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The European Experience Implementation of COREP and FINREP in XBRL in France

14th International XBRL Conference, 4th – 7th December 2006, Philadelphia. The European Experience Implementation of COREP and FINREP in XBRL in France. Gilles MAGUET SECRETARY GENERAL - XBRL France. Agenda. XBRL France COREP FINREP in France Issues. Institutions

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The European Experience Implementation of COREP and FINREP in XBRL in France

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  1. 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia The European Experience Implementation of COREP and FINREP in XBRL in France • Gilles MAGUET • SECRETARY GENERAL - XBRL France

  2. Agenda • XBRL France • COREP FINREP in France • Issues Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  3. Institutions • Compagnie nationale des Commissaires aux Comptes – Institute of Auditors • Commission Bancaire (Banque de France) – French Banking Commission • Conseil National de la Comptabilité – National Council for Accountancy • Conseil Supérieur de l’Ordre des Experts Comptables (Institute of Charterd Accountants) • INSEE (French Statistics) • Auditors • PriceWaterhouseCoopers • Financial data provider • COFACE • Companies–Non profit organisations • BNP Paribas • Edificas • PSA Finance • GE Factofrance • OCBF • Banque Populaire Group • Caisse d’Epargne Group • Suez Group XBRL France Members in 2006 - (29 members) • IT companies,Software providers, experts • Atos Origin Integration • Cartesis • CEGID • Microsoft France • SopraGroup • Software AG • UBMatrix • Invoke • III - Umanis • LGB Finance • Viveo • Fujitsu • C. Marion Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  4. XBRL France Legal structure • Non profit organisation • With Board and Steering Committee • Phillippe Bonnin – President • Bruno Tesnière – Vice President • Sylvie Lepicier – Treasurer • Jean-Luc Menda – Member of the Board • Gilles Maguet – Secretary General • Provisional XBRL Jurisdiction since April 05 Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  5. XBRL France - Working groups • Taxonomy Working groups • French GAAP taxonomy Working Group (coordination with Edificas). • Fiscal Consolidation Taxonomy WG (In preparation) • IFRS Taxonomy Working Group – Translation of the IFRS Taxonomy • COREP/FINREP Working Group geared by Banking Commission in France • Internal Reporting (New) • Marcom Croup (events, marketing materials, breakfasts, newsletter, etc.) – • Preparation of the Next XBRL French speaking event in Paris – 21st of June 2007 • Technology Group in support to the other groups Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  6. Agenda • XBRL France • COREP FINREP in France • Issues Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  7. COREP and FINREP: What is it ? • COREP : COmmon solvency ratio REporting framework • FINREP : consolidated FINancial REPorting framework Solvency and Financial Reporting of Banks/Financial Institutions TO BANKING REGULATORS Basel II IFRS Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  8. Banking Regulatory Reporting in Europe Financial Information Harmonization + Transparency BASEL II IAS/IFRS COREP and FINREP Projects CONVERGENCY INTEROPERABILITY … FLEXIBILITY Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  9. Banking Regulatory Reporting in Europe FINREP, consolidated FINancial REPorting framework Balance Sheet (FIN1) BS Details (FIN319) ZOOM Equity+MI Assets Liabilities Income statement (FIN2) IS Details (FIN2029) ZOOM Disclosures (FIN30+)  36 templates  27 templates Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  10. Banking Regulatory Reporting in Europe and France COREP, COmmon solvency ratio REPorting framework • Capital Adequacy • Own Funds • Credit Risk • Market Risk • Operation Risk  18 templates  19 templates Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  11. COREP & FINREP at the Banking Commission of Banque de France (The Regulator) – The COFINREP project • Why did the Banking Commission choose to adopt XBRL ? • First, the previous Information System & database, BAFI, is a proprietary standard, which was not easy to convert for COREP and FINREP purposes • BAFI is now a mature system (1993) and was only supposed to evolve in the next years. • XML standard largely spread in data transmission which imposes itself in the banking industry • XBRL recommanded and supported by CEBS, and implemented in other European Countries • Banking Commission intends to run first two parallel information systems : COFINREP and BAFI, before probably transforming BAFI into XBRL or possibly to use GCD Taxononomy. Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  12. $ $ Banking Regulatory Reporting in France Before June 2007 : Existing System • SITU.CB : • ….AAØØ1Ø3B5A…………..000000100000……… Banque de France (SGCB) Corporate accounts BAFI FR GAAP MonthlyQuarterly… Annually IFRS BAFI FR GAAP BAFI IFRS Consolidated accounts SGCB : Secrétariat général de la Commission Bancaire BAFI : Base des Agents Financiers, existing reporting system Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  13. $ $ Regulatory Reporting in France After June 2007 : COREP FINREP Banque de France (SGCB) COREPSGCB BAFI FR GAAP (Quarterly)Semi-annually Annually IFRS BAFI FR GAAP BAFI IFRS COREPFINREP SGCB Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  14. Regulatory Reporting in France COREP FINREP Regulatory Requirements Oct.2007 January 2006 June2006 June2007 Deadline for transmission PublicationFINREP & COREP (last project) FRANCE PublicationFINREP & COREP CEBS 1st reportingin Paris (reduced) Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  15. Company’s presentation data Input Output Configuration COREP & FINREP at the Banking Commission of Banque de France (The Regulator) – The COFINREP project BAFI Bank & Financial Institution Information System Accreditation Prudential and accounting Reporting Internal applications CB/BDF Bâle II SIGNECB COREP Instances Data Control and management IFRS Data mining FINREP Instances XBRL Taxonomy management Accreditation COFINREP Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  16. Existing Information System Existing Information System COREP & FINREP at the Banking Commission of Banque de France (The Regulator) – Consequences on Banks Information Systems BANK Banking Commission Tool : Taxonomy Editor Taxonomies ELECTRONIC TRANSMISSION IF NECESSARY OPTIONNAL / POSITIONING TO MEASURE INFORMATION SYSTEM XML /XBRL 1st choice INFORMATION SYSTEM XML /XBRL Reporting XBRL ELECTRONIC TRANSMISSION IF NECESSARY Tool : XBRL converter ONLY COMPULSORY IMPACT 2nd choice Reporting anomalies Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  17. The IT architecture for FINREP and COREP reporting in the Banks and Financial Institutions • All Banks have chosen an XBRL converter (easiest solution) at their IS output, which is : • Developed internally for some of them • Purchased on the market as Sofware vendors have added XBRL converters on their Softwares • A few banks have already launched studies in order to go further internally with XBRL, in order to solve consolidation issues or other issues with their subsidiaries and/or entities abroad. Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  18. Agenda • XBRL France • COREP FINREP in France • Issues & possible evolutions Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  19. COREP and FINREP reporting en France The Filing period Planning COREP Quaterly if total of assets sup 80 billion euros Semi-annually otherwhise FINREP Semi-annual June October 2007 December April 2008 4 months 3 months June September 2008 December March 2008 3 months 2 months Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  20. Dates to keep in mind at the European level Which agenda should be respected ? head-office First date : Finrep 2006, Corep 2008 Filing period : 40 days Example subsidiary First date : june 2007Frequency : 3M/6MFiling period : down to 2 months subsidiary First date : 2008?Frequency : quaterly?Filing period : 1 month? subsidiary First date : 2008?Frequency : quaterly? Filing period : down to 8 days ? ? Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  21. Analisys at a European Level Local parameters / XBRL & Flexibility ! CEBS TAXONOMY LOCAL TAXONOMY LOCAL RULES ? • Reporting Frequency ? • Entities subject to COREP ? ? • First Closing subject to COREP • Impacts on Existing Reportings ? • Content of each template ? • Local Basel II Parameters • Remittance Period ? • File Format : XBRL ? ? Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  22. The possible evolutions for FINREP and COREP reporting • A convergence of the 2 reportings in each country ? • A common reporting and a common Taxonomy in each country ? • A larger convergence in Europe ? Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

  23. Thank you- Merci • gilles.maguet@xbrl.fr www.xbrl.fr XBRL France Secretary General 153, Rue de Courcelles 75017 Paris • +33.6.71.62.31.19 Gilles MAGUET, Secretary General XBRL France 14th International XBRL Conference, 4th – 7th December 2006, Philadelphia

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