XBRL in Europe Projects, users and… jurisdictions Olivier Servais, XBRL in Europe – Permanent Secretary XBRL Int’l Steering Committee – Member Wednesday, 8 June 2005

CEBS has taken the initiative to develop a common framework for reporting of the solvency ratio and we are also developing a standardised framework for prudential reporting of financial data. Formal consultation on concerning common reporting has just been closed and consultation on financial reporting runs until early July. It is CEBS’ intention that these reporting frameworks would apply in all Member States. The proposed technical solution does not affect existing reporting systems and the recommended solution is based on XML/XBRLprotocol. CEBS is providing XBRLcoding free of charge to keep the installation costs as low as possible. http://www.c-ebs.org/Consultation_papers/consultationpapers.htm XBRL in Finland Wednesday, 8 June 2005

XBRL in Finland Wednesday, 8 June 2005

XBRL in Finland Wednesday, 8 June 2005

XBRL in Finland Wednesday, 8 June 2005

XBRL in Finland Wednesday, 8 June 2005

Consolidated Profit and Loss Account 13/11/2018 Consolidated Profit and Loss Account Blah blah Blah blah Blah blah blah Profit 925 448 Earnings per share 30.6 11.0 But if there isn’t agreement on what each of those details mean, naturally this is what you’ll get. XBRL in Finland Wednesday, 8 June 2005

Agenda X what ? In Europe ? What is XBRL ? Who’s driving XBRL ? Overview of XBRL projects (not only) in Europe Forming a jurisdiction What is XBRL ? Who’s driving XBRL ? Overview of XBRL projects (not only) in Europe Forming a jurisdiction XBRL in Finland Wednesday, 8 June 2005

eXtensible Business Reporting Language Benefits : 13/11/2018 eXtensible Business Reporting Language Universal XML-based royaly-free standard to improve publishing, exchange, analysis & comparison of financial data Dedicated to : regulators, companies, banks, insurance, software vendors, analyst, auditors & accountants … GAAP translated in a taxonomy Benefits : No need to re-type -> less time, no more errors, … Improving control over the process of delivering detailed reporting to investors and other stakeholders Limited in costs (royalty-free) Multi-language & Multi-media Enhance insights and transparency Enhance quality and usability of information Enhance IAS/IFRS conversion Subset conçu par un comptable, et non par l’IT Récent mais déjà largement adopté XBRL in Finland Wednesday, 8 June 2005

How does XBRL differ from XML Multi-dimensional financial data representations Financial reporting vocabularies (taxonomies) Aliases and other definition relationships (linkbases) Mathematical relationships between concepts Flexibility about how to present items to users Stucture for authoritarive policies and guidance XBRL in Finland Wednesday, 8 June 2005

XBRL Specification History Increasing resources applied Increasingly thorough Higher standards External Deadline on 2.1 XML Linking FRIS 1.0 Boston Mtg. XML Schema Tampa Mtg. FRTA 1.0 XFRML XBRL 1.0 XBRL 2.0 XBRL 2.0a Tulip XBRL 2.1 LRR 1.0 12/04 10/99 6/00 12/00 5/01 12/01 11/02 1/03 12/03 2000 2001 2002 2003 2004

Business Event Reporting The Supply Chain Regulatory Filings Financial Statements G/L Journal Entry Reporting External Financial Reporting Business Operations Internal Investment and Lending Analysis Processes Business Event Reporting Audit Schedules Tax Filings Participants Stakeholders and Investors Companies Financial Publishers and Data Aggregators Trading Partners Management Accountants Auditors Regulators Software Vendors XBRL in Finland Wednesday, 8 June 2005

13/11/2018 XBRL in Finland Wednesday, 8 June 2005

Live and future software applications Adobe Cartesis Corel DecisionSoft FRS Fujitsu I-Metrix of Edgar Online Microsoft Office Microsoft Business Solutions Oracle Rivet Dragon Tag Semansys SAS SAP Software AG SUN Tibco … XBRL in Finland Wednesday, 8 June 2005

Monitor, Audit & Control 13/11/2018 The Business Reporting Supplychain Based on XBRL GL Source Systems Reporting Internal Reporting Pipeline Annual(Quarterly) Reporting Financial Systems Journal Entries Sub Ledgers Journalize Accounts Payable Accounts Receivable Order Entries Purchasing Fixed Assets Human Resource Payroll Regulatory Reporting General Ledger Aggregation Consolidation Tax Financial Reporting Decision Support Manual Transaction Business Activity Transaction Detail Late Entries Adjustments Manual Entries Business Activity Management Extract & Transform Financial Data Mart / Repository Business Events Benchmark & Analysis Source Documents Budgeting & Forcasting Monitor, Audit & Control

But where are we in the life cycle? XBRL in Finland Wednesday, 8 June 2005

Significant benefits Improving control over the process of delivering detailed reporting to stakeholders Facilitating conversion to new or alternative reporting models (IFRS, Basel II, SOX) Multi-media support (“Produce one, render many”) : web, CD, papier… Interoperability with other XML (ebXML, Tax XML…) Can compare facts across reporting entities Authenticated data warranty Ease-of-use : web browser, Excel, Access, SQL-database application Enhance insights and transparency Enhance quality and usability of information Lower risks of ‘misunderstanding’ XBRL in Finland Wednesday, 8 June 2005

Agenda What is XBRL ? Who’s driving XBRL ? Overview of XBRL projects (not only) in Europe Forming a jurisdiction What is XBRL ? Who’s driving XBRL ? Overview of XBRL projects (not only) in Europe Forming a jurisdiction XBRL in Finland Wednesday, 8 June 2005

International Steering Committee XBRL international Governance & Operational structure 13/11/2018 Board of Advisors (5 to 19 members) Not Yet Established Executive Committee* (7 members) International Steering Committee Chair: Kurt Ramin appoints elects ISC chair after term expires member of Immediate Past ISC Chair Vacant 1st Vice Chair Paul Penler 2nd Vice Chair Walter Hamscher * At Large EC Representation from ISC elects Established Jurisdiction Representatives CA Bill Swirsky AU Paul Phenix IASB Kurt Ramin NZ Graeme Sinclair UK Chris Rodgers DE Norbert Flickinger US Paul Penler* JP Eiichi Watanabe * NL Jan Pasmooij IR Conor O’Kelly SP Federico Florez * ISC Representatives At Large Representatives Michael Ohata* Vincent Bert Mike Willis Walter Hamscher John Turner Makoto Koizumi Hugh Wallis President ** Louis Matherne Olivier Servais ISC Seat Key No Seat on ISC **Standing Provisional Jurisdictions Korea Sweden Belgium France Denmark

XBRL Int’l Governance & Operational structure 13/11/2018 ISC Subcommittees & Product Development Team International Steering Committee Chair: Kurt Ramin Bylaws Subcommittee Chair - Hugh Wallis Executive Committee Advisory Board Selection Subcommittee Chair – Mike Willis Vice Chair – Olivier Servais XII Staff* Working Groups Finance Subcommittee Chair – Kurt Ramin Accounting Chair: Daniel Roberts Vice Chair: open Assurance Chair: Jan Pasmooij Vice Chair: Bill Swirsky Jurisdev Subcommittee Chair – Liv Watson Vice Chair: open Basel II Chair: Daniel D’Amico Domain Chair: Josef MacDonald Vice Chair: Marc van Hilvoorde Nominating Subcommittee Chair – Bill Swirsky Vice Chair – Conor O’Kelly General Ledger Chair: Hugh Wallis Vice Chair: Diane Mueller Solutions Chair: Michael Ohata Vice Chair: Paul Snijders Specification Chair: Paul Warren Vice Chair: Cliff Binstock Product Development Team Chair – Walter Hamscher * Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract)

XBRL in Europe The Project Theme : “Speeding up the development 13/11/2018 XBRL in Europe The Project Theme : “Speeding up the development and adoption of XBRL in Europe” Supported by the 6th Framework Program : IST-2002-2.3.1.9 - Networked businesses and governments Focus: Increase awareness Founding jurisdictions Internet Permanent secretariat Key features Neutral & Independent Two-way dialogue ICT dimension Infrastructure Outcome XBRL in Finland Wednesday, 8 June 2005

Agenda What is XBRL ? Who’s driving XBRL ? Overview of XBRL projects (not only) in Europe Forming a jurisdiction What is XBRL ? Who’s driving XBRL ? Overview of XBRL projects (not only) in Europe Forming a jurisdiction XBRL in Finland Wednesday, 8 June 2005

30+ projects ! XBRL projects in Europe National Pan-european UK Inland Revenue UK Financial Services Authority UK Companies House Datev/Bundesbank Danish Commerce & Companies (DCCA) Bank of Spain Bank of Belgium – Balance sheet office Belgian Banking supervisors Dutch Water Boards Dutch Statistics agency (CBS) Dutch government Pan-european XBRL in Europe – FP6 ICISA (CRAS group) Eurostat (feasability study) IASB CEBS – COREP (Basel II) 30+ projects !

Projects and future applications in 13/11/2018 Projects and future applications in Organisation Application Project Target Target date Balance sheet deposit Collection of raw data Statistical process Interface to other reg’s NBB taxonomy devpt Review the supply chain Review the process Reporting tool 270,000/yr 1 Apr, 2007 Prudential & Financial control for Banks, insurances, investment firms, pension funds and listed companies Prudential (IFRS) Banking reporting (Schema A) Prudential Banking reporting (Basel II) Every consolidated bank Every bank 1 Jan, 2006 1 Jan, 2007 Coordinating actions for banks IFRS Bank taxonomy devpt Balance sheet deposit (Tax on web) Awareness & Evaluation Review of process 210,000/year TBD Awareness Evaluation

13/11/2018 €350+ Millions Before speaking about jurisdictions, it may be interesting for the EU to know how XBRL is now expanding in some EU countries XBRL in Finland Wednesday, 8 June 2005

XBRL in Finland Wednesday, 8 June 2005

Projects and future applications in Contribution to IFRS FS taxonomy extensions Financial statements to Bank of Spain Pilot project at the Agency for registrations of companies & balance sheet Spanish Stock Exchange Anti-Money Laundering Recent new members: Ministry of Finance Ministry of Industry Tax Agency XBRL in Finland Wednesday, 8 June 2005

Self-assessment MPSnet: il workflow Tuesday, 13 November 2018

Borsa Italiana’s vision concerning XBRL Borsa Italiana view of XBRL Borsa Italiana’s vision concerning XBRL Listed comps Adobe Intelligent Form (pre-defined) Excel (pre- defined) XBRL instance builder The instance document could also be sent to: Listed company’s website Info vendors Media Regulators NIS Borsa Italiana public website XBRL validator Errors msgs DBMS XML XBRL Borsa Italiana

Insurance Corporation - Today Federal Deposit Insurance Corporation - Today 8 200 Banks FDIC OCC FRB OTS NCUA Multiple copies of data exist inside multiple agencies (error prone) Avg. of 60-70 days to receive, validate + publish filings (not timely) Estimated processing costs over next 10 years - $65 million (costly) March 2003 reports had nearly 18 000 errors that needed to be corrected (integrity issues) 1 000 basic math errors 17 000 quality (validation) errors XBRL in Finland Wednesday, 8 June 2005

Insurance Corporation - Future Federal Deposit Insurance Corporation - Future 8 200 Banks FDIC OCC FRB OTS NCUA FFIEC XBRL open source data standard used for communicating report requirements, validations, instructions (timeliness/flexibility) Filers required to submit data in XBRL format over the web (automation) Multiple sources of data => SINGLE SOURCE (integrity) Processing Time 60 - 70 days => 32 Days (timeliness) Processing Costs $65M => $39M, a savings of $26M (cost/efficiency) Cost savings to the U.S. banking agencies accrue when the system is extended to other data series XBRL in Finland Wednesday, 8 June 2005

Operational launch is planned for the third quarter – October 1, 2005 13/11/2018 Operational launch is planned for the third quarter – October 1, 2005 Additional information available at: www.FFIEC.gov/FIND

XBRL kick-off meeting Poland Friday, 25 February 2004

XBRL kick-off meeting Poland Friday, 25 February 2004

Agenda What is XBRL ? Who’s driving XBRL ? Overview of XBRL projects (not only) in Europe Forming a jurisdiction What is XBRL ? Who’s driving XBRL ? Overview of XBRL projects (not only) in Europe Forming a jurisdiction XBRL in Finland Wednesday, 8 June 2005

XBRL in Europe Jurisdictions Established Ireland Germany Spain The Netherlands United Kingdom Provisional Sweden Belgium Denmark France In construction Czech Republic Italy Hungary Norway Poland Portugal In project Slovenia, Austria, Greece, Luxemburg, Malta Finland ?

Jurisdiction start-up Benefits Federate local interests around a common project Sharing experiences on local, European and International level Recognition of the group as the only official XBRL organisation in your country Access for named working party individuals to XBRL International internal resources Ability to submit taxonomies for approval to XBRL International Ability to participate in XBRL International working groups and beeing involved in XBRL developments around the world Voting Representation on Steering Committee (Established) Eligible to host International Conference From Provisional to Established : A provisional jurisdiction is only allowed to remain provisional for two years XBRL in Finland Wednesday, 8 June 2005

Jurisdiction start-up Roadmap Identify ALL local key players for Supervisors and regulators Federations of users : banks, accountants, securities & companies Checking connections at firms, software vendors within European and International consortium Identify one or two leader(s) from a neutral, independant and agreed entity Increase and leverage local and national contacts and prepare a first public event Submit the application form to XBRL International Create the first working groups (Domain & MarCom at least) and identify the first contributors Identify (and start) a first (or more) federating XBRL-based project All that in close connection with XBRL International and XBRL in Europe XBRL in Finland Wednesday, 8 June 2005

1st European XBRL Conference for Financial Services Theme : How XBRL will improve Financial Services reporting by 2006 Hosts : XBRL in Europe, with CEBS Keynote speakers: José Maria Roldan (Chairman of Committee of European Banking Supervisors), Pierre-Yves Thoraval (Member of Basel Committee), Peter Praet (Member of the Board of CBFA), Tom Jones (Vice-Chairman of IASB) and representatives of the European Commission and banks (Deutsche Bank, San Paolo IMI + Borsa Italiana) When: 29 June 2005 10.00 – 17.00 Where: Chartered Accountants Hall, London Size: 200+ attendees Audience profile: Bankers and supervisors XBRL in Finland Wednesday, 8 June 2005

Kiitos !  olivier.servais@xbrl-eu.org +32 2 702 64 82 13/11/2018 Kiitos !  olivier.servais@xbrl-eu.org +32 2 702 64 82  +32 2 702 64 75 +32 497 456 456 www.XBRL-eu.org www.XBRL-eu.org/london Vision: les compétences sont indéniables XBRL in Finland Wednesday, 8 June 2005