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Companies regulators Showcase Filing of annual accounts with the National Bank of Belgium: a success story. Presented by: Luc Dufresne,Head of Department Microeconomic analysis and Camille Dümm, XBRL business analyst, CBSO National Bank of Belgium.

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Presentation Transcript
slide1

Companies regulators ShowcaseFiling of annual accounts with the National Bank of Belgium: a success story

Presented by:

Luc Dufresne,Head of Department Microeconomic analysis and

Camille Dümm, XBRL business analyst, CBSO

National Bank of Belgium

17th International ConferenceMay 5th - 8th, 2008Eindhoven

agenda
Agenda
  • Context and history
  • The project
  • Evaluation - figures and lessons learned
  • Next steps
  • Live Demo
legal context
Legal context
  • Gathering and spread
    • The Central Balance Sheet Office collects annually 340.000 annual accounts from 320.000 companies and publishes the annual accounts as PDF files
  • Statistical mission
    • Data from standardized annual accounts are handled to produce accurate data for official bodies (National accounts)
    • Production of statistics per activity sector
history
History
  • Electronic filing since 1993
    • Proprietary format (text file)
    • Heavy to maintain
    • On floppy disk
  • Filing through Internet since 2004
    • In answer to the 1st European Directive
    • With digital certificate
    • Slow adoption because floppy disk was still an option
xbrl purposes
XBRL purposes
  • Why XBRL
    • Increase flexibility in the process
    • Make the technical maintenance easier
    • Harmonize the data format and exchange with other regulators
    • Prepare electronic filing of annual accounts drawn up according to IFRS
project planning
Project planning

Phase 1

Phase 2

P

r

o

d

u

c

t

i

o

n

P

r

o

d

u

c

t

i

o

n

Taxonomy

Non profit

Taxonomy

Annual accounts

01/2005

10/2006

10/2007

NBB

Tests

Tests

Software vendors

01/04/2007

17/03/2008

evaluation figures
Evaluation - Figures

From April 2th till December 31th 2007

Paper

15%

Internet

85%

PDF

XBRL

objectives achieved
Objectives achieved ?
  • Flexibility ?
    • To some extent - not yet in terms of extensions
  • Maintenance ?
    • Developments costs were cut by 40% for the second application
  • Exchange harmonization ?
    • Information has to be given only once
    • Foreseen projects with other Belgian regulators
  • Ready for IFRS ?
    • Ready but not yet applied for individual financial statements
lessons learned
Lessons learned
  • Importance of the communication
    • On the website
    • With software vendors
    • With end-users
  • Extensive information (Taxonomy, sample cases,...) available as soon as possible
  • Contacts trough working groups,
  • Tests sessions, test-environment available
  • Transparency of the application - "Keep it simple"
  • Road shows for accountants and professionals
lessons learned1
Lessons learned
  • Technical issues
    • Lack of specifications and generic tools
    • Helpdesk overloaded
    • Seasonal profile (summer peak)
  • Formula linkbase missing
  • Internal developments
  • Questions about digital certificate
  • Permanent internal helpdesk
  • Maximize automatic data processing
  • Infrastructure capacity
targets 2008
Targets 2008
  • CBSO target - 90% filings XBRL
  • Remaining paper or PDF
    • Specific formats (financial sector, foreign companies, ...)
    • Consolidated accounts (IFRS, BE-gaap, ...)
next steps
Next steps
  • CBSO projects
    • Use of XBRL data available
      • Company report (comparative analysis)
      • Tool to extract data from XBRL instance
    • Extension to other kind of financial statements
      • If significant volume
      • Eventually in collaboration with other regulators
next steps1
Next steps
  • Belgian projects
    • Federal Service Economy - Statistical business survey
    • Federal Service Finance - XBRL taxonomy for corporate tax declaration
  • Will be done in close collaboration with NBB-experts
  • To create a common basis for other future taxonomies for regulators
contact information
Contact Information
process
Process

CBSO

WWW

PDF

Software package (private)

3D

certificate

Instance

document

XBRL

files

Taxonomy

Filing

Application

3D

certificate

Data Entry CBSO

Module 1

Module 4

Database

Validator

Data Entry

CBSO

Rendering

Module 2

Module 3

taxonomy
Taxonomy

Entry points

Common

Module

data entry identification
Data Entry - Identification

Annual account

Company

data entry
Data Entry

Accounting

data

data entry validation
Data Entry - Validation

Validation

Visualization

Save

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