European Committee of Central Balance Sheet Data Offices XBRL filings with central banks

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European 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

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Agenda

• ECCBSO and III WG
• Standard Formats
• ECCBSO/IASC Foundation Joint XBRL Project
• Use case XBRL filing in Belgium

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European 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)

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WG 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

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Targets 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

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Agenda

• ECCBSO and III WG
• Standard Formats
• ECCBSO/IASC Foundation Joint XBRL Project
• Use case XBRL filing in Belgium

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IFRS-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

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Agenda

• ECCBSO and III WG
• Standard Formats
• ECCBSO/IASC Foundation Joint XBRL Project
• Use case XBRL filing in Belgium

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Cooperation 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)

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Cooperation 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

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Cooperation 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

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Agenda

• ECCBSO and III WG
• Standard Formats
• ECCBSO/IASC Foundation Joint XBRL Project
• Use case XBRL filing in Belgium

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XBRL in European CBSO
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Belgian 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

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Belgian 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

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Belgian 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

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Belgian 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)

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Belgian case - Figures
From April 2th till December 31th 2007
Paper 15
Internet 85
PDF
XBRL
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Belgian 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

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Belgian 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

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Thanks for your attention