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Agenda item 2 Status of X-DIS/XBRL pilot project Giuseppe Sindoni Eurostat

XBRL pilot Task Force meeting 19 April 2007. Agenda item 2 Status of X-DIS/XBRL pilot project Giuseppe Sindoni Eurostat. The XBRL pilot project. Pilot project on the feasibility of extracting statistical data from XBRL reports

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Agenda item 2 Status of X-DIS/XBRL pilot project Giuseppe Sindoni Eurostat

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  1. XBRL pilot Task Force meeting 19 April 2007 Agenda item 2 Status of X-DIS/XBRL pilot project Giuseppe Sindoni Eurostat

  2. The XBRL pilot project • Pilot project on the feasibility of extracting statistical data from XBRL reports • Financed by the EU IDABC programme, part of Eurostat project X-DIS: XML for Data Interoperability in Statistics • Context: reporting from enterprises to NSIs • Initial focus: SBS • Reports to the Accounting and Statistics TF • Set up its own technical Task Force involving MSs • TF members: BE, ES, IE, NL + DE, LU, PL, SE, UK

  3. Work done so far • Preparatory TF meeting: • active members • focus on SBS • Inventory of relevant taxonomies • Mapping between local GAAPS and SBS • Mapping between IFRS and SBS • Decision: • base European on IFRS

  4. GAAP vs IFRS • High degree of heterogeneity between local GAAPS across Europe • IFRS likely to be adopted in most countries • Local projects based on IFRS (NTP)

  5. The European XBRL taxonomy • Modular: • core elements, common to all statistical frameworks • domain specific modules (SBS is the first one) • local extensions • Based on IFRS • many concepts needed to be created from scratch

  6. The Insurance issue • IASB has not released a workable version of IFRS-4 covering insurance enterprises • => No XBRL taxonomy • Better wait for an official stable release of IFRS 4 Phase II (2008-2009?)

  7. The Pension Funds issue • No European reporting framework for Autonomous Pension Funds • The Non-Autonomous Pension Funds case comes into the Insurance one • => No reference taxonomy available

  8. The testing phase • Original aims: • testing the GAAP-based approach • testing the IFRS-based approach • In both cases by extracting statistics from XBRL reports produced for other purposes • The current situation forced the project to deviate from these • Nevertheless interesting results were achieved

  9. Testing in Spain • Receive XBRL data from 4 volunteer companies • Rather difficult to find volunteers • Taxonomy based on current questionnaires • Only two companies responded within the deadline

  10. Testing in Belgium • XBRL implementation schedule at Statistics Belgium did not fit with Eurostat deadlines • Not possible to test with enterprises • Decision: • help Statbel to develop a software architecture to receive XBRL data • reusable by others • part of which to be released as OSS

  11. Testing in the Netherlands • CBS is part of the NTP project • Testing the possibility of transforming NTP instances into SBS European taxonomy instances • Only one instance made available by CBS • => only theoretical considerations currently available

  12. Considerations on the testing phase • Optimistic plans made at the preparatory TF meeting in March 2006 somehow proved wrong by facts • Obstacles don’t seem to come from technical side • Nevertheless: • possible to define taxonomies for statistics both based on GAAPs and IFRS • developing an architecture parametric wrt taxonomy is feasible • mapping conceps between statistical taxonomies is partially possible

  13. XBRL adoption • Document to analyse the issues raised in the execution of proofs of concept • Evaluate XBRL technology to work as transport layer for the collection of statistical data by NSI from reporting companies • Modifications produced are beyond the technological requisites or necessities • Suitability depends strongly on acceptance in other areas. • Determine all the impacted areas • Mention the different issues • Depict a whole snapshot of implications in the XBRL adoption.

  14. New collection methods • Investigation on the readiness of actors for the “pull” approach to data exchange • Conclusions driven from testing experiences • European Interoperability Framework as the reference conformance scenario • Main conclusion: lack of shared business models currently hampers the applicability of the pull approach

  15. Questions • Are companies willing to adopt XBRL? • Enforcing factors? • Are NSIs willing to impose XBRL? • Is an incomplete taxonomy (eg. without Insurance and Pension funds) useful?

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