Data collection with XBRL Different solutions for different requirements Bertrand Jadoul Central Balance Sheet Office Rogier Vanherpe Statistics department Workshop Eurostat Luxembourg, 23th March 2012

Agenda Introduction XBRL for annual accounts filing XBRL for supervisory reporting Conclusion

What is XBRL? eXtensible Business Reporting Language Electronic reporting 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 reporting vocabularies Mathematical relationships Human representation Multi dimensional financial data representations

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

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>

Data collection with XBRL Issues Which taxonomy and how to create it? Which tools 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

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

Agenda Introduction XBRL for annual accounts filing XBRL for supervisory reporting Conclusion

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

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

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

Annual accounts – Requirements (2) A few models of annual account revised each year Definition of the business in the hand of CBSO Minimize annual IT development Large volume of annual accounts requires high performance User friendly filing process for a broad public without IT skills Acceptance of annual accounts if payment of filing fees within 7 days after filing

Annual accounts – XBRL Taxonomy BE-GAAP Taxonomy Current linkbases for annual accounts Presentation Label Reference Linkbases not available in 2007 and wich could be used in the near future Formula Versioning Linkbases not planned to be used in the near future Definition (dimensions) Rendering

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

Annual accounts – XBRL Taxonomy

Annual accounts – Data entry / Filing In-house specific applications for data entry (Sofista) and filing of annual accounts with XBRL Sofista Filing Upload ( Ö ) Ö Data entry Validation Payment Rendering Data consuming

Software package (private) Annual accounts – Data entry / Filing WWW PDF Software package (private) 3D certificate Instance document Taxonomy Filing Application XBRL files 3D certificate Data Entry CBSO This slides shows the general process of the CBSO project for filing annual accounts: Taxonomy is used by programs (NBB Web application called Sofista or private software packages) in order to produce a valid Instance document containing the data. This XBRL Instance document is uploaded on the CBSO website and has to be validated by a program (Validator icon). Access to the NBB applications (Data Entry and Filing) is linked to a digital certificate. Valid Instance documents are accepted, converted into PDF file (Rendering icon) and spread to any interested people. The data are loaded into the database to be handled for statistical purpose. In the near future, xbrl instance documents could be also available on the CBSO website. Database Validator Data Entry (Sofista) Rendering CBSO

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

Annual accounts – Data entry / Filing Rendering (Sofista / Filing)

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

Annual accounts – Data entry / Filing Filing per days (2009) Peak period end augustus One filing each 2 seconds

Annual accounts – Output PDF XBRL Files PDF, XBRL files Free of charge online Website Accounting data Webservice DVD Data CBSO sectoral statistics 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 accounts Database National accounts statistics (NBB)

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

Agenda Introduction XBRL for annual accounts filing XBRL for supervisory reporting Conclusion

Supervisory reporting – 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

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

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

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

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?

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

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)

Agenda Introduction XBRL for annual accounts filing XBRL for supervisory reporting Conclusion

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 XBRL was in our opinion a good choice: Thanks to XBRL, effective cost reduction for companies can be estimated to 17,3 millions EUR but it could easily reach 37 millions EUR , eliminating the residual paper for standardized annual accounts and removing the publication of filing notice to the Official Gazette Driven by the NBB, XBRL has been an accelerator, speeding up the synergies between regulators, The Belgian authorities made the choice of instruments generally considered as best practices in administrative simplification the application of the "only-once principle" the use of information and communication technologies, such as the Internet and the XBRL technology.   Combining Internet and XBRL has demonstrated us that it is possible to follow the "ask only once" principle and to keep benefits from detailed financial reporting.

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? XBRL was in our opinion a good choice: Thanks to XBRL, effective cost reduction for companies can be estimated to 17,3 millions EUR but it could easily reach 37 millions EUR , eliminating the residual paper for standardized annual accounts and removing the publication of filing notice to the Official Gazette Driven by the NBB, XBRL has been an accelerator, speeding up the synergies between regulators, The Belgian authorities made the choice of instruments generally considered as best practices in administrative simplification the application of the "only-once principle" the use of information and communication technologies, such as the Internet and the XBRL technology.   Combining Internet and XBRL has demonstrated us that it is possible to follow the "ask only once" principle and to keep benefits from detailed financial reporting.

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