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XBRL, a test of its use by NSIs

XBRL, a test of its use by NSIs. XBRL, a test of its use by NSIs. The context : - XBRL has many advantages, so Insee has been intersted in it for a long time Nevertheless, XBRL is still not much used in France by non financial businesses

jonathon-erik
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XBRL, a test of its use by NSIs

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  1. XBRL, a test of its use by NSIs

  2. XBRL, a test of its use by NSIs • The context : - XBRL has many advantages, so Insee has been intersted in it for a long time • Nevertheless, XBRL is still not much used in France by non financial businesses • Worldwide, many databases provide information through XBRL, and using them would be helpful for NSIs • A test of the use of XBRL by NSIs : - Results will be presented in our October workshop SUMMARY

  3. The data are precisely defined, with reference to a taxonomy (including IFRS) We can easily use the data without typing them again (better than PDF) We can easily sum or aggregate data from different files (better than Excel) The data become free from computer standards, it can be easily exchanged or recorded. 1.1 The advantages of XBRL for statisticians 3

  4. Insee is among the founders of XBRL France - association to promote XBRL in France, created in 2005 Insee uses administrative data to monitor accounts of businesses - each year, 3,3 millions of tax declarations of legal units - transmitted by the Ministry of Finance 500 variables per declaration data transmitted in TXT, then converted to Oracle, then to SAS Insee collects the accounts of largest groups through profiling - each year, face to face profiling of the 70 largest non financial groups 120 variables for each entreprise data collected in Excel format by the profilers Using XBRL for these transfers would seem much better 1.2 Insee has long been intersted in XBRL 4

  5. Businesses do not yet fill tax declarations in XBRL data transfer of taxes declaration from Ministry of Finance to Insee has been optimized Even within the largest non financial groups, executives do not yet use XBRL Tests done by French profiling team Profilers’ interlocutors (generally Consolidation directors) never use XBRL even for non financial French groups listed in United States Until now, data transfer through XBRL in France would get very few results for non financial businesses 1.3 Tests showed that data transfer in XBRL is not yet relevant in France 5

  6. Businesses and institutions disseminate data in XBRL Data bases on legal units’ accounts are available in XBRL for several countries Many data for Belgium, United Kingdom, Germany… Many consolidated accounts of groups are available in XBRL on SEC website Groups listed in US have to transmit consolidated accounts to the Securities Exchange Commission (SEC) These accounts are published on SEC website in IFRS or US GAAP standards 1.4 Nevertheless, worldwide, a lot of accounting information through XBRL is available on the web 6

  7. To compare businesses between countries For instance, comparison between France and German manufacturing - Data bases are available for legal units, but we have to check them and gather consistent information To monitor or analyse groups consolidated accounts For instance, analysis of groups profitability or debt The relevant level is consolidated accounts, but Insee do not have such a database Consolidated accounts have to be typed from reports in PDF, which is very time-keeping Gathering this information through XBRL would be very useful 1.5 Collecting this XBRL available information would be very useful for NSIs 7

  8. Write a quick overview of the use of XBRL in Europe and around the world Gather an example of data-base of legal units accounts from publicly available information through XBRL Gather an example of data-base of groups consolidated accounts through XBRL on the SEC website Write a hanbook to explain to statisticians from NSIs how we could gather and use this information - Focus toward users from NSIs - In discussion with XBRL France, XBRL Europe - With the help of a subcontractor to produce consulting 2. Our test of the use of XBRL for NSIs 8

  9. Focused on the opportunity for European NSIs to gather accounting data 2 geographic areas to be distinguished - in Europe, in United States (SEC) 3 types of data to be made out - legal units accounts, mainly in national standards - groups consolidated accounts, mainly in IFRS standards - data of European Balance sheet, like those of ECCBSO Three European websites to check - XBRL Europe - EFFAS (European Federations of Financial Analysts) - Monnet Project : free data and comparison tools for legal unit’s accounts in Europe Conversion tables for comparing legal units’ accounts from several countries despite of the differences within national standards 2.1 Write an overview of the use of XBRL 9

  10. Analysis by INSEE and DESTATIS about French and German Manufacturing 8 variables have been collected in data bases for France and Germany in 2010 - number of legal units - employees - value added - wages - social contribution, welfare cost - EBITDA - non current assets - total assets and liabilities Could we gather them through XBRL for other European countries ? 2.2 Gather legal units accounts for several European countries 10

  11. 22 variables selected for major oil groups An expert from Insee collected them for 6 major oil groups settled in Europe : Schell, BP, Total, Eni + ExxonMobil, Chevron The data was collected in annual reports in PDF format and typed mannually These major oil groups have accounts available on the SEC website - A set of 11 major oil groups - 4 European major groups among them - Accounts in IFRS and US GAAP standards Could we gather these consolidated accounts through XBRL for these major oil groups ? 2.3 Gather consolidated accounts for major oil groups 11

  12. 2.3 TOTAL consolidated accounts available on SEC website

  13. 2.3 A example of consolidated accounts in XBRL (an extract) < 13

  14. 2.3 An example of comparison with the selected variables 14

  15. At our next restitution workshop Project of a handbook explaining how we could use information through XBRL taxonomies - overwiew of the use of XBRL in the world databases available for legal units accounts databases available for consolidated accounts how to use these databases 2.4 Results of tests will be presented in October 15

  16. Insee, Business Profiling team --------------------------------------------------------------------------------------------------- Thank you for your attention We appreciate comments

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