Evaluation of the ECRF XBRL mini-conference 2006

1. Evaluation of the ECRF XBRL mini-conference 2006 author: piero.milani@infocamere.it Ecrf_XBRL – Forum activity 2006: results

2. From the ECRF conference in Dublin 2005 we got: The question: Will ECRF ignore, monitor or coordinate the evolution of xbrl and financial reporting? The answer: Define a common strategy • Establishing an observatory • Starting specific tasks by setting a Working Group Ecrf_XBRL – Forum activity 2006: results

3. and ... The workgroup mission • Harmonise scope and area of activity • Gather and disseminate information • Unify efforts done locally and share achievements • Identify the next steps of action • Give identity to the working group • Define where, when and how to partecipate on running activities • Make the best on funds raising Ecrf_XBRL – Forum activity 2006: results

4. The ECRF XBRL mini-conference 2006 event On January 19th and 20th 2006 the Chamber of Commerce of The Netherlands, organised a mini-conference about implementing XBRL in the Trade Registers. 12 ECRF-countries met in Amsterdam to get and share knowledge about (implementing) XBRL. Ecrf_XBRL – Forum activity 2006: results

5. Covered aspects by the conference • During two days several aspects of XBRL were discussed: • the what and why of XBRL, • Taxonomies developments, • connecting to legacy systems, • creating & publishing reports from XBRL sources, • ‘proof of concept’ initiatives. It was very useful for everybody to learn lessons from each other, to know the problems and to know the chances and benefits of XBRL. Ecrf_XBRL – Forum activity 2006: results

6. The early beginners • Several countries faced a long and slow warm-up, so the suggestion was and still is to: • Study the approach to XBRL of active countries despite the difference on local strategies, • Don’t start building the IT infrastructure and your specific Taxonomy before you have identified the different actors and domains involved in the chain. Implementing XBRL can only succeed when all “chain-actors” are fully recognized and involved; Ecrf_XBRL – Forum activity 2006: results

7. Electronic filing of Financial Reports • XBRL comes to the road of electronic filing • Some countries prefer to improve ‘electronic filing’ of annual accounts before implementing XBRL. Companies deposit their annual accounts in PDF format that enter electronically later the Trade Register database. • Some other countries are “skipping” e-filing, because they think that e-filing can delay the acceptance and urgency of implementing XBRL. • Web Filing can play a parallel solution • Paper filing: • Still common practice on several countries. Waiting for the solid and full implementation of XBRL the current old fashioned process (“on paper”) will be continued. Ecrf_XBRL – Forum activity 2006: results

8. The digital signature issue • E-signing : • Still the way to reach proof of identity of the signer, authenticity of records and legal effect (when required) • For the e-filing (PDF) there are running solutions adopted by many countries • for XBRL and for many XML payloads there are pending regulations (waiting for approval) • Nice contribution from XBRL Sweden to recommend a DigitalSignature policy for XBRL Ecrf_XBRL – Forum activity 2006: results

9. ECRF XBRL mini-conference follow-up • The European ‘registers’ strategy: • sharing documents, delivery, etc ? • How can we possibly work together in implementing XBRL? • The EBR-network: common carrier for exchanging annual accounts betweencountries / registers; • Join each other by sharing resources (groupware tools activation) through our ECRF- collaboration. It’s imaginable that we can produce some tools together. • Use the knowledge of the specialists. On XBRL issues it’s better to get some experts rather than trying to learn all XBRL aspects yourself; • Join XBRL worldwide in any case (www.xbrl.org). It won’t cost you much and it will provide you so much information and XBRL-related (software); Ecrf_XBRL – Forum activity 2006: results

10. Recent updates ….. • Companies House (UK) • 27,763 audit-exempt accounts filed by end May 2006 • 90% via a software package - 10% via WebFiling • The Dutch government and business organisations agreed • in detail on cooperation to introduce XBRL by the start of 2007 for a range of financial reporting in the Netherlands. • Irish GAAP V2.1 Taxonomy acknowledged (April 17, 2006) • Irish GAAP taxonomy is compliant with XBRL 2.1specification. • Italian XBRL jurisdiction on constitution by summer 2006 Ecrf_XBRL – Forum activity 2006: results

11. Recent updates …..cont.What is happening with XBRL in Sweden? • Growing interest in Sweden for XBRL from public/private sectors: • Bolagsverket - company register office and Skatteverket – tax office), • software vendors and companies (financial sector) • XBRL Sweden releases taxonomies applicable for companies reporting under Swedish GAAP: ready as working drafts on May 2006, to become public by July 2006 • general purpose financial statement (annual accounts) for (SMEs) • Swedish auditors’s report according to Swedish Companies Act • Swedish XBRL filing, store, AA review and adoption (to start by July 2006) - Bolagsverket coordinated task. Ecrf_XBRL – Forum activity 2006: results

12. Dutch covenant - among public and private sector operators • Article 2 • The State, the governmental bodies, the intermediaries and the software suppliers shall jointly devote themselves to realization of the reduction of administrative burdens of companies by using the Dutch XBRL-taxonomy for simplifying the collection, recording and exchange of financial reports regarding the obligatory providing of the annual account, taxes and financial statistics. • [covenant full text] Ecrf_XBRL – Forum activity 2006: results

13. ECRF XBRL questionnaire replies ---results from questionnaire returned by 12 countries Ecrf_XBRL – Forum activity 2006: results

14. ECRF XBRL - and now ? Thanks for the attention author: piero.milani@infocamere.it Keep collaborating Ecrf_XBRL – Forum activity 2006: results