Title: European Committee of Central Balance Sheet Data Offices XBRL filings with central banks
1European Committee of Central Balance Sheet Data
OfficesXBRL filings with central banks
Luc Dufresne. Chairman ECCBSO / Head of the
Micro-economic Information Department at the
National Bank of Belgium / Chairman of XBRL
Belgium
- Amsterdam, 25th June 2008
2Agenda
- ECCBSO and III WG
- Standard Formats
- ECCBSO/IASC Foundation Joint XBRL Project
- Use case XBRL filing in Belgium
3European Committee of Central Balance Sheet Data
Offices (ECCBSO)
- Informal group of CBSOs belonging to NIS and NCB
- Experience using accounting data for several
purposes - Risk assessment
- Economic analysis
- Statistics
- Common tool corporation's annual accounts
- Different goals, different questionnaires
- 5 working groups Risk assessment, BACH database,
ESD database, Study WG, IFRS impact and CBSO
databases (III WG)
4WG on IFRS impact - Participants
- Members (NCB)
- Oesterreichische Nationalbank
- National Bank of Belgium
- Banque de France
- Deutsche Bundesbank
- Banco de Portugal
- Banco de España
- Member (private)
- Centrale dei Bilanci
- Observers
- IASCF-XBRL Working Team
- European Central Bank
5Targets IIIWG ECCBSOs mandate
- Monitor and report to ECCBSO on IFRS new projects
(specially SME) - Monitor IFRS impact in Europe
- Monitor the Reporting burden process
- Standard formats
- Update to 2007 changes and to IAS 1
- Format compatible with IFRS for SME
- XBRL and CBSO current use. Update the IFRS-CBSO
taxonomy
6Agenda
- ECCBSO and III WG
- Standard Formats
- ECCBSO/IASC Foundation Joint XBRL Project
- Use case XBRL filing in Belgium
7IFRS-based standard format strategic plan
- Definition of a common format based on IFRS-GP
XBRL taxonomy to organize data interchange in the
future - Creation of an extended and reduced version
- Creation of a taxonomy work in collaboration
with IASCF-XBRL Team - Monitoring with real examples (over 100 European
largest groups) - Storage in a database (ERICA) designed for
analysis purpose
8Agenda
- ECCBSO and III WG
- Standard Formats
- ECCBSO/IASC Foundation Joint XBRL Project
- Use case XBRL filing in Belgium
9Cooperation between ECCBSO and IASCF 1
- Involvement of ECCBSO in the IASCF XBRL team
activities. - ECCBSO representation in XBRL Advisory Council
(XAC) - ECCBSO representation in XBRL Quality Review Team
(XQRT)
10Cooperation between ECCBSO and IASCF 2
- Involvement of IASC Foundation XBRL team in the
ECCBSO activities - Commitment to improve the ERICA database by
anonymizing the data - Sharing IASCF IT resources and infrastructure
(web and application servers) - Consideration of transferring these developments
(including the IP) to ECCBSO
11Cooperation between ECCBSO and IASCF 3
- Foreseeable developments
- Website ECCBSO could get more visibility in the
considered review of the IASCF XBRL website - Communication between both organisations
- An informal call every month to briefly share a
status update - Sharing content for newsletter
12Agenda
- ECCBSO and III WG
- Standard Formats
- ECCBSO/IASC Foundation Joint XBRL Project
- Use case XBRL filing in Belgium
13XBRL in European CBSO
14Belgian case - Legal context
- Gathering and spread
- The Central Balance Sheet Office collects
annually 340.000 annual accounts from 320.000
companies and publishes the annual accounts as
PDF files - Statistical mission
- Data from standardized annual accounts are
handled to produce accurate data for official
bodies (National accounts) - Production of statistics per activity sector
15Belgian case - History
- Electronic filing since 1993
- Proprietary format (text file)
- Heavy to maintain
- On floppy disk
- Filing through Internet since 2004
- In answer to the 1st European Directive
- With digital certificate
- Slow adoption because floppy disk was still an
option
16Belgian case - XBRL purposes
- Why XBRL
- Increase flexibility in the process
- Make the technical maintenance easier
- Harmonize the data format and exchange with other
regulators - Prepare electronic filing of annual accounts
drawn up according to IFRS
17Belgian case - Implementation
- Taxonomy based on Belgian-GAAP
- For filing of individual accounts of
non-financial companies - Launched in April 2007 with free front end
basic application for users - Communication with software vendors from the
beginning of the project - XBRL promoted through financial incentive
regarding the other filing channels (PDF or paper)
18Belgian case - Figures
From April 2th till December 31th 2007
Paper 15
Internet 85
PDF
XBRL
19Belgian case - Objectives achieved ?
- Flexibility ?
- To some extent - not yet in terms of extensions
- Maintenance ?
- Developments costs were cut by 40 for the second
application - Exchange harmonization ?
- Information has to be given only once
- Foreseen projects with other Belgian regulators
- Ready for IFRS ?
- Ready but not yet applied for individual
financial statements
20Belgian case Next steps
- CBSO projects
- Use of XBRL data available
- Extension to other kind of annual accounts
- Belgian authorities
- Federal Service Economy - Statistical business
survey - Federal Service Finance - XBRL taxonomy for
corporate tax declaration
21Thanks for your attention