IFRS and XBRL Working Together Lisbon, 8 February 2007 Josef Macdonald IASC Foundation XBRL Practice Fellow

2 IFRS and XBRL Working Together Contents Introduction IASB and XBRL IFRS Taxonomy Implementations

5 IFRS and XBRL Working Together Portuguese IFRS Taxonomy Translation Team Coordinators Fernando Melo, as representative for Comissão de Normalização Contabilîstica (Portuguese Accounting Standards Board) Translators Joel Vicente, IASC Foundation XBRL Team - now with CoreFiling Margarida Silva Martins, First degree in Economics, Universidade do Minho and presently undertaking a Master in Accounting and Auditing, Universidade do Minho; Auditor (Portuguese Certified Public Auditors Firm) Hugo Alexandre Alves, First degree in Accounting, Instituto Superior Politécnico de Contabilidade do Porto, Universidade do Porto, and presently undertaking a Master in Accounting, Faculdade de Economia, Universidade do Porto; Chartered Accountant Ana Christina Costa Silva, University of Edinburgh Reviewers Ordem dos Revisores Oficiais de Contas

6 IFRS and XBRL Working Together Contents Introduction IASB and XBRL IFRS Taxonomy Implementations

7 IFRS and XBRL Working Together Question: Who owns the IFRS taxonomy? XII - XBRL International ? IASB - International Accounting Standards Board? IASCF - International Accounting Standards Committee Foundation?

8 IFRS and XBRL Working Together Board (14) Steering Committees & Other Advisors Staff IFRIC (12) SAC (52) Trustees (19) IASC Foundation: Organisation Trustees (19)

9 IFRS and XBRL Working Together Contents Introduction IASB and XBRL IFRS Taxonomy Implementations

10 IFRS and XBRL Working Together 10 The IFRS-GP Taxonomy “Space”

11 IFRS and XBRL Working Together IAS 1 para 1: “The objective of this Standard is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. To achieve this objective, this Standard sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. The recognition, measurement and disclosure of specific transactions and other events are dealt with in other Standards and in Interpretations.” Approach:

13 IFRS and XBRL Working Together 13 Traditional Taxonomy Architecture Elements (Schema) Label Calculation Definition Reference Presentation

14 IFRS and XBRL Working Together 14 Current Modularity Elements (Schema) Calculation Definition Presentation Elements (Schema) Label Reference

15 IFRS and XBRL Working Together 15 ifrs-gp-lab xml ifrs-gp xsd Basic Layer All References All Labels (En) Basic Schema (All Concepts) IFRS Taxonomy “instantiation” ifrs-gp-ref xml ifrs-gp-roles xsd restatedLabel.xsd All Linkroles Will disappear with the LRR implementation ifrs-gp-types xsd Schema Types Calculation Presentation Linkbase Modularity Layer ifrs-gp-pre-(...).xml ifrs-gp-fi-pre-(...).xml ifrs-gp-fi-cal-(...).xml ifrs-gp-cal-(...).xml 14 Separate Linkbase files 7 Separate Linkbase files 13 Separate Linkbase files 6 Separate Linkbase files User chooses the Linkbase © IASCF 2005 Labels 3 Separate Linkbase files ifrs-gp-lab-(...).xml

16 IFRS and XBRL Working Together 16 IFRS Taxonomy Modules Manager Its purpose is to allow the user to easily create an XBRL Schema or XBRL Instance file fitting individual requirements (e.g. selecting a language or modules of your choice).

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18 IFRS and XBRL Working Together 18 ABRA IFRS Taxonomy Viewer Official ABRA IFRS Taxonomy Viewer - open source online ABRA viewer Languages: Portuguese German Italian Japanese Spanish Dutch being prepared: Polish, Hebrew, Hungarian, etc.

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20 IFRS and XBRL Working Together 20 Phase 1: (a) IFRS-GP Taxonomy Maintenance Accounting Updates Revisions for 2006 IFRS amendments, new standards and interpretations (that is, standards approved by the IASB as at 1 January 2007) Revisions for feedback received with each iterative release Technical Update Modularisation of the Explanatory Notes Disclosure section Address issues of taxonomy versioning

21 IFRS and XBRL Working Together 21 Phase 1: (b) IFRS-SME Taxonomy Construction Exposure Draft Due for release very soon by IASB Will be closely followed by construction of a prototype stand-alone taxonomy

22 IFRS and XBRL Working Together 22 Phase 2: Taxonomy Enhancements Restructuring the taxonomy to simplify its use Content Additions Update Taxonomy for New XBRL Specifications (Dates subject to XBRL International release) Preparer Guidance

23 IFRS and XBRL Working Together Trustee Recommended Approach The IASC Foundation retains ownership of and key responsibility in the development of the IFRS XBRL taxonomy in order to maintain control of quality, avoid the development of diverging IFRS taxonomies, and address a demand created by regulatory organisations. The IASC Foundation establishes an appropriate collaborative structure, where the IASC Foundation has a professional XBRL staff and utilises volunteers to ensure quality.

24 IFRS and XBRL Working Together Contents Introduction IASB and XBRL IFRS Taxonomy Implementations

25 IFRS and XBRL Working Together 25 ECCBSO European Committee of Central Balance Sheet Data Offices (ECCBSO) XBRL-Enabled IFRS Standard Format The ECCBSO has developed a standardised common digital reporting format based on International Financial Reporting Standards (IFRS) - using MS Excel and the eXtensible Business Reporting Language (XBRL) Prototype IFRS-GP extension and instance creation using real company data

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27 IFRS and XBRL Working Together 27 FINREP Committee of European Banking Supervisors (CEBS) CEBS is supporting the development of two taxonomies as record in the XBRL standard. The COREP taxonomy (Basel II) defines common reporting of the solvency ratio and the FINREP taxonomy (based on IFRS) serves as a common reporting framework for financial data FINancial REPorting is designed for credit institutions that use IAS/IFRS for their published financial statements and that have to provide similar information in the periodic prudential reports they are required to submit to their supervisory authorities

28 IFRS and XBRL Working Together 28 Other Projects Dutch Taxonomy Project Frankfurt Stock Exchange Financials in XBRL XBRL Taxonomy for Belgian Credit Institutions Taxonomy for Reporting of Financial Information of Credit Institutions in Spain MPS Group Financial Statements in XBRL Format (Italy) Australian IFRS extension and Australian Stock Exchange extension Israel Securities Authority Portugal ?

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IFRS and XBRL Working Together Lisbon, 8 th February 2007 Josef Macdonald IASC Foundation XBRL Practice Fellow