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XBRL Europe Working Group: IFRS, Securities and Markets Working Group

“The preparation of annual financial reports in a single electronic reporting format will be mandatory as from January 1, 2020” XBRL Europe W orking Group: IFRS, Securities and Markets Rome May 6, 2014. XBRL Europe Working Group: IFRS, Securities and Markets Working Group. Aims:

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XBRL Europe Working Group: IFRS, Securities and Markets Working Group

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  1. “The preparation of annual financial reports in a single electronic reporting format will be mandatory as from January 1, 2020”XBRL EuropeWorking Group: IFRS, Securities and MarketsRomeMay 6, 2014

  2. XBRL Europe Working Group:IFRS, Securities andMarkets Working Group • Aims: • to promote XBRL for European securities and markets, • to ensure comparability of XBRL data for investment professionals, • to harmonize IFRS Taxonomy Extensions in Europe, and • to optimize the XBRL-implementation processes of European stock listed companies. • Our main domains of activity are: • Supporting European institutions and European associations in the area of capital markets with XBRL.We are serving these institutions with the worldwide experience of the XBRL International community in capital markets and with best practices know how. • Offering a platform to European XBRL jurisdictions, listed companies, investment professionals, regulators, service providers and software companies to share XBRL experiences, for example how to implement EU national IFRS XBRL Taxonomy extensions.

  3. Transparency Directive • The preparation of annual financial reports in a single electronic reporting format will be mandatory as from January1, 2020 • XBRL EUROPE involvement ? • Communication with ESMA ? • Role of the IFRS, Securities and Markets WG ?

  4. Xbrl as enabler  Improving cross border access to information in European Securities Markets Preparation: IFRSSAM WG Inputs: Business Registers WG Usability WG IFRS Foundation? Review: XBRL Europe Review Committee Goal of W. Group Promote an XBRL-enabled, IFRS-based, electronic reporting Promote adoption for European securities and markets in relation with the EU transparency directive Process Identify, develop and agree together on Ways to set communications with ESMA Prepare a White Paper presenting options for the Transparency Directive requirements

  5. Executive summary and WP Efficient interconnection Adequate level of analysis and comparability Best course of action Expected benefits Goal of W. Paper Promote XBRL Europe views on implementation options of the Transparency Directive Process The White Paper will present: XBRL implementation options to improve current situation and answer reporting options

  6. Letter to ESMA What is XBRL? How is XBRL used around the world? How does the investor community benefit from XBRL? How is the XBRL standard governed? How is the XBRL standard developed and maintained? Goal of XBRL EU XBRL Europe has decided to promote XBRL as a language Process A letter has been sent to ESMA to answer questions that had been raised informally by ESMA to XBRL Europe representatives.

  7. CircularProcess • IFRS WG • Review • Committee • IFRS WG Outline of the WP Final WP

  8. Two possible positions Anticipate questions and propose options for solutions Involvement? Exposure Wait for ESMA questions and giveanswers Time

  9. Whyanticipate? Dimensions Anticipate! Formulas XBRL Centrallydefined References Files structure iXBRL Extensible Table linkbase Tables ? TextBlocks

  10. IFRS TAXONOMY [3768] Company concepts Regulatory concepts Common and industry practice concepts [789] Guidance and example concepts [495] Extensions Core disclosure requirement concepts [2484] Comparable Fundamental Accounting concepts

  11. March May Sept write, edit, review endorse Input and contribute Write and review Final review Publish ESEF questions to market ESMA public consultation Goal Produce the White Paper Process WG members and other WG contribute on relevant sections Share and agree the content with WG members XBRL Europe Review Committee endorses Executive Committee publishes the White Paper

  12. Scope of the TRANSPARENCY DIRECTIVE (ESEF) • ‘Annual financial report’ (AFR) as defined in art 4.2 includes: • - The audited consolidated and individual financial statements • - The management report (in some countries it also includes corporate governance and/or sustainability reports) • – Statementsby the issuer • Reporting framework applicable according to art 4.3 • - Consolidated Financial Statements - prepared under IFRS according to the IAS Regulation or equivalent to IFRS • – IndividualFinancial Statements • •prepared under local GAAPs or IFRS • •Accounting Directive is a common basis for local GAAPs • 8

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