants Hall, London • Size: Approximately 250 attendees • Audience profile: Bankers and supervisors Book your diary ! 11th XBRL International Conference / Boston Tuesday, 26 April 2005

  23. Thank you, Merci, Dank u, Grazie, Obrigado, Danke, Tak, Tack, Takk, Gracias, ευχαριστώ, Köszönöm, Paldies, Aciu, … •  olivier.servais@xbrl-eu.org • +32 2 702 64 82  +32 2 702 64 75 +32 497 456 456 • www.XBRL-eu.org • www.XBRL-eu.org/london 11th XBRL International Conference / Boston Tuesday, 26 April 2005

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