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Luxembourg – the Central Balance Sheet O ffice and the XBRL p roject

Luxembourg – the Central Balance Sheet O ffice and the XBRL p roject. UNECE / Eurostat 06-08 Novembre 2006. GONZALEZ Patricia. LAW 19 DECEMBER 2002. Filing of annual accounts (50 000 entreprises concerned). Turnover  100 000 € regardless of legal form A nnual accounts:

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Luxembourg – the Central Balance Sheet O ffice and the XBRL p roject

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  1. Luxembourg – the CentralBalance Sheet Office and the XBRL project UNECE / Eurostat06-08 Novembre 2006 GONZALEZ Patricia

  2. LAW 19 DECEMBER 2002 Filing of annual accounts (50 000 entreprises concerned) • Turnover  100 000 € regardless of legal form • Annual accounts: • balance sheet, profit and loss account, notes to the accounts • management report • auditing report • detailed accounts according to the standardized chart of accounts  • Exceptions • insurance and banking companies • non profit organisations, foundations, agricultural associations

  3. DISCLOSURE OF ANNUAL ACCOUNTS Differences in disclosure policy • Data on incorporated enterprises is publicly available • Data is not available for sole proprietorships • Detailed data on accounts is only available to BSO and otheradministrations (e.g. Tax authorities)

  4. RELATIONSHIP: RCS-STATEC Law 2002 - Article 76 • Annual accounts  RCS Statec • for archiving purposes, to hold data on IT support media • 2003 Parliament and Council Directive 2003/58 on disclosure requirements for certain types of companies (not only annual accounts) • Following functions: • RCS will be in charge of electronic data collection, scanning images • Role of Statec is to prepare structured data collection, i.e. develop specifications for paper and electronic questionnaires/forms

  5. STAKEHOLDERS • STATEC- Service central de la statistique et des études économiques • RCS - Registre de commerce et des sociétés • Ministry of Justice

  6. THE CBSO PROJECT • The Central Balance Sheet Officeaim is • to collectdata from non financialcompanies, • to analyse the data and establish statistics, • to disseminate the data to public and private users. • Structured data issued from the annual accounts.

  7. THE CBSO PROJECT – CURRENT STATE • Several feasibility studies: implementation of the CBSO, modernisation of the filing procedure, use of XBRL. • CBSO has developed static paper forms. • Forms have to be validated by the Accounting Standards Committee. • Annual accounts are filed in on paper only and there is no electronic way to file them. • Companies have to accomplish different steps for filing in their accounts – important administrative burden.

  8. WHY CHOOSING XBRL? • XBRL as a reporting standard : • Enables the electronic filing of the annual accounts • Avoids data manipulation by manual encoding use information out of the accounting systems • Collects high quality data • Provides a taxonomy for annual accounts  harmonize the data format • Reduces administrative burden  assure an exchange with other administrations

  9. THE XBRL TAXONOMY– CURRENT STATE • 1. Consultancy from the BNB – CBSO. • 2. Creation of the « lu-fr-pfs-ci-2007-01-01 » taxonomy: • According to luxembourgish accountancy standards • Compliant spec 2.1 and FRTA 1.0 • Multilingual (french, english and german) • 3. Translation of the balance sheets, income statements (abreviated and complete) in the three languages into XBRL standards achieved (complete table of accounts in course of completion). • 4. Cooperating on the final modifications on the table of accounts to be in conformity with the XBRL standards.

  10. CONSTRAINTS Legal framework under construction • •creation of an Accounting Standards Committee (before Chrismas 2006) • creation of a standardized chart of accounts (prepared during spring 2006 and almost finalized) • •filing procedure fixing among others paper or electronic formats, fixation of civil penalties for late filing • •access to financial reports either for the public or for administrative purposes (especially tax authorities)

  11. PLANS FOR THE FUTURE • Set up an XBRL non profit organisation in Luxembourg • Contact major stakeholders - especially accounting software vendors • Non standardized annual accounts from February 2007 on • First XBRL draft Taxonomy on April/May 2007 • Structured data collection in 2009 and dissemination in 2010 or 2011 • Analysis and financial information • Feed-back to reporting companies

  12. Thank you foryour attention Questions? The CBSO – contact STATEC – Central Balance Sheet Office Centre Administratif Pierre Werner 13 rue Erasme L-2013 Luxembourg Tel.: +352 478 8462 patricia.gonzalez@statec.etat.lu

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