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Data collection with XBRL Different solutions for different requirements

This workshop discusses the use of XBRL for annual accounts filing and supervisory reporting, highlighting different solutions based on specific business requirements. It also explores the adoption and implementation of XBRL in Belgium.

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Data collection with XBRL Different solutions for different requirements

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  1. Data collection with XBRLDifferent solutions for different requirements • Bertrand Jadoul • Central Balance Sheet Office Rogier Vanherpe Statisticsdepartment Workshop Eurostat Luxembourg, 23th March 2012

  2. Agenda • Introduction • XBRL for annual accounts filing • XBRL for supervisory reporting • Conclusion

  3. What is XBRL? • eXtensible Business ReportingLanguage • Electronicreporting format based on XML for the exchange of data through the internet, limiting manipulation as much as possible • XBRL adds a conceptual layer to XML • Repository of concepts • Financial reportingvocabularies • Mathematicalrelationships • Humanrepresentation • Multi dimensionalfinancial data representations

  4. Data collection whith XBRL Assets 2001 500 Assets 2001 500 Assets 2001 500 Cash 2001 500 Cash 2001 895 Cash 2001 500 Investment 2001 500 Investment 2001 500 Investment 2001 500 Other 2001 500 Other 2001 500 Other 2001 500 Data XBRL Taxonomy Wherewe design the data about the data Concept XBRL Instance XBRL Files Database Dissemination Individual information Facts Analysis Statistics

  5. Data collection whith XBRL XBRL Instance <?xml version="1.0" encoding="UTF-8"?> <xbrli:xbrl xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase"xmlns:pfs="http://www.nbb.be/be/fr/pfs/ci/2011-04-01"xmlns:xbrli="http://www.xbrl.org/2003/instance"xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="pfs-abbr-2011-04-01.xsd" xlink:type="simple"/> <xbrli:context id="CurrentInstant"> <xbrli:entity> <xbrli:identifier scheme="http://www.fgov.be">BE0400000086</xbrli:identifier></xbrli:entity> <xbrli:period> <xbrli:instant>2010-12-31</xbrli:instant> </xbrli:period></xbrli:context><xbrli:unit id="U-EUR"> <xbrli:measure>iso4217:EUR</xbrli:measure></xbrli:unit> <pfs:Assets contextRef="CurrentInstant" decimals="INF" unitRef="U-EUR">1</pfs:Assets> <pfs:EquityLiabilities contextRef="CurrentInstant" decimals="INF" unitRef="U-EUR">1</pfs:EquityLiabilities> </xbrli:xbrl>

  6. Data collection with XBRL • Issues • Whichtaxonomy and how to createit? • Whichtools for data entry and filing of instance XBRL? • Wich data processing and dissemination? • Need a close collaboration between business experts and IT experts to define the best solution in function of the business requirements

  7. Data collection with XBRL • Adoption of XBRL in Belgium • National bank of Belgium • Banking supervisor - FINREP/COREP (2006) • Central Balance sheet office - Annual accounts (2007) • Insurance supervisor (Solvency II) (2012 - 2014) • Federal public services (FPS) • Business surveys (2009) • Companies income tax (2011) • NBB projects led to different solutions, because of different timing and requirements

  8. Agenda • Introduction • XBRL for annual accounts filing • XBRL for supervisory reporting • Conclusion

  9. Annual accounts – Legal context • Missions Central Balance Sheet Office (transposition of European Directives) • gathering and dissemination of (information contained in) individual annual accounts • handling standardized data for drawing up overall statistics • Filing obligations for more than 355.000 enterprises and Non Profit Organisations

  10. Annual accounts – XBRL project • Beginning of 2004: annual accounts are filed on paper, on floppy disc and via the Internet • Decision of CBSO to switch to XBRL to • obtain data in a standard format • simplify maintenance and reduce maintenance (and in consequence filing) costs • create a more efficient and flexible filing process • 2005 : first taxonomy • 2007 : first annual accounts of Belgian enterprises filed in XBRL format

  11. Annual accounts – Requirements (1) • PDF rendering to reproduce the formal layout of annual accounts for official publication and consultation by the public • Annual accounts include non standard parts • Auditor report • PDF documents • Administrators list • Insert most of the rendering parameters in the taxonomy instead of managing them outside • Allow multilingualism

  12. Annualaccounts – Requirements (2) • A few models of annualaccountrevisedeachyear • Definition of the business in the hand of CBSO • Minimizeannual IT development • Large volume of annualaccountsrequireshigh performance • User friendlyfilingprocess for a broad public without IT skills • Acceptance of annualaccounts if payment of filingfeeswithin 7 daysafterfiling

  13. Annual accounts – XBRL Taxonomy • BE-GAAP Taxonomy • Currentlinkbases for annualaccounts • Presentation • Label • Reference • Linkbases not available in 2007 and wichcouldbeused in the near future • Formula • Versioning • Linkbases not planned to be used in the near future • Definition (dimensions) • Rendering

  14. Annual accounts – XBRL Taxonomy Entry points FPS Economy CBSO (NBB) FPS Finance Building blocks Formulas Core taxonomies CBSO (NBB) FPS Fin. FPS Econ. Dimensions Data types Global common document (*) * identification data

  15. Annualaccounts – XBRL Taxonomy

  16. Annualaccounts– Data entry / Filing • In-house specific applications for data entry (Sofista) and filing of annualaccountswith XBRL

  17. Annualaccounts– Data entry / Filing WWW PDF Software package (private) 3D certificate Instance document Taxonomy Filing Application XBRL files 3D certificate Data Entry CBSO Database Validator Data Entry (Sofista) Rendering CBSO

  18. Annual accounts – Data entry / Filing Data entry (Sofista)

  19. Annualaccounts– Data entry / Filing Rendering (Sofista / Filing)

  20. Annual accounts – Data entry / Filing • 388.015 annual accounts filed in 2011,of which • 0,5 % on paper • 2,1 % in form of a PDF file • 97,4 % in form of an XBRL file

  21. Annualaccounts– Data entry / Filing Filing per days (2009)

  22. Annual accounts – Output XBRL Files PDF • PDF, XBRL files • Free of charge online • Website • Accounting data • Webservice • DVD Data • CBSO sectoralstatistics • CD-Rom • Website CBSO Database • CBSO Company report • Paper • Website (12/2012) CBSO Datawarehouse Business survey (FPS Eco) • CBSO / NBB • Statistics on demand • BACH, BACH-ESD • Analysis Accounting data Database XBRL Business survey National accountsDatabase National accounts statistics (NBB)

  23. Annual accounts – Output Online consultations per month Januari 2012 916.000 consultation February 2008 Start free of charge application Volume x 2

  24. Agenda • Introduction • XBRL for annual accounts filing • XBRL for supervisory reporting • Conclusion

  25. Supervisoryreporting – Context • Financial Reporting based on IFRS (FINREP) • 30/03/2005: Belgian FINREP reporting framework • 12/08/2005: Belgian FINREP taxonomy published • 01/01/2006: First Belgian XBRL reporting [XBRL = mandatory] • 01/01/2007: European framework & taxonomy [XBRL = mandatory]

  26. Supervisory reporting – Context • Common Reporting of the new Solvency ratio (COREP) • 01/01/2007: Application of COREP is optional (10%). • 01/01/2008: Application of COREP is mandatory • 150 institutions of which almost 50% banks • Applying COREP = applying XBRL

  27. Supervisory reporting - Requirements • Flexibility • Answer to rapidly changing needs : FINREP, COREP • Shielding complex XBRL-taxonomy • Declarers can easily report • Regulators can easily handle the data • Safety • Reliability • Few (or even no) IT-involvement

  28. Supervisory reporting - OneGate Internal Application External Application • Security • Data Entry • Manual • File Upload (CSV, XML, XBRL) • Fulfill Report Obligations • Send Messages • Manage ReportingObligations • Define(XBRL-)Reports • Different Roles, Different Access • SendMessages

  29. Supervisory reporting - OneGate Make this cell unavailable ... but only for some users This value is retreived from another reporting If the value in this cell is not conform some rule, alert the declarer. This cell is the sum of all the above cells • How long does it take to define a simple form and make it accessible to a user? • How large is the IT-investment?

  30. Supervisory reporting - XBRL in Onegate Introduction of XBRL: OneGate acts as a buffer, absorbing a taxonomy and releasing a user-friendly interface. XBRL - concepts Dimension Linkbase Past Evolutions of XBRL: With each new XBRL-standard, OneGate evolves. • FINREP - 2006 - Introduction of Concepts • COREP - 2007 - Introduction of Dimensions

  31. Supervisory reporting - Current Projects around XBRL Next Evolutions in XBRL(and OneGate): • Formula Linkbase - 2012 • Rendering Linkbase - 2012 • CSV-import - 2012 • OneGate is ready for these future taxonomies and XBRL evolutions • New FINREP & COREP (01/01/2013) • Solvency II (01/06/2013)

  32. Agenda • Introduction • XBRL for annual accounts filing • XBRL for supervisory reporting • Conclusion

  33. Conclusion • XBRL is a flexible language that makes the business easier • XBRL enhance standardisation and reduce maintenance costs • Use of XBRL needs a close collaboration between business experts and IT experts to define the best solutions in function of the business requirements

  34. Conclusion • Implementation of XBRL may vary from one project to another depending on requirements • Answer the three issues • Which taxonomy and how to create it? • Which tools for data entry and filing of instance XBRL? • Wich data processing and dissemination?

  35. Contacts • National bank of Belgium http://www.nbb.be Central balance sheet office Bertrand.jadoul@nbb.be General statistics department Rogier.Vanherpe@nbb.be • XBRL Belgium • http://www.xbrl.be

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