FINREP - Taxonomy Status Mark Creemers (FINREP project team, National Bank of Belgium)

Agenda What is the FINREP-project? Extending IFRS-GP : Some Considerations Links between Taxonomy and Framework Current and Future Issues

What is the FINREP-project?

What is the FINREP-project? Core Project Team: Patrick Amis (Banque de France) Jacobo Varela (Bank of Spain) Giancarlo Pellizzari (Belgian BFIC) Mark Creemers (National Bank of Belgium) Objective - The FINREP taxonomy should: perfectly reflect FINREP reporting framework be easy to adapt to national supervisory needs be consistent with other IFRS taxonomies

What is the FINREP-project? Timetable Start: end of January 2006 Intermediate versions in FINREP yahoo group First "Public Working Draft" (version 0.3): "Final" version for public comments (1.0):

Taxonomy development process Create brand new taxonomy Cfr. COREP project. Extend existing taxonomy Cfr. IFRS-GP taxonomy (IASCF).

Extending the IFRS-GP taxonomy Advantages: Creation Don't create same element twice, possibly reuse existing presentation and calculation links. Maintenance Same underlying (frequently changing) standards: IFRS Technical and Conceptual Harmonisation Cross-Sector IFRS-GP stands for General Purpose, although specific information for financial institutions is also included. Intra-Sector FINREP is a European framework AND not mandatory

Extending the IFRS-GP taxonomy Disadvantage: IFRS-GP = Read-Only Structure: all elements in one schema file. Don't change elements or their attributes Tuples, Type, Balance attribute,... IFRS-GP: 90% Not Used Primary Items: 20% IFRS-GP 64% Not Used

Extending the IFRS-GP taxonomy Disadvantage: IFRS-GP does not use dimensions Concepts (IFRS-GP) Contexts (COREP)

Extending the IFRS-GP taxonomy Disadvantage: Timing-dependent on IFRS-GP IASB: New / Modified IFRS Close consultation with IASCF needed! CEBS: adapt FINREP framework IASCF: adapt IFRS-GP taxonomy CEBS: adapt FINREP taxonomy National Supervisors: adapt national extensions

Links Taxonomy - Framework

Links Taxonomy - Framework

Links Taxonomy - Framework Equity Instruments Breakdown CounterParty Breakdown

Links Taxonomy - Framework Create necessary Hypercubes

Links Taxonomy - Framework CounterParty Breakdown Equity Instruments Breakdown Link Hypercubes to the Primary Items

Links Taxonomy - Framework

Links Taxonomy - Framework Primary Items Explicit Dimension: ConsoAppr Explicit Dimension: InvestTypes Typed Dimension: EntityName

Links Taxonomy - Framework Explicit Dimension: ConsoAppr Explicit Dimension: InvestTypes Typed Dimension: EntityName "Fair Value of Investments in Associates with Price Quotations" is only applicable to Associates ==> Excluding Hypercube to exclude the Subsidiairies and Joint Ventures

Links Taxonomy - Framework Empty Hypercube ("No Dimensions Hypercube") No empty dimension (cfr. COREP) 3718 imported IFRS-GP elements not used ≥ 3718 links ==> Solution 1: National Extension ==> Solution 2: Application-Level xbrldt:targetRole!

Links Taxonomy - Framework Dimension-Default If one dimension-default arc exists in one extended link, then the default member is considered as defined in all the extended links where the dimension is used and the domain contains the domain member indicated in the target of the arc. The default member of a dimension MUST NOT appear in a context.

Links Taxonomy - Framework Dimension-Default (use case)

Overview of FINREP Starting Point: “t-FINREP-2006-09-30.xsd" d-Counterpts: T 1, 4, 5, 6, 7, 30, 33, 36 d-ValModel: T 9, 11 d-EqInstr: T 1, 5, 7, 30, 33 d-RelatParts: T 34 d-PastDue: T 7 d-Portfolio: T 17 d-FinAssets: T 17 d-ConsoAppr: T 12 d-EntityName: T 12, 39 (typed dimension) d-InvTypes: T 12 d-DBenefitPl: T 35 (typed dimension) d-ConsMov: T 39 (typed dimension)

Links Taxonomy - Framework Documentation (I) FINREP EXCEL SAMPLE FIGURES.xls Green to indicate the use of an explicit dimension Light green to indicate the use of a typed dimension Yellow to indicate formula, not part of calculation linkbase Blue to indicate formula, part of calculation linkbase

Links Taxonomy - Framework Documentation (II) Instance.xbrl: sample document for all tables, no duplicates Presentation.pdf, Calculation.pdf, Definition.pdf

Some technical remarks Consistency with COREP No tuples are used! ==> replaced by typed dimensions. Data matrix has been created for FINREP. Naming conventions are followed: Hypercube-Roles and hypercubeItems start with "Hc" or "HcExcluded",... How to extend FINREP? Same principles as for COREP. Integrated documentation on finrep.info or corep.info!

Some Current and Future Issues XBRL International Formula Linkbase Formulas should be part of the taxonomy. Calculation linkbase is too limited for supervisory needs. Different national solutions for same problem. Integrate in national taxonomy-extensions? Develop at application-level? Versioning FINREP = extension of IFRS-GP. Quid future versions of IFRS-GP? Quid future versions of FINREP?

Some Current and Future Issues FINREP is not FRTA-compliant! xbrldt-2005.xsd Element name 'hypercubeItem' does not have an initial capital letter The concept 'http://xbrl.org/2005/xbrldt:hypercubeItem' does not have a label with the standard role The concept 'http://xbrl.org/2005/xbrldt:hypercubeItem' does not have any documentation in the label or reference linkbases ifrs-gp-2006-08-15.xsd Namespace 'http://www.xbrl.org/2005/role/restatedLabel' contains insufficient path components for an XBRL International style URI. FRTA not 100% well-adapted to Dimensions 1.0 FRTA 1.0, Section 3.1.7: All arcs within an extended-type link must have the same arc role (all and notAll arcs in same extended link).

99% of FINREP = Primary Items Some Current and Future Issues Modularization 99% of FINREP = Primary Items Extension of monolithic IFRS-GP schema file. Interdependencies between tables.

Interdependencies between tables (national application/extension)? Some Current and Future Issues Modularization Remedy 1: Use same structure as IFRS-GP for p-FINREP Interdependencies between tables (national application/extension)?

This has not been tested and should be further investigated! Some Current and Future Issues Modularization Remedy 2: Add abstract dummies to easily prohibit tables in presentation, calculation and definition linkbase. This has not been tested and should be further investigated!

Some Current and Future Issues Modularization Remedy 3: Different template taxonomies for each table.

Some Current and Future Issues Modularization Conclusion 1: Discussion is still open! Conclusion 2: Should be further investigated NOW! Remark: Is there still time to create modularized version? Quid providing 2 versions (modularized and monolithic)? Won’t this lead to confusion for supervisors and banks? Maintenance: 2 versions = 2 * work?

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