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European Committee of Central Balance Sheet Data Offices - XBRL Filings with Central Banks

Learn about the ECCBSO's use of XBRL filings with central banks for risk assessment, economic analysis, and statistics. Explore the standard formats and the joint XBRL project with IASC Foundation.

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European Committee of Central Balance Sheet Data Offices - XBRL Filings with Central Banks

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  1. European Committee of Central Balance Sheet Data OfficesXBRL filings with central banks Amsterdam, 25th June 2008 Luc Dufresne. Chairman ECCBSO / Head of the Micro-economic Information Department at the National Bank of Belgium / Chairman of XBRL Belgium ECCBSO - XBRL filings with Central banks

  2. Agenda • ECCBSO and III WG • Standard Formats • ECCBSO/IASC Foundation Joint XBRL Project • Use case – XBRL filing in Belgium ECCBSO - XBRL filings with Central banks

  3. European Committee of Central Balance Sheet Data Offices (ECCBSO) • Informal group of CBSO’s belonging to NIS and NCB • Experience using accounting data for several purposes: • Risk assessment • Economic analysis • Statistics • Common tool: corporation's annual accounts • Different goals, different questionnaires • 5 working groups: Risk assessment, BACH database, ESD database, Study WG, IFRS impact and CBSO databases (III WG) ECCBSO - XBRL filings with Central banks

  4. WG on IFRS impact - Participants • Members (NCB) • Oesterreichische Nationalbank • National Bank of Belgium • Banque de France • Deutsche Bundesbank • Banco de Portugal • Banco de España • Member (private) • Centrale dei Bilanci • Observers • IASCF-XBRL Working Team • European Central Bank ECCBSO - XBRL filings with Central banks

  5. Targets IIIWG: ECCBSO’s mandate • Monitor and report to ECCBSO on IFRS new projects (specially SME) • Monitor IFRS impact in Europe • Monitor the “Reporting burden process” • Standard formats: • Update to 2007 changes and to IAS 1 • Format compatible with IFRS for SME • XBRL and CBSO: current use. Update the IFRS-CBSO taxonomy ECCBSO - XBRL filings with Central banks

  6. Agenda • ECCBSO and III WG • Standard Formats • ECCBSO/IASC Foundation Joint XBRL Project • Use case – XBRL filing in Belgium ECCBSO - XBRL filings with Central banks

  7. IFRS-based standard format: strategic plan • Definition of a common format based on IFRS-GP XBRL taxonomy to organize data interchange in the future • Creation of an extended and reduced version • Creation of a taxonomy: work in collaboration with IASCF-XBRL Team • Monitoring with real examples (over 100 European largest groups) • Storage in a database (ERICA) designed for analysis purpose ECCBSO - XBRL filings with Central banks

  8. Agenda • ECCBSO and III WG • Standard Formats • ECCBSO/IASC Foundation Joint XBRL Project • Use case – XBRL filing in Belgium ECCBSO - XBRL filings with Central banks

  9. Cooperation between ECCBSO and IASCF – 1 • Involvement of ECCBSO in the IASCF XBRL team activities. • ECCBSO representation in XBRL Advisory Council (XAC) • ECCBSO representation in XBRL Quality Review Team (XQRT) ECCBSO - XBRL filings with Central banks

  10. Cooperation between ECCBSO and IASCF – 2 • Involvement of IASC Foundation XBRL team in the ECCBSO activities • Commitment to improve the ERICA database by “anonymizing” the data • Sharing IASCF IT resources and infrastructure (web and application servers) • Consideration of transferring these developments (including the IP) to ECCBSO ECCBSO - XBRL filings with Central banks

  11. Cooperation between ECCBSO and IASCF – 3 • Foreseeable developments • Website: ECCBSO could get more visibility in the considered review of the IASCF XBRL website • Communication between both organisations: • An informal call every month to briefly share a status update • Sharing content for newsletter ECCBSO - XBRL filings with Central banks

  12. Agenda • ECCBSO and III WG • Standard Formats • ECCBSO/IASC Foundation Joint XBRL Project • Use case – XBRL filing in Belgium ECCBSO - XBRL filings with Central banks

  13. XBRL in European CBSO ECCBSO - XBRL filings with Central banks

  14. Belgian case - 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 ECCBSO - XBRL filings with Central banks

  15. Belgian case - 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 ECCBSO - XBRL filings with Central banks

  16. Belgian case - 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 ECCBSO - XBRL filings with Central banks

  17. Belgian case - Implementation • Taxonomy based on Belgian-GAAP • For filing of individual accounts of non-financial companies • Launched in April 2007 with free “front end” basic application for users • Communication with software vendors from the beginning of the project • XBRL promoted through financial incentive regarding the other filing channels (PDF or paper) ECCBSO - XBRL filings with Central banks

  18. Belgian case - Figures From April 2th till December 31th 2007 Paper 15% Internet 85% PDF XBRL ECCBSO - XBRL filings with Central banks

  19. Belgian case - 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 ECCBSO - XBRL filings with Central banks

  20. Belgian case – Next steps • CBSO projects • Use of XBRL data available • Extension to other kind of annual accounts • Belgian authorities • Federal Service Economy - Statistical business survey • Federal Service Finance - XBRL taxonomy for corporate tax declaration ECCBSO - XBRL filings with Central banks

  21. Thanks for your attention ECCBSO - XBRL filings with Central banks

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