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COREP XBRL Reporting in Norway Presentation. 25.11 2010 Harald Furnes / Aftab Ahmad . Agenda. Background – the COREP-No project and structure of the Norwegian financial market Overview of the XBRL solution implemented

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corep xbrl reporting in norway presentation

COREP XBRL Reporting in Norway Presentation

25.11 2010

Harald Furnes / Aftab Ahmad

agenda
Agenda
  • Background – the COREP-No project and structure of the Norwegian financial market
  • Overview of the XBRL solution implemented
  • Composing a valid COREP-No XBRL-file from a filled Excel template workbook (using RBME Lite)- Starting from report IRB or SA- Including validation (business rules)
  • Submission process- Log in - Validation and error handling routine
  • Conclusion and future work

12.03.2014

1 background corep project at fsa of norway
1. Background:COREP project at FSA of Norway
  • Decided early (2004) to follow CEBS guidelines on common reporting (COREP-templates)
  • Finanstilsynet participated as an observer in CEBS’ COREP group for common European reporting
  • The Norwegian banking industry was informed about the COREP-templates and the recommended standard XBRL through informal and formal consultations from 2004 to 2007.
  • Finanstilsynet made a final decision in 2006 to follow CEBS guidelines and implement COREP Framework (COREP-templates and XBRL-taxonomies developed by CEBS).
  • COREP project initiated in summer 2007.

12.03.2014

1 background corep project at fsa of norway4
1. Background: COREP project at FSA of Norway
  • Main objectives:
    • To follow CEBS’ guidance and advice on Common reporting (COREP) and technical standard (XBRL)
    • To establish a modernized and effective reporting framework/solution
    • To establish an infrastructure and competence within the organization to make Finanstilsynet able to extend the framework to other XBRL-reports

12.03.2014

1 background corep project at fsa of norway5
1. Background: COREP project at FSA of Norway
  • The goal is to implement the COREP reporting framework based on XBRL, with the possibility of reporting in an alternative format, Excel. (XBRL not mandatory)
  • Reasons for XBRL:
    • Harmonising banking supervision practices in Europe (aiming a harmonised European reporting mechanism)
    • Make use of already defined taxonomies (elements, dimensions, linkbases, validation rules) developed by CEBS.
    • Modernized data collection system - XBRL is based upon a well established technology (XML)
  • Reasons for alternative format (Excel):
    • XBRL is not a common standard yet
    • Finanstilsynet wants to give the reporting institutions time to implement XBRL.
    • It has not yet been decided whether the alternative reporting format (Excel) will be a permanent or a temporary solution.

12.03.2014

1 background corep project at fsa of norway6
1. Background: COREP-project at FSA of Norway
  • Main activities in the project:
    • Taxonomy extension: COREP to COREP No (national discretions, reduction of reporting elements and adding elements)
    • Solution to convert Excel-templates to XBRL-files, including some business validation during converting
    • Internet-portal based on UBMatrix software and some specific developments made by CIBER Norge, our local vendor, needed to meet the requirements from Finanstilsynet
    • Functionality in the portal: Automation of the reporting processes - submission, validation process, data storage, notifications, submission history etc.
    • Version management (taxonomies, templates)

12.03.2014

1 background structure in norway

IRB

SA

Banks

7

131

Finance companies and mortgage companies

6

54

Holding companies

2

10

Securities houses

1. Background:Structure in Norway

146

  • 2 different reports (IRB, SA), 7 different groups of reporting institutions, 2 different levels of reporting (solo vs consolidated), 4 different frequencies for reporting
  • Resubmission allowed after closing date

12.03.2014

xbrl solution

Finanstilsynet

1

Taxonomy-adaptation/

-administration

COREP

CEBS

COREP-No

Make XBRL

5a

xbrl

2

Finanstilsynets Internettportal

-Log in

-Submit

-Control and validate

-Processing

-Saving

COREP NO taxonomy

4

Use of

Excel

Excel plug-in and template package

3

Excel plug-in and template package

-Validate

-Generate xbrl-file

6

Database

5b

xbrl

XBRL-solution:

12.03.2014 Figure 1

2 overview description of activities involved in the reporting process
2. Overview:Description of activities involved in the reporting process

1. Finanstilsynet implements the Norwegian adaptations to COREP, in the COREP-No taxonomy

2. The COREP-No taxonomy is published on Finanstilsynet’s website. The taxonomy is used by reporting institutions who choose alternative 5a in figure 1.

3. The Excel template with plug-in (which references the taxonomy) is published on Finanstilsynet’s website. The Excel template with plug-in is an alternative to generating a valid COREP-No XBRL file (see 5b in figure 1).

  • Finanstilsynet prepares for submission of new reporting period.
  • The reporting institutions can generate their xbrl files in two different ways:
    • The reporting institution generates an XBRL file directly from their systems
    • Excel template with plug-in: The reporting institution fills out an Excel template as specified in step 3. The Excel plug-in performs business rules validation and generates a valid XBRL file.

At the end, the XBRL-file is submitted via web portal. During submission, the xbrl-file is validated against the taxonomy

6. Finanstilsynet monitors submissions in the new portal

12.03.2014

3 composing a corep no xbrl file the excel plug in rbme lite
3. Composing a COREP-No XBRL-file:The Excel plug-in (RBME Lite)
  • Developed in .Net and C#(requires some standard Microsoft components for installation)

Files in the template package:

  • Excel template workbook (IRB/SA)
  • Context file (Taxonomy)
  • Mapping file (Link from taxonomy to cells in excel)
  • Validation file (Business rules) – will not be needed when formula linkbase is fully implemented

12.03.2014

3 composing an xbrl file from a filled excel template demonstration of different variations
3. Composing an XBRL-file from afilled excel template: Demonstration of different variations
  • A COREP-No xbrl instance file with errors in business rules
  • A COREP-No xbrl instance file without errors in business rules
  • A COREP-No xbrl instance file with errors according to the taxonomy and how to identify the errors using validation routine (during submission)

12.03.2014

3 composing an xbrl file from a filled excel template rbme lite
3. Composing an XBRL-file from a filled excel template: RBME Lite

Generate xbrl instance file

Localize errors

12.03.2014

4 submission process error handling routine
4. Submission process :Error handling routine

All reporting data is uniquely defined by a combination of concept and context

RBME Lite has an error handling routine that can identify the error location (cells) in the Excel template workbook

12.03.2014

4 submission process main webpage
4. Submission processMain webpage

http://www.finanstilsynet.no/no/Bank-og-finans/Banker/Tilsyn-og-overvakning/Rapportering/COREP-/

This webpage includes:

  • Link to the portal
  • User guidelines
  • COREP templates
  • Necessary software

12.03.2014

5 conclusions
5. Conclusions
  • Minimum burden on reporting institutions (by providing the possibility to convert the existing COREP Excel template to XBRL instance file)
  • Save time and resources (for both reporting institutions and supervisor) by enforcing validation before and during submission
  • For supervisor: better quality of data and a flexible/standard data format for further analysis and utilization
  • Possibility to exchange reported data with others (especially supervisory institutes) who have implemented COREP
  • Challenging project (complex taxonomy, immature software and limited skilled resources)

12.03.2014

5 future work for fsa norway
5. Future work for FSA Norway
  • Implement new COREP versions (CRD II, CRD III …)
  • Develop solutions for XBRL data analysis and utilization
  • Encourage the institutes to implement XBRL
  • Possibly develop web services where reporting institutions can submit their instance files directly from their systems

12.03.2014