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XBRL in Europe Projects, users and regulators

XBRL in Europe Projects, users and regulators. Olivier Servais, Permanent Secretary Dirk Quina , Ministery of Finance in Belgium Wednesday, 6 October 2004. X what ?. In Europe ?. Agenda. What is XBRL ? Overview of XBRL projects (not only) in Europe XBRL for regulators. What is XBRL ?

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XBRL in Europe Projects, users and regulators

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  1. XBRL in EuropeProjects, users and regulators • Olivier Servais, Permanent Secretary • Dirk Quina, Ministery of Finance in Belgium • Wednesday, 6 October 2004

  2. X what ? In Europe ? Agenda • What is XBRL ? • Overview of XBRL projects (not only) in Europe • XBRL for regulators • What is XBRL ? • Overview of XBRL projects (not only) in Europe • XBRL for regulators Oasis Forum – Public administration Wednesday, 6 October 2004

  3. 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 Oasis Forum – Public administration Wednesday, 6 October 2004

  4. Explanatory Text Regulatory Filings Web Site + Accounting System Style Sheets Instance Document(s) Tax Return Style Sheet = + + Style Sheet Other sources of information + Internal/External Reporting Printed Financials Taxonomies (Standards) What is ? Preparer‘s Environment User environment Oasis Forum – Public administration Wednesday, 6 October 2004

  5. 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 Oasis Forum – Public administration Wednesday, 6 October 2004

  6. Oasis Forum – Public administration Wednesday, 6 October 2004

  7. Oasis Forum – Public administration Wednesday, 6 October 2004

  8. Live and future software applications Adobe Cartesis Corel DecisionSoft Fujitsu Microsoft Office Microsoft Business Solutions Oracle Semansys SAP Software AG SUN Tibco … Oasis Forum – Public administration Wednesday, 6 October 2004

  9. “XBRL in Europe” 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 Oasis Forum – Public administration Wednesday, 6 October 2004

  10. “XBRL in Europe” Key players • Sponsors : • XBRL Int’l, Ge, Ir, Sp,… • Dutch Tax authority • UK Inland Revenue • Belgian Central bank • FEE (accountants) • EFRAG • EFFAS • Belgian Accounting Standards Setters • Euronext … • Europe : • DG IS • DG IM • DG Ent • Eurostat • Members : • PricewaterhouseCoopers • NIVRA / XBRL NL • IAS Committee Foundation • XBRL UK • CSC Computer Sciences • Semansys Technologies • Chato d'O Oasis Forum – Public administration Wednesday, 6 October 2004

  11. XBRusseLs 200410th Int’l Conference • Theme : Financial reporting goes global : XBRL and IFRS working together • Hosts : • XBRL International & International Accounting Standards Board • When & Where ?16-17 November, 2004 at Brussels Sheraton Towers • Attendees ?500+ • Top-level speakers from : European & national authorities (IASB, Commission, tax agencies, central banks…), CFO from large Int’l Companies & Banks (EU HQ in Brussels), … Book your diary Oasis Forum – Public administration Wednesday, 6 October 2004

  12. So, why should U come? Because we’ll be less than 2 months before IFRS kickoff Because we expect major announcements Because it will be the XBRL « place-to-be » Because food and wine are fine … Because Brussels is the center of the world … … and that’s why you’re here Oasis Forum – Public administration Wednesday, 6 October 2004

  13. Agenda • What is XBRL ? • Overview of XBRL projects (not only) in Europe • XBRL for regulators • What is XBRL ? • Overview of XBRL projects (not only) in Europe • XBRL for regulators Oasis Forum – Public administration Wednesday, 6 October 2004

  14. Financial Regulators UK SE DK DE US ES NL JP CN BE ZA AU With courtesy from Walter Hamscher Oasis Forum – Public administration Wednesday, 6 October 2004

  15. Tax Authorities NO UK CA DK NL IE DE BE SP JP CN AU NZ With courtesy from Walter Hamscher Oasis Forum – Public administration Wednesday, 6 October 2004

  16. Live Eval Pilot Exchanges OBX CSE LSE TSX Deutsche Börse EuroNext NASDAQ KOSDAQ Lux SWX Tokyo Shenzen SGX Sao Paulo Johannesburg ASX NZX With courtesy from Walter Hamscher Oasis Forum – Public administration Wednesday, 6 October 2004

  17. National UK Inland Revenue UK Financial Services Administration Datev/Bundesbank Danish Commerce & Companies 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 XBRL projects in Europe

  18. Established Germany IAS Board Ireland Spain The Netherlands United Kingdom Provisional Sweden Jurisdiction development In construction • Belgium • Denmark • Finland • France • Hungary • Norway In project • Italy • Portugal • “New” countries

  19. Agenda • What is XBRL ? • Overview of XBRL projects (not only) in Europe • XBRL for regulators • What is XBRL ? • Overview of XBRL projects (not only) in Europe • XBRL for regulators Oasis Forum – Public administration Wednesday, 6 October 2004

  20. “Meer ruimte voor ondernemers door minder lasten“ • Project for reducing expenses of€3 Billions by 2008 By harmonizing and improving the business exchange By using XBRL • Supported by the Dutch government: Ministery of Finance Tax authority (Belastingdienst) Economic Affairs Justice Social Affairs (Sociale Zaken en Werkgelegenheid) Water boards (Verkeer en Waterstaat) Environment (VROM) And with Chamber of Commerce • Submitted to the EU during the Dutch Chairmanship (S2-2004) Oasis Forum – Public administration Wednesday, 6 October 2004

  21. €350 Millions Oasis Forum – Public administration Wednesday, 6 October 2004

  22. Projects and future applications in

  23. FDIC OCC FRB OTS NCUA 8 900 Banks Federal Deposit Insurance Corporation - Today • Multiple copies of data exist inside multiple agencies (error prone) • Avg. of 60-75 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 European Congres for Accountants Friday, 8 October 2004

  24. FDIC OCC FRB OTS NCUA FFIEC 8 900 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 - 75 days => 2 Days (timeliness) • Processing Costs $65M => $39M, a savings of $26M (cost/efficiency) European Congres for Accountants Friday, 8 October 2004

  25. European Congres for Accountants Friday, 8 October 2004

  26. Significant benefits Improving control over the process of delivering detailed reporting to stakeholders Facilitating conversion to new or alternative reporting models (IFRS, Basel II) Multi-media support (“Produce one, render many”) : web, CD, papier… Interoperability with other XML (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’ Adopted as a standard European Congres for Accountants Friday, 8 October 2004

  27. Thank you ! •  olivier.servais@xbrl-eu.org • +32 2 702 64 82  +32 2 702 64 75 +32 497 456 456  www.XBRL-eu.org Oasis Forum – Public administration Wednesday, 6 October 2004

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