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The European Experience

The European Experience. Philadelphia. 6 th December 2006. Ignacio Boixo XBRL Network Co-ordinator. Acknowledgments to non Supervisors: Walter Hamscher, Charles Hoffman, Ignacio Hernádez-Ros, Eduardo Carrillo, Allyson Ugarte, Colm O hAonghusa.

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The European Experience

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  1. The European Experience Philadelphia. 6th December 2006 Ignacio Boixo XBRL Network Co-ordinator Acknowledgments to non Supervisors:Walter Hamscher, Charles Hoffman, Ignacio Hernádez-Ros, Eduardo Carrillo, Allyson Ugarte, Colm O hAonghusa

  2. “While national supervisory authorities are free to decide on the technical transmission specifications to implement the reporting framework, CEBS considers that XBRL can be a helpful tool in constructing a harmonised European reporting mechanism. CEBS will therefore develop an XBRL platform and make it available free of charge to national authorities and supervised institutions. XBRL taxonomies will be developed for both the COREP (COmmon REPorting -Basel II-) and FINREP (FINancial REPorting -IFRS-) frameworks.” Point 4, Cover Note to the Framework for Common Reporting of the New Solvency Ratio Background

  3. COREP: Structure of the New Basel II Accord COmmon REPorting

  4. COREP: Granularity with the use of dimensions primary items allowed for every Business Line domain member, but only for „Total“ from Event Types dimension Event Types Dimension Business Lines Dimension

  5. COREP and FINREP both represent EU Directives by way of multidimensional data models comprising: A set of primary items A set of dimensions (and its members) The set of possible combinations of primary items and dimensions (facts) COREP is a brand-new Regulatory Reporting data model FINREP extends IFRS-GP multidimensional data model COREP and FINREP Reporting process: in few words

  6. Identifying “same meaning” elements in different templates: Generic database mapping Reduced maintenance of common elements Easy identification of relations between templates . imports primary.XSD commonprimary.XSD imports template.XSD . . dimension.XSD COREP: XBRL taxonomies • Each template is represented by: • one template taxonomy that imports: • one template specificprimary taxonomy that imports: • from none to severalcommon primary taxonomies • from none to several dimension taxonomies

  7. IFRS-GP = Read-Only Structure: all elements in one schema file. FINREP: Extending the IFRS-GP taxonomy IFRS-GP: 90% Not Used 4099 IFRS-GP Items Imported 3718 IFRS-GP Items not used Primary Items: 20% IFRS-GP 80% Extension 381 Primary Items (IFRS-GP) 1613 1613 Primary Items (p-FINREP) 83 83 Dimensional Items TOTAL 5795 2077 Of wich 64% Not Used FINREP Items

  8. Report 25 ---------------------------------------------------------------------------------------------------------------------------------------------------------------- Flexibility Principle Basel II, IAS/IFRS … Global best practices European Law 9X,XX% best practices + EU requirements EC 2006/48 & 49 … Transposition into national Legislation Country 1 Country 2 Country 3 Country 25 National Regulation Sup 1 NCB 2 FSA 3 Sup 25 National Implementation Report 1 ------------------------------------ Report 2 Report 3 ---------------------------------------------------------------------------------------------------------------------------------------------------------------- XBRL challenge!

  9. Definitely XBRL • Germany • France • Spain • Poland • Belgium • The Netherlands • Finland • Denmark • Ireland • Italy (optional format) • Definitely Other Format • UK • Portugal • Austria • Interested in XBRL Hungary, Norway, Estonia, Greece, Lithuania, Luxemburg, Bulgaria, Iceland, Cyprus • No information • Note: Unofficial list based on author’s feedback at Nov’06 European adoption

  10. Project Management Weekly Conf. Call Yahoogroups 300+ Core Team: Supervisors DE, ES, IT, BE, GR + Non Supervisors Workshops: 6 editions * 70 atendees Website, News & Communication

  11. Preproduction Risk Assessment

  12. 1st Technical Meeting of European XBRL implemented projects: Open Issues

  13. Go Live: April / July 2007 in most European Countries Solvency II: Go live 2010.Basel II-like for the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). Potential use of COREP/FINREP concepts (Basel II and IFRS for Supervision) out of the European Union Next Steps

  14. Thanks for your attention! www.c-ebs.org www.corep.info www.finrep.info Ignacio Boixo xbrl@bde.es +34 913386452 www.wikiXBRL.org

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