XBRL in Europe Projects, users and…

1. XBRL in EuropeProjects, users and… jurisdictions • Olivier Servais, • XBRL in Europe – Permanent Secretary • XBRL Int’l Steering Committee – Member • Wednesday, 8 June 2005

2. CEBS has taken the initiative to develop a common framework for reporting of the solvency ratio and we are also developing a standardised framework for prudential reporting of financial data. Formal consultation on concerning common reporting has just been closed and consultation on financial reporting runs until early July. It is CEBS’ intention that these reporting frameworks would apply in all Member States. The proposed technical solution does not affect existing reporting systems and the recommended solution is based on XML/XBRLprotocol. CEBS is providing XBRLcoding free of charge to keep the installation costs as low as possible. http://www.c-ebs.org/Consultation_papers/consultationpapers.htm XBRL in Finland Wednesday, 8 June 2005

3. XBRL in Finland Wednesday, 8 June 2005

4. XBRL in Finland Wednesday, 8 June 2005

5. XBRL in Finland Wednesday, 8 June 2005

6. XBRL in Finland Wednesday, 8 June 2005

7. Consolidated Profit and Loss Account XBRL in Finland Wednesday, 8 June 2005

8. X what ? In Europe ? Agenda • What is XBRL ? • Who’s driving XBRL ? • Overview of XBRL projects (not only) in Europe • Forming a jurisdiction • What is XBRL ? • Who’s driving XBRL ? • Overview of XBRL projects (not only) in Europe • Forming a jurisdiction XBRL in Finland Wednesday, 8 June 2005

9. eXtensible Business Reporting Language • Universal XML-based royaly-free standardto improve publishing, exchange, analysis & comparison of financial data • Dedicated to :regulators,companies, banks, insurance, software vendors, analyst, auditors & accountants … • GAAP translated in a taxonomy • Benefits : • No need to re-type -> less time, no more errors, … • Improving control over the processof delivering detailed reporting to investors and other stakeholders • Limited in costs (royalty-free) • Multi-language & Multi-media • Enhance insights and transparency • Enhance quality and usability of information • Enhance IAS/IFRS conversion XBRL in Finland Wednesday, 8 June 2005

10. How does XBRL differ from XML • Multi-dimensional financial data representations • Financial reporting vocabularies (taxonomies) • Aliases and other definition relationships (linkbases) • Mathematical relationships between concepts • Flexibility about how to present items to users • Stucture for authoritarive policies and guidance XBRL in Finland Wednesday, 8 June 2005

11. XBRL Specification History • Increasing resources applied • Increasingly thorough • Higher standards External Deadline on 2.1 FRIS 1.0 XML Linking FRTA 1.0 Boston Mtg. XML Schema Tampa Mtg. LRR 1.0 XBRL 2.0a Tulip XBRL 2.1 XFRML XBRL 1.0 XBRL 2.0 12/04 1/03 12/03 10/99 6/00 12/00 5/01 12/01 11/02 2000 2001 2002 2003 2004

12. Business Operations Internal Financial Reporting External Financial Reporting Investment and Lending Analysis Processes Financial Publishers and Data Aggregators Companies Stakeholders and Investors Participants The Supply Chain Regulatory Filings Financial Statements G/L Journal Entry Reporting Business Event Reporting Audit Schedules Tax Filings Regulators Trading Partners Management Accountants Auditors Software Vendors XBRL in Finland Wednesday, 8 June 2005

13. XBRL in Finland Wednesday, 8 June 2005

14. Live and future software applications • Adobe • Cartesis • Corel • DecisionSoft • FRS • Fujitsu • I-Metrix of Edgar Online • Microsoft Office • Microsoft Business Solutions • Oracle • Rivet Dragon Tag • Semansys • SAS • SAP • Software AG • SUN • Tibco • … XBRL in Finland Wednesday, 8 June 2005

15. JournalEntries Sub Ledgers General Ledger Financial Reporting Business Activity Transaction Detail Source Documents The Business Reporting Supplychain Based on XBRL GL Source Systems Reporting Internal Reporting Pipeline Annual(Quarterly) Reporting Financial Systems Journalize Accounts Payable Accounts Receivable Order Entries Purchasing Fixed Assets Human Resource Payroll Regulatory Reporting Aggregation Consolidation Tax Decision Support Manual Transaction Late Entries Adjustments Manual Entries Business Activity Management Extract & Transform Financial Data Mart / Repository Business Events Benchmark & Analysis Budgeting & Forcasting Monitor, Audit & Control

16. But where are we in the life cycle? XBRL in Finland Wednesday, 8 June 2005

17. Significant benefits • Improving control over the process of delivering detailed reporting to stakeholders • Facilitating conversion to new or alternative reporting models (IFRS, Basel II, SOX) • Multi-media support (“Produce one, render many”) : web, CD, papier… • Interoperability with other XML (ebXML, Tax XML…) • Can compare facts across reporting entities • Authenticated data warranty • Ease-of-use : web browser, Excel, Access, SQL-database application • Enhance insights and transparency • Enhance quality and usability of information • Lower risks of ‘misunderstanding’ XBRL in Finland Wednesday, 8 June 2005

18. Agenda • What is XBRL ? • Who’s driving XBRL ? • Overview of XBRL projects (not only) in Europe • Forming a jurisdiction • What is XBRL ? • Who’s driving XBRL ? • Overview of XBRL projects (not only) in Europe • Forming a jurisdiction XBRL in Finland Wednesday, 8 June 2005

19. XBRL internationalGovernance & Operational structure Established Jurisdiction Representatives At Large Representatives AU Paul Phenix CA BillSwirsky DE Norbert Flickinger Vincent Bert MakotoKoizumi President ** Louis Matherne IASB Kurt Ramin JP Eiichi Watanabe * NL Jan Pasmooij Walter Hamscher Michael Ohata* John Turner NZ Graeme Sinclair UK Chris Rodgers US Paul Penler* Olivier Servais Hugh Wallis Mike Willis IR Conor O’Kelly SP Federico Florez* Key Provisional Jurisdictions Korea Sweden Belgium France Denmark ISC Seat No Seat on ISC **Standing Board of Advisors(5 to 19 members)Not Yet Established Executive Committee*(7 members) International Steering Committee Chair: Kurt Ramin appoints elects ISC chair after term expires member of Immediate Past ISC Chair Vacant 1st Vice Chair Paul Penler 2nd Vice Chair Walter Hamscher *At Large EC Representation from ISC elects ISC Representatives

20. XBRL Int’lGovernance& Operational structure ISC Subcommittees & Product Development Team International Steering Committee Chair: Kurt Ramin Bylaws Subcommittee Chair - Hugh Wallis Executive Committee Advisory Board Selection Subcommittee Chair – Mike Willis Vice Chair – Olivier Servais XII Staff* Working Groups Finance Subcommittee Chair – Kurt Ramin Accounting Chair: Daniel Roberts Vice Chair: open Assurance Chair: Jan Pasmooij Vice Chair: Bill Swirsky Jurisdev Subcommittee Chair – Liv Watson Vice Chair: open Basel II Chair: Daniel D’Amico DomainChair:Josef MacDonald Vice Chair: Marc van Hilvoorde Nominating Subcommittee Chair – Bill Swirsky Vice Chair – Conor O’Kelly General Ledger Chair: Hugh Wallis Vice Chair: Diane Mueller Solutions Chair: Michael Ohata Vice Chair: Paul Snijders Product Development Team Chair – Walter Hamscher Specification Chair: Paul Warren Vice Chair: Cliff Binstock * Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract)

21. 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 XBRL in Finland Wednesday, 8 June 2005

22. Agenda • What is XBRL ? • Who’s driving XBRL ? • Overview of XBRL projects (not only) in Europe • Forming a jurisdiction • What is XBRL ? • Who’s driving XBRL ? • Overview of XBRL projects (not only) in Europe • Forming a jurisdiction XBRL in Finland Wednesday, 8 June 2005

23. 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 Europe 30+ projects !

24. Projects and future applications in

25. €350+ Millions XBRL in Finland Wednesday, 8 June 2005

27. XBRL in Finland Wednesday, 8 June 2005

28. 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 • Anti-Money Laundering • Recent new members: • Ministry of Finance • Ministry of Industry • Tax Agency XBRL in Finland Wednesday, 8 June 2005

29. Self-assessment MPSnet: il workflow

30. 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

31. FDIC OCC FRB OTS NCUA 8 200 Banks Federal Deposit Insurance Corporation - Today • 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 XBRL in Finland Wednesday, 8 June 2005

32. FDIC OCC FRB OTS NCUA FFIEC 8 200 Banks Federal Deposit Insurance Corporation - Future • XBRL open source data standard used for communicating report requirements, validations, instructions (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 XBRL in Finland Wednesday, 8 June 2005

33. Operational launch is planned for the third quarter – October 1, 2005 Additional information available at: www.FFIEC.gov/FIND

34. XBRL kick-off meeting Poland Friday, 25 February 2004

35. XBRL kick-off meeting Poland Friday, 25 February 2004

36. Agenda • What is XBRL ? • Who’s driving XBRL ? • Overview of XBRL projects (not only) in Europe • Forming a jurisdiction • What is XBRL ? • Who’s driving XBRL ? • Overview of XBRL projects (not only) in Europe • Forming a jurisdiction XBRL in Finland Wednesday, 8 June 2005

37. XBRL in Europe Jurisdictions • Established • Ireland • Germany • Spain • The Netherlands • United Kingdom • Provisional • Sweden • Belgium • Denmark • France • In construction • Czech Republic • Italy • Hungary • Norway • Poland • Portugal • In project • Slovenia, Austria, Greece, Luxemburg, Malta Finland ?

38. Jurisdiction start-upBenefits • Federate local interests around a common project • Sharing experiences on local, European and International level • Recognition of the group as the only official XBRL organisation in your country • Access for named working party individuals to XBRL International internal resources • Ability to submit taxonomies for approval to XBRL International • Ability to participate in XBRL International working groups and beeing involved in XBRL developments around the world • Voting Representation on Steering Committee (Established) • Eligible to host International Conference From Provisional to Established : A provisional jurisdiction is only allowed to remain provisional for two years XBRL in Finland Wednesday, 8 June 2005

39. Jurisdiction start-upRoadmap • Identify ALL local key players for • Supervisors and regulators • Federations of users : banks, accountants, securities & companies • Checking connections at firms, software vendors within European and International consortium • Identify one or two leader(s) from a neutral, independant and agreed entity • Increase and leverage local and national contacts and prepare a first public event • Submit the application form to XBRL International • Create the first working groups (Domain & MarCom at least) and identify the first contributors • Identify (and start) a first (or more) federating XBRL-based project All that in close connection with XBRL International and XBRL in Europe XBRL in Finland Wednesday, 8 June 2005

40. 1stEuropean XBRL Conference for Financial Services • Theme : How XBRL will improve Financial Services reporting by 2006 • Hosts : XBRL in Europe, with CEBS • Keynote speakers: José Maria Roldan (Chairman of Committee of European Banking Supervisors), Pierre-Yves Thoraval(Member of Basel Committee), Peter Praet (Member of the Board of CBFA), Tom Jones (Vice-Chairman of IASB) and representatives of the European Commission and banks (Deutsche Bank, San Paolo IMI + Borsa Italiana) • When: 29 June 2005 10.00 – 17.00 • Where: Chartered Accountants Hall, London • Size: 200+ attendees • Audience profile: Bankers and supervisors XBRL in Finland Wednesday, 8 June 2005

41. Kiitos ! •  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 XBRL in Finland Wednesday, 8 June 2005