1. The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation. International Financial Reporting Standards The IFRS taxonomy and digital financial reporting FEI CFIT meeting – 29 May 2013 Olivier Servais – Director © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org May 2013

2. Agenda The IFRS taxonomy The adoption around the world Some learning for an effective implementation Plans to adopt in Europe © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org 2

3. International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation The IFRS taxonomy

4. The IFRS Taxonomy 4 © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org The IFRS taxonomy is consistent with XBRL technical specifications and is designed to properly reflect the international financial reporting standards as issued by IASB The 2013 version – released on 27 March – reflects the IFRSs as on 1 st January 2013 and has been issued after a thorough due process While over 120 countries have already adopted the IFRSs, many of them are implementing now with XBRL and with the IFRS taxonomy

5. The IFRS Taxonomy: Building Blocks for Preparers Core disclosure requirement concepts Guidance and example concepts Common/Industry practice concepts Local/regulatory concepts Company concepts 5 Revenue Operating profit Sales &Marketing Expense Proved oil reserves Software revenue © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

6. What to disclose? 73 The financial statements shall disclose (...) for (...) property, plant and equipment: a)the gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period; and b)a reconciliation of the carrying amount at the beginning and end of the period showing: i.additions; ii.assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals; iii.acquisitions through business combinations; iv.increases or decreases resulting from revaluations under paragraphs 31, 39 and 40 and from impairment losses recognised or reversed in other comprehensive income in accordance with IAS 36; v.impairment losses recognised in profit or loss in accordance with IAS 36; vi.impairment losses reversed in profit or loss in accordance with IAS 36; vii.... 6 © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

7. Process and challenges for content indicate any relevant cross-standard disclosure requirement provide a hierarchy consider labels for identified items decide the type of disclosure decide the disclosure requirement granularity identify a disclosure requirement 7 © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

8. Side materials Translations: current and/or previous versions of the IFRS taxonomy are available in Arabic, English, Chinese (simplified and traditional), Dutch, French, German, Hungarian, Italian, Japanese, Korean, Portuguese, Spanish and Ukrainian Formula –IFRS Formula linkbase is provided as a prototype. Implementing Formula is a regulatory decision –About 300 Formula (cross periods, EPS, positive/negative…) ensure quality check of filed data –The 2013 update has been released on 21 May 2013 and is consistent with previous versions IFRS Taxonomy Illustrated (ITI) xIFRS 8 © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

9. Versioned IFRS Taxonomy Illustrated 9 © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

10. xIFRS © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

11. IFRSs impacting IFRS Taxonomy in 2013 – 1 TopicIASB due process stage TimingImpact General hedge accountingIFRS to be issuedQ2 2013significant Annual improvements 2010-2012 IFRS to be issuedQ2 2013limited Recoverable Amounts Disclosures (IAS 36) IFRS to be issuedQ2 2013limited Revenue recognitionIFRS to be issuedQ2 2013significant Classification and measurement (IFRS 7 & IFRS 9) IFRS to be issuedQ4 2013limited to significant © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org 11 IASB Final Standards

12. IFRSs impacting IFRS Taxonomy in 2013 – 2 TopicIASB due process stage TimingImpact LeasesRe-exposure DraftQ2 2013significant ImpairmentRe-exposure DraftQ2 2013significant Insurance contractsRe-exposure DraftQ2 2013significant Macro hedge accountingDiscussion PaperQ2 2013significant Rate-regulated activitiesExposure DraftQ2 2013significant Separate financial statementsExposure DraftQ2 2013limited © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org 12 IASB Exposure Drafts (if final IFRS in 2013)

13. International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation Some learning for an effective implementation

14. The adoption of the IFRS taxonomy 14 © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org Please note that the information is provided to the best of our knowledge and might not be fully accurate

15. 15 Adoption of the IFRS taxonomy The following are examples of organisations that have adopted the IFRS taxonomy: Corporate/securities filing: –Accounting and Corporate Regulatory Authority of Singapore ACRA Taxonomy; –Danish Chamber of Commerce Association, Denmark; –DART System of the Financial Supervisory Service, Korea; –Financial Services Agency of Japan EDINET; –Israel Securities Authority MAGNA platform; –Ministry of Finance, PR of China Chinese Accounting StandardsTaxonomy; –Standard Business Reporting Program in Australia and The Netherlands; –Superintendencia de Valores y Seguros información del Mercado de Valores of Chile; –Johannesburg Stock Exchange, South Africa SA Taxonomy; –Comisión Nacional del Mercado de Valores of Spain; –UK HRMC and Companies House UK-IFRS Taxonomy; –Emirates (UAE) Securities and Commodities Authority (SCA) UAE taxonomy; –Financial Supervisory Commission of the Executive Yuan (Taiwan) & the Taiwan Stock Exchange Banking/Insurance regulation: –EBA (European Banking Authority) Financial Reporting framework taxonomy; –Bermuda Monetary Authority Solvency II XBRL Taxonomy and IFRS for Insurance XBRL Taxonomy –EIOPA-Solvency II Solvency II XBRL Taxonomy and IFRS for Insurance XBRL Taxonomy –Microfinance Information eXchange MIX Microfinance Taxonomy Other XBRL (not IFRS and/or non financial) initiatives that are consistent with our development: Carbon Disclosure, WICI, GRI… Most countries that have adopted IFRSs are also considering whether to adopt XBRL and the IFRS taxonomy. These countries include Brazil, Canada, India, Indonesia, Italy, Korea, Luxembourg, Malaysia, Mexico, Panama, Peru, Poland, Switzerland, Ukraine and others. 15 © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

16. Creating financial statements with the IFRS taxonomy The IFRS taxonomy 2013 contains about 3,800 elements, each of them reflects a concept present in the IFRSs While a taxonomy is NOT a chart of account and not all elements should be used, companies take a taxonomy to ensure consistency with the IFRSs when preparing filings When required to prepare financial statements in XBRL, a company will usually use a limited number of elements. Depending on the required granularity, number of elements will vary between 200 and 2,000 Time to prepare financial statements in XBRL may vary depending on regulatory requirements No technical (XBRL) expertise is required, just accounting knowledge 16 © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

17. International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation Recent developments in Europe

18. TrilogueTrilogue © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org 18 The European governance 27 member states Council 27 countries Council 27 countries Parliament 754 MEPS Parliament 754 MEPS Commission 27 members Commission 27 members ESMA Securities Regulation ESMA Securities Regulation EBA Banking Supervision EBA Banking Supervision EIOPA Insurance Supervision EIOPA Insurance Supervision NSR … NSA … … ARC EFRAG Listed companies Financial institutions Insurance companies Insurance companies

19. 19 Adoption at European level © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

20. 20 2005-2006: Initial discussion with CESR March 2012: Initial proposal by the European Parliament Q3 2012- Q1 2013: Trilogue discussion between Parliament, Council and Commission May 2013: Agreement on the final text End of 2016: ESMA and Commission to set the rule Adoption for listed companies 1 Jan 2020: All listed companies in Europe start filing with digital reporting

21. 21 Questions or comments? Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation. © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

22. Thank you 22 © 2013 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org