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COREP/FINREP XBRL Update. Ignacio Boixo XBRL Network Co-ordinator, Committee of European Banking Supervisors Head of International Projects, IS Department, Bank of Spain Manager, XBRL Spain Information Technology Committee, European System of Central Banks. VI Workshop, October 2006.
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COREP/FINREP XBRL Update Ignacio Boixo XBRL Network Co-ordinator, Committee of European Banking Supervisors Head of International Projects, IS Department, Bank of Spain Manager, XBRL Spain Information Technology Committee, European System of Central Banks VI Workshop, October 2006
CEBS News Expert Group on Financial Information decided to create three networks: COREP network: coordinated by Fernando Navarrete (Bank of Spain) FINREP network: coordinated by Marc Pickeur (CBFA) XBRL related-matters network: coordinated by Ignacio Boixo (Bank of Spain)
SEC News Washington, D.C., Sept. 25, 2006 U.S. Securities and Exchange Commission: $54 million to transform the agency’s 1980s-vintage public company disclosure system $48 million to complete the transformation of the old EDGAR database into the new XBRL-capable system over the next year. Complete XBRL Code Writing for U.S. GAAP Financial Statements — $5.5 million, contracting with XBRL US Interactive Data Tools for Investors — $500,000 www.sec.gov/news/press/2006-158.htm
Eurostat News XDIS/XBRL project Focus on reporting by enterprises to National Statistics Institutions October 2006 – February 2007: Prepare and perform tests (BE, ES, NL) March 2007: Acceptance analysis April – November 2007: Extension to other domains and countries (maybe IE, LU and SE) Total budget: 3.75 M€ for budget years 2005->2008 675.000 € to pilots and studies on XBRL and other sectoral standards
European System of Centrat Banks News EXDI project Focus on collecting Banking Information XBRL format: main candidate format
XBRL Investment (Feb.-May 2005) (*) Market cost per unit. Source: PwC Around three quarter million €has been invested until June 2005 by Supervisors and XBRL community
Financial Markets Information society Rules Comp. XBRL Users Internet Financial information brigde
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 FSA 1 FSA 2 FSA 3 FSA 25 National Implementation Report 1 ------------------------------------ Report 2 Report 3 ---------------------------------------------------------------------------------------------------------------------------------------------------------------- XBRL challenge!
Supervision Reports Other data … CEBS XBRL: IT implementation model Didactic model for explanatory purposes only Bank Supervisor Taxonomy XBRL Errors INDUSTRY Internet Bank Management to XBRL from XBRL Operations Counterparties Collateral … Report XBRL ------------------------------
Bank Management IS Supervisory Operations Counterparties Collateral … Reports Other data … … CEBS XBRL EU: implementation model Didactic model for explanatory purposes only Basel II IAS/IFRS Basel II IAS/IFRS XBRL National implementation XBRL (National) XBRL (Europe) Bank Supervisor Internet Bank operations, controls…. Presentation, Analysis… Errors Errors Basel II IAS/IFRS App. Basel II IAS/IFRS App. to XBRL from XBRL Report ------------------------------ Report ------------------------------ XBRL core File Transfer (National)
