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Adopting XBRL in the Financial Statements Data Pool of Deutsche Bundesbank

Adopting XBRL in the Financial Statements Data Pool of Deutsche Bundesbank. Dominik Elgg Deutsche Bundesbank Statistics Department. Contents. I. The Financial Statements Data Pool 1. The project 2. Benefits from pool 3. Considered data and benchmark statistics

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Adopting XBRL in the Financial Statements Data Pool of Deutsche Bundesbank

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  1. Adopting XBRL in theFinancial Statements Data Poolof Deutsche Bundesbank Dominik Elgg Deutsche BundesbankStatistics Department

  2. Contents • I. The Financial Statements Data Pool • 1. The project • 2. Benefits from pool • 3. Considered data and benchmark statistics • 4. Participation and status • II. XBRL as data format • 1. Information chain • 2. Issues and problems - Solution through XBRL • 3. Special requirements and examples • 4. Status and outlook • III. Advantages and challenges from a technical and programming perspective.

  3. I. Financial Statements Data PoolThe project • Joint project of Bundesbank and German financial institutes • Idea: Pool of financial statements which is filled by several contributors • Project rests upon the principles: • Voluntary participation • Reciprocity • Data protection (anonymous data) • Low costs for participants.

  4. Benefits from pool • Participants: extensive benchmark statistics (ratios) • Advantage of enlarged dataset • Bundesbank: continuation and extension of corporate financial statements statistics • Dataset is basis for micro- and macroeconomic analyses • Providing information (statistics) to the public • Compensation for reduction of Bundesbank‘s own dataset.

  5. Considered data • Financial statements of German companies: • Only individual accounts (no consolidated accounts so far) • Basically data on income statement and balance sheet • Non-financial companies • Only based on German Commercial Code.

  6. Benchmark statistics (financial ratios and differentiation) • More than 180 ratios • Preparation by sector, size, legal form, region and year • Differentiation as far as data protection allows • Quartiles as statistical parameters • Quarterly update of the statistic • Calculation of ratios for nearly 70.000 groups per year.

  7. Example

  8. Participation • Banks • Credit insurers • Datev • Other institutes with considerable datasets • Bundesbank • Current participation: 9.

  9. Current status • Database started 4th quarter 2003 • 125.000 financial statements per year (gross) • Deduction of duplicates • Deduction of deficient data • More than 85.000 financial statements per year (net) • Shipment of 4 benchmark statistics so far.

  10. II. XBRL as data format • Two different possibilities for sending data to Bundesbank: • XBRL • Alternative: plain text format.

  11. XBRL Information chain • Partner • Banks • Credit insurers • etc. Bundesbank Statistics • Ratios • Cash Flow • Profitability • Leverage • ... • ... by legal form • ... by sector • ... by size • ... by region • ...by year POOL Financial statement Financial statement Financial statement Financial statement Financial statement Database Financial statements of German non-financial companies

  12. Issues and problems • Participating institutes have different recording systems • Partners have different guidelines for keying data into the recording system • Bias in the data • Problems in the identification process of duplicates.

  13. Why XBRL? • Standardised, non-proprietary format for exchanging financial statements data • Data which comes directly from companies is qualitatively better than data that is manually keyed in into the recording system • In the long-term XBRL might lead to the same data scheme and guidelines, as a basis for analysing financial statements. • Scheme of pool dataset (relational database) is based on German taxonomy.

  14. The issue of data quality - examples • Several data sources with different data quality • Strict quality checks • About 10% loss of data in historic data due to big errors, maximum of 5% in actual data • Thousands of minor errors • With the XBRL test data we received so far: 0 errors.

  15. Specific requirements on data format • Anonymous data (data protection) • Separation of characteristics (e.g. legal form) from accounting entries (data protection) • Add-on items not represented in taxonomy • Creation of an extended XML/XBRL framework while keeping the advantages of XBRL.

  16. Example XBRL Instance Document <?xml version="1.0" encoding="iso-8859-1" standalone="no"?> <xbrlxmlns="http://www.xbrl.org/2001/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:t="http://www.xbrl.org/german/ap/ci/2002-02-15" xsi:schemaLocation="http://www.xbrl.org/german/ap/ci/2002-02-15 german_ap.xsd"> <numericContextid=“nc1“ precision=“5"cwa="false"> <entity> <identifierscheme="www.dax.de">ABC S.A</identifier> </entity> <period> <startDate>2000-01-01</startDate> <endDate>2000-12-31</endDate> </period> <unit> <measure>ISO4217:EUR</measure> </unit> </numericContext> <t:bs.assnumericContext=" nc1">11000000</t:bs.ass><!-- Total Assets--> <t:bs.ass.fixAssnumericContext=" nc1">8000000</t:bs.ass.fixAss><!-- Non current assets --> <t:bs.ass.currAssnumericContext=" nc1">2000000</t:bs.ass.currAss> <!-- Current assets--> ... <!-- ... --> <t:bs.eqLiabnumericContext=" nc1">11000000</t:bs.eqLiab><!-- Total equity & liabilities --> <t:bs.eqLiab.equitynumericContext=" nc1">3000000</t:bs.eqLiab.equity> <!-- Equity --> <t:bs.eqLiab.liabnumericContext=" nc1">7000000</t:bs.eqLiab.liab><!-- Liabilities --> ... <!-- ... --> </xbrl>

  17. Accounting entries <?xml version="1.0" encoding="iso-8859-1" standalone="no"?> <xbrlxmlns="http://www.xbrl.org/2001/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:t="http://www.xbrl.org/german/ap/ci/2002-02-15" xsi:schemaLocation="http://www.xbrl.org/german/ap/ci/2002-02-15 german_ap.xsd"> <numericContextid=“nc1“ precision=“5"cwa="false"> <entity> <identifierscheme="www.dax.de">ABC AG</identifier> </entity> <period> <startDate>2000-01-01</startDate> <endDate>2000-12-31</endDate> </period> <unit> <measure>ISO4217:EUR</measure> </unit> </numericContext> <t:bs.assnumericContext=" nc1">11000000</t:bs.ass><!-- Total Assets --> <t:bs.ass.fixAssnumericContext=" nc1">8000000</t:bs.ass.fixAss><!-- Non current assets --> <t:bs.ass.currAssnumericContext=" nc1">2000000</t:bs.ass.currAss> <!-- Current assets --> ... <!-- ... --> <t:bs.eqLiabnumericContext=" nc1">11000000</t:bs.eqLiab><!-- Total equity & liabilities --> <t:bs.eqLiab.equitynumericContext=" nc1">3000000</t:bs.eqLiab.equity> <!-- Equity --> <t:bs.eqLiab.liabnumericContext=" nc1">7000000</t:bs.eqLiab.liab><!-- Liabilities --> ... <!-- ... --> </xbrl>

  18. Context <?xml version="1.0" encoding="iso-8859-1" standalone="no"?> <xbrlxmlns="http://www.xbrl.org/2001/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:t="http://www.xbrl.org/german/ap/ci/2002-02-15" xsi:schemaLocation="http://www.xbrl.org/german/ap/ci/2002-02-15 german_ap.xsd"> <numericContextid=“nc1“ precision=“5"cwa="false"> <entity> <identifierscheme="www.dax.de">ABC AG</identifier> </entity> <period> <startDate>2000-01-01</startDate> <endDate>2000-12-31</endDate> </period> <unit> <measure>ISO4217:EUR</measure> </unit> </numericContext> <t:bs.assnumericContext=" nc1">11000000</t:bs.ass><!-- Total Assets --> <t:bs.ass.fixAssnumericContext=" nc1">8000000</t:bs.ass.fixAss><!-- Non current assets --> <t:bs.ass.currAssnumericContext=" nc1">2000000</t:bs.ass.currAss> <!-- Current assets --> ... <!-- ... --> <t:bs.eqLiabnumericContext=" nc1">11000000</t:bs.eqLiab><!-- Total equity & liabilities --> <t:bs.eqLiab.equitynumericContext=" nc1">3000000</t:bs.eqLiab.equity> <!-- Equity --> <t:bs.eqLiab.liabnumericContext=" nc1">7000000</t:bs.eqLiab.liab><!-- Liabilities --> ... <!-- ... --> </xbrl>

  19. Extended XML/XBRL framework(accounting entries) <?xml version="1.0" encoding="ISO-8859-1" ?> - <financialStatementDelivery xmlns="http://www.bundesbank.de/spool/datenlieferung/2003-01-01" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2001/instance" xmlns:t="http://www.xbrl.org/german/ap/ci/2002-02-15" xmlns:ISO4217="http://www.iso.org/4217" xsi:schemaLocation="http://www.bundesbank.de/spool/datenlieferung/2003-01-01 spool.xsd" partnerName="Testpartner" partnerId=“0000000" creationDate="2003-01-01" deliveryId="1"> - <financialStatement companyId="1" yearMonth="2000-12"> <reportType>h</reportType> <reportStatus>e</reportStatus> <incomeStatementType>g</incomeStatementType> <currency>DEM</currency> - <xbrli:xbrl> - <xbrli:numericContext id="nc1" precision="8" cwa="false"> - <xbrli:entity> <xbrli:identifier scheme="urn:www.partner.de/">3,1/3</xbrli:identifier> </xbrli:entity> - <xbrli:period> <xbrli:startDate>2000-01-01</xbrli:startDate> <xbrli:endDate>2000-12-31</xbrli:endDate> </xbrli:period> - <xbrli:unit> <xbrli:measure>ISO4217:DEM</xbrli:measure> </xbrli:unit> </xbrli:numericContext> <t:bs.ass numericContext="nc1">1338066</t:bs.ass> <t:bs.ass.accountingConvenience numericContext="nc1">0</t:bs.ass.accountingConvenience> <t:bs.ass.accountingConvenience.changeDem2Eur numericContext="nc1">0</t:bs.ass.accountingConvenience.changeDem2Eur> <t:bs.ass.accountingConvenience.startUpCost numericContext="nc1">0</t:bs.ass.accountingConvenience.startUpCost> <t:bs.ass.currAss numericContext="nc1">749385</t:bs.ass.currAss> <t:bs.ass.currAss.cashEquiv numericContext="nc1">259760</t:bs.ass.currAss.cashEquiv>

  20. Status of XBRL project in data pool • Implementation completed • Successful tests with test data and authentic data • As the first partner, Datev will send XBRL data from this quarter on.

  21. III. Advantages and challenges Pros and Cons from a programming perspective: • Possible validation on sender side • Flexibility of XML • Lower effort of programming • Minor error rate • XBRL as non-proprietary format • Current ‘Hybrid‘ format • Some familiarisation with XBRL/XML • Dependency on external XBRL-specification • File size.

  22. Advantages from an accounting perspective • Structured data instead of paper or PDF’s • Non-proprietary standard • Separation of content from presentation • Flexibility: taxonomies can be created individually • Independent of information type (e.g. accounting standard) • XML as basis is rather easy to understand • Knowledge transfer: taxonomies can be created together (e.g. 1001 working groups filled by auditors, data receivers, software companies).

  23. Challenges from an accounting perspective • Dependency on an independent organisation (e.g. enduring specification) • [Dependency on software (companies)] • Sender has to be convinced of using XBRL.

  24. Outlook • Integration of IFRS financial statements: • Relevant for individual accounts from 2005 on (2006). • Potential integration of consolidated accounts • Use of IFRS (and SME-IFRS) taxonomy • Use of results of III WG on IFRS impact and CBSO databases (group of Manuel Ortega - Banco de España) • Use of potential extensions of German jurisdiction.

  25. Vision for the next 5 to 10 years • XBRL is used by all participants: sending and receiving • 10.000 to 20.000 financial statements of German companies based on SME-IFRS that can be compared to their European counterpart.

  26. ??? Questions & Answers !!!

  27. Contact information Dominik Elgg DEUTSCHE BUNDESBANK Financial Statements Data Pool Statistics Department Tel. +49 69 9566 8589 Email: dominik.elgg@bundesbank.de

  28. <end> Thank you very much! </end>

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