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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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Presented by luc dufresne head of department microeconomic analysis and

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

  • XBRL Belgium

    • www.xbrl.be

  • CBSO project

    • ba.helpdesk@nbb.be



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 options
Data Entry - Options

Type

Options


Data entry identification
Data Entry - Identification

Annual account

Company


Data entry
Data Entry

Accounting

data


Data entry validation
Data Entry - Validation

Validation

Visualization

Save