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XBRL in Europe

XBRL in Europe. What’s going on ?. Olivier Servais, XBRL Europe – Director XBRL Int’l Steering Committee – Past Member CESR Transparency CWG – Member Wednesday, 27 September 2006. Agenda. What is XBRL International? What’s going on in Europe and in the world?.

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XBRL in Europe

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  1. XBRL in Europe What’s going on ? • Olivier Servais, • XBRL Europe – Director • XBRL Int’l Steering Committee – Past Member • CESR Transparency CWG – Member • Wednesday, 27 September 2006

  2. Agenda • What is XBRL International? • What’s going on in Europe and in the world? • What is XBRL International? • What’s going on in Europe and in the world? XBRL Europe – What’s going on Wednesday, 27 September 2006

  3. Who is XBRL International? • A non-for-profit corporation registered in US • Made, Owned, Governed & Animated by its members • Using a cooperative effort to create, develop and maintain a common business reporting language based on XML • Providing the technical specifications for making the standard being used Why can I say that XBRL is a standard? • License-free • Bottom-Up & Top-Down approach • Adopted and implemented XBRL Europe – What’s going on Wednesday, 27 September 2006

  4. Source : Gartner Group XBRL Europe – What’s going on Wednesday, 27 September 2006

  5. Colleen Cunningham FEI Jim Fallows Atlantic Monthly José-Maria Roldán Bank of Spain Don Nicolaisen Past SEC Thomas Krantz WFE Guy Weyns Morgan Stanley Ed Watanabe Tokyo Sec Research Manoj Vaish Dun and Bradstreet Board of Advisors

  6. XBRL in Europe Jurisdictions in Sept ‘06 Established Belgium Ireland Germany Spain The Netherlands United Kingdom Provisional Sweden Denmark France Poland In construction Italy Luxemburg Greece Switzerland In project Austria, Finland, Portugal, Norway XBRL Europe – What’s going on Wednesday, 27 September 2006

  7. XBRL Europe – What’s going on Wednesday, 27 September 2006

  8. Agenda • What is XBRL International? • What’s going on in Europe and in the world? • What is XBRL International? • What’s going on in Europe and in the world? XBRL Europe – What’s going on Wednesday, 27 September 2006

  9. XBRL projects in Europe Players • Banking supervisors & banks • Securities regulators & stock exchanges • Statistical agencies • Balance sheet offices & central banks • Tax authorities Reporting issues, locally and trans-nationally • Local GAAP and/or IFRS (including FINREP) • Basel II (COREP) • Statistics Scope: • External Reporting: FR taxonomies (i.e. IFRS, US GAAP etc.) • Internal Reporting: GL – the journal taxonomy Benefits: • Time & money savings • Guarantee of authentication • Language • Improving transparency • Reliable & comparable data XBRL Europe – What’s going on Wednesday, 27 September 2006

  10. Self-assessment MPSnet: il workflow

  11. XBRL Europe @ Madrid Conference Thursday 18 May 2006

  12. XBRL Europe – What’s going on Wednesday, 27 September 2006

  13. Borsa Italiana view of XBRL Borsa Italiana’s vision concerning XBRL • The instance document could also be sent to: • Listed company’s website • Info vendors • Media • Regulators Adobe Intelligent Form (pre-defined) Excel (pre- defined) XBRL instance builder Listed comps NIS Borsa Italiana public website XBRL validator Errors msgs DBMS XML XBRL Borsa Italiana

  14. XBRL Instance documents XBRL data XBRL data XBRL document Data request BARS as multi channel access system using XBRL BARS Taxonomy Mapper Financial Analysis System (BARS) Import XBRL documentin BARS online Analysed data Financial statement Step1: Mapping on Deutsche Bank Scheme XBRL instance document CRM Analyst XBRL Europe – What’s going on Wednesday, 27 September 2006

  15. BalanceSheet Profit & Loss Entity Business rating Credit recommendation … Country specificXBRL extensionUS GAAPGERMAN APSPANISH GAAP Entity PaymentExperience XBRL FLIPA taxonomy extract Company specificXBRLExtension Generic links to information sources: XBRL 2 - The Credit Risk Report over XBRL: The FLIPA taxonomy Message informationnon-XBRL e-Report over XBRL Message informationnon-XBRL Envelopeheader Sender, Product, ... ... Envelopetrailer Entity Related entities Key financial figures Business rating Credit recommendation Negative events …

  16. ICISA & XBRL initiative Success story: An international project that went live • Year 2000: • Background of 10 years of EDI (EDIFACT) online exchanges • ICISA develops a pilot with XBRL Spec 1.0 • Theme of proof of concept is an online Yellow page service • Year 2001: • XBRL is chosen as the future XML for the industry • Year 2002: • International project “CRAS/FLIPA” organised with 22 companies over 11 countries • Worldwide industry funding • Project managed by Atradius (Nb 2 world wide Credit insurer) • Year 2003-2005: • Development of the FLIPA taxonomy to exchange online real-time Business information & Credit reports over XBRL (spec 2.1) • Multilingual (French, German, Spanish, English, Polish, Japanese & Arabic) • Incl. IFRS accounts for Financials (extension mechanism) • Year 2006: • Implementation by early adopters: Atradius in relationship with it supplier for Polish business information Coface Central Europe

  17. XBRL Europe @ Madrid Conference Thursday 18 May 2006

  18. XBRL Europe @ Madrid Conference Thursday 18 May 2006

  19. At Respondent Inside the CSO CSO Process As before, the respondent fills in the data each quarter and submits it. The forms are produced each quarter for all respondents participating. (Quarter is specified) Periodically, bunches or individual forms can be uploaded into SAS. This panel has information in relation to each individual step above. Visible on the slideshow. Previous Form available in Excel Fujitsu Taxonomy Editor used to model the facts in a taxonomy Taxonomy, and the code is mainly touched once, or when form contents change. The CSV file is uploaded into SAS. Edit checks already built into SAS fire off and are considered. The instances received are imported in bunches and a CSV file is produced for each bunch. All instances “dropped in” are made available to operative inside the CSO. The respondents upload their xbrl instance into the CSO secure internet drop box. Taxonomy produced. Future model should just involve publishing the taxonomy.. The respondents receive an excel form which works on Excel97 onward “out of the box”. No addins. Taxonomy used to produce VBA code – i.e. Hard code worksheet cells into element names. Code and template used to produce indivualised forms for all respondents. Taxonomy used to produce code that will translate Instances into CSV upload file. Separate code and spreadsheet allows the template to produce indivualised forms. Original form and VBA code make the excel form template - hard code xbrl in the background. The respondents enter their data and click on the button to save an xbrl instance. The individual forms are emailed by CSO staff. (manually on pilot thus far as 7 in no.)

  20. COmmon REPorting Report 25 ---------------------------------------------------------------------------------------------------------------------------------------------------------------- Basel II European Law 9X,XX% Basel II compatible Directives 2000/12 & 93/6 Transposition into national Legislation Country 1 Country 2 Country 3 Country 25 National Regulation FSA 1 FSA 2 FSA 3 FSA 25 National Implementation Report 1 ------------------------------------ Report 2 Report 3 ---------------------------------------------------------------------------------------------------------------------------------------------------------------- XBRL challenge!

  21. Risk Management IS Supervisory Operations Counterparties Collateral … Reports Other data … … COREP implementation: Model Didactic model for explanatory purposes only Basel II Basel II XBRL implementation COREP XBRL (National) COREP XBRL (Europe) Bank Supervisor Internet Bank operations, controls…. Presentation, Analysis… Errors Errors Basel II App. Basel II App. to XBRL from XBRL Report ------------------------------ Report ------------------------------ XBRL core File Transfer (National)

  22. 3M Company • Altria Group, Inc. • Automatic Data Processing, Inc. • Banco Itaú Holding Financeira S.A. • Brazilian Petroleum Corporation (a/k/a Petrobras SA) • Bristol-Myers Squibb Company • Crystal International Travel Group, Inc. • The Dow Chemical Company • Ford Motor Company • Ford Motor Credit Company • General Electric Company • Gol Intelligent Airlines, Inc. • Infosys Technologies Limited • Microsoft Corporation • Net Servicos De Comunicacao SA • Old Mutual Capital, Inc. • PepsiCo, Inc. • Pfizer, Inc. • R.R. Donnelley & Sons Company • Radyne Corporation • South Financial Group, Inc. • United Technologies Corporation • Xerox Corporation • XM Satellite Radio Holdings, Inc. Methodology • Based on EDGAR • Voluntary program • Clear incentives • Strong communication : PR, roundtable at the Congress, speeches… Players • US SEC • US companies • Analysts XBRL en France - Paris Mardi 17 janvier 2006

  23. XBRL en France - Paris Mardi 17 janvier 2006

  24. XBRL en France - Paris Mardi 17 janvier 2006

  25. 14th XBRL Int’l Conference • Theme : Interactive Data – The Revolution in Business Reporting • Hosts : XBRL International & XBRL US • When & Where ?4-6 December, 2006 at Hyatt Regency Philadelphia, USA • Attendees ?500+ • Top-level speakers are : US SEC Chairman Christopher Cox, Sir David Tweedie - Chairman (IASB) , Samuel Mok - CFO (U.S. Department of Labor), Robert H. Herz - Chairman (FASB) , Barry C. Melancon - President & CEO (AICPA) , Ian Ball - Chief Executive (IFAC) , Sheila Bair - Chairman (FDIC), Edward Screven - Chief Corporate Architect (Oracle) , Jeffrey J. Diermeier - President and CEO (CFA Institute), Paul Sharman, CEO (IMA) Visit http://conference.xbrl.org/ for complete program details XBRL Europe – What’s going on Wednesday, 27 September 2006

  26. 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 XBRL Europe – What’s going on Wednesday, 27 September 2006

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