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XBRL in Europe XBRL in Europe Projects, users and regulators Olivier Servais, Permanent Secretary Dirk Quina, Ministery of Finance in Belgium Wednesday,

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Presentation on theme: "XBRL in Europe XBRL in Europe Projects, users and regulators Olivier Servais, Permanent Secretary Dirk Quina, Ministery of Finance in Belgium Wednesday,"— Presentation transcript:

1 XBRL in Europe XBRL in Europe Projects, users and regulators Olivier Servais, Permanent Secretary Dirk Quina, Ministery of Finance in Belgium Wednesday, 6 October 2004

2 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 Agenda What is XBRL ? Overview of XBRL projects (not only) in Europe XBRL for regulators What is XBRL ? Overview of XBRL projects (not only) in Europe XBRL for regulators X what ? In Europe ?

3 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 Universal XML-based royaly-free standard to improve publishing, exchange, analysis & comparison of financial data 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 … Dedicated to : regulators, companies, banks, insurance, software vendors, analyst, auditors & accountants … GAAP translated in a taxonomy GAAP translated in a taxonomy Benefits : Benefits : No need to re-type -> less time, no more errors, … No need to re-type -> less time, no more errors, … Improving control over the process of delivering detailed reporting to investors and other stakeholders Improving control over the process of delivering detailed reporting to investors and other stakeholders Limited in costs (royalty-free) Limited in costs (royalty-free) Multi-language & Multi-media Multi-language & Multi-media Enhance insights and transparency Enhance insights and transparency Enhance quality and usability of information Enhance quality and usability of information Enhance IAS/IFRS conversion Enhance IAS/IFRS conversion e X tensible B usiness R eporting L anguage

4 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 What is ? Preparer‘s Environment User environment Explanatory Text Accounting System Other sources of information + + Regulatory Filings Tax Return Internal/External Reporting + Taxonomies (Standards) Instance Document(s) = Style Sheet Style Sheets + Web Site Printed Financials

5 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 External Financial Reporting Business Operations Internal Financial Reporting Investment and Lending Analysis Processes Auditors Trading Partners Regulators Software Vendors Management Accountants Business Event Reporting Audit Schedules Tax Filings Regulatory Filings Participants Stakeholders and Investors Companies Financial Publishers and Data Aggregators The Supply Chain G/L Journal Entry Reporting Financial Statements

6 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004

7 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004

8 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 Live and future software applications Adobe Cartesis Corel DecisionSoft Fujitsu Microsoft Office Microsoft Business Solutions Oracle Semansys SAP Software AG SUN Tibco …

9 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 “XBRL in Europe” 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

10 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 Members : PricewaterhouseCoopers NIVRA / XBRL NL IAS Committee Foundation XBRL UK CSC Computer Sciences Semansys Technologies Chato d'O Europe : DG IS DG IM DG Ent Eurostat Sponsors : XBRL Int’l, Ge, Ir, Sp,… Dutch Tax authority UK Inland Revenue Belgian Central bank FEE (accountants) EFRAG EFFAS Belgian Accounting Standards Setters Euronext … “XBRL in Europe” Key players

11 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 XBRusseLs 2004 10 th Int’l Conference Theme : Financial reporting goes global : XBRL and IFRS working together Hosts : XBRL International & International Accounting Standards Board When & Where ? 16-17 November, 2004 at Brussels Sheraton Towers Attendees ? 500+ Top-level speakers from : European & national authorities (IASB, Commission, tax agencies, central banks…), CFO from large Int’l Companies & Banks (EU HQ in Brussels), … Book your diary

12 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 So, why should U come? Because we’ll be less than 2 months before IFRS kickoff Because we expect major announcements Because it will be the XBRL « place-to-be » Because food and wine are fine … Because Brussels is the center of the world … … and that’s why you’re here

13 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 Agenda What is XBRL ? Overview of XBRL projects (not only) in Europe XBRL for regulators What is XBRL ? Overview of XBRL projects (not only) in Europe XBRL for regulators

14 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 US UK JPNL ES SE CN ZAAU DE DK BE Financial Regulators With courtesy from Walter Hamscher

15 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 CA UK AU JP NZ CN With courtesy from Walter Hamscher Tax Authorities IE NL BE SP DE NO DK

16 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 Exchanges NASDAQ Sao Paulo NZX ASX Johannesburg Shenzen EuroNext KOSDAQ Tokyo SGX SWX Lux Pilot Live Eval TSX OBX LSE CSE Deutsche Börse Deutsche Börse With courtesy from Walter Hamscher

17 National UK Inland Revenue UK Financial Services Administration Datev/Bundesbank Danish Commerce & Companies 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 XBRL projects in Europe

18 Established Germany Germany IAS Board IAS Board Ireland Ireland Spain Spain The Netherlands The Netherlands United Kingdom United KingdomProvisional Sweden Sweden Jurisdiction development In construction Belgium Belgium Denmark Denmark Finland Finland France France Hungary Hungary Norway Norway In project Italy Italy Portugal Portugal “New” countries “New” countries

19 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 Agenda What is XBRL ? Overview of XBRL projects (not only) in Europe XBRL for regulators What is XBRL ? Overview of XBRL projects (not only) in Europe XBRL for regulators

20 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 €3 Billions by 2008 Project for reducing expenses of €3 Billions by 2008 By harmonizing and improving the business exchange By using XBRL Supported by the Dutch government: Ministery of Finance Tax authority (Belastingdienst) Economic Affairs Justice Social Affairs (Sociale Zaken en Werkgelegenheid) Water boards (Verkeer en Waterstaat) Environment (VROM) And with Chamber of Commerce Submitted to the EU during the Dutch Chairmanship (S2-2004) “Meer ruimte voor ondernemers door minder lasten“

21 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 €350 Millions

22 Projects and future applications in OrganisationApplicationProjectTarget 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 270,000/yr1 April, 2007 Prudential control for BanksIFRS Bank (Schema A) taxonomy devpt Review the supply chain Review the process Every bankTBD Coordinating actions for banks IFRS Bank taxonomy devpt Review the supply chain Review the process Every bank TBD Balance sheet deposit (Tax on web-2) Collection of raw data Statistical process Awareness Evaluation Review of process 210,000/yearTBD Collection of raw dataAwareness Evaluation 210,000/yearTBD

23 XBRL in Europe European Congres for Accountants Friday, 8 October 2004 8 900 Banks FDICOCCFRBOTSNCUA Multiple copies of data exist inside multiple agencies (error prone) Avg. of 60-75 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 Federal Deposit Insurance Corporation - Today

24 XBRL in Europe European Congres for Accountants Friday, 8 October 2004 8 900 Banks FDICOCCFRBOTSNCUA 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 - 75 days => 2 Days (timeliness) Processing Costs $65M => $39M, a savings of $26M (cost/efficiency) Federal Deposit Insurance Corporation - Future

25 XBRL in Europe European Congres for Accountants Friday, 8 October 2004

26 XBRL in Europe European Congres for Accountants Friday, 8 October 2004 Significant benefits Improving control over the process of delivering detailed reporting to stakeholders Facilitating conversion to new or alternative reporting models (IFRS, Basel II) Facilitating conversion to new or alternative reporting models (IFRS, Basel II) Multi-media support (“Produce one, render many”) : web, CD, papier… Multi-media support (“Produce one, render many”) : web, CD, papier… Interoperability with other XML (Tax XML…) Interoperability with other XML (Tax XML…) Can compare facts across reporting entities Can compare facts across reporting entities Authenticated data warranty Authenticated data warranty Ease-of-use : web browser, Excel, Access, SQL-database application Ease-of-use : web browser, Excel, Access, SQL-database application Enhance insights and transparency Enhance insights and transparency Enhance quality and usability of information Enhance quality and usability of information Lower risks of ‘misunderstanding’ Lower risks of ‘misunderstanding’ Adopted as a standard Adopted as a standard

27 XBRL in Europe Oasis Forum – Public administration Wednesday, 6 October 2004 Thank you !  olivier.servais@xbrl-eu.org  +32 2 702 64 82  +32 2 702 64 75  +32 497 456 456 www.XBRL-eu.org

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