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AGENDA

Combining standards: an example of European Central Banks using XBRL and IFRS to reduce the reporting burden on European corporations An experience from the European Committee of Central Balance Sheet Data Offices (ECCBSO).

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AGENDA

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  1. Combining standards: an example of European Central Banks using XBRL and IFRS to reduce the reporting burden on European corporations An experience from the European Committee of Central Balance Sheet Data Offices (ECCBSO) Manuel Ortega. Head of the Central Balance Sheet Data Office Division / III WG of the ECCBSO Chair / Strategy Committee of XBRL Spain Chair Josef Macdonald. IASCF XBRL Practice Fellow / IFRS Taxonomy Working Group Chair / XBRL International Domain Working Group Chair 12th XBRL International Conference

  2. AGENDA • Background • III WG of ECCBSO • Standard Formats • ECCBSO/IASCF Joint XBRL Project 12th XBRL International Conference

  3. THE OPPORTUNITY TO COMBINE STANDARDS Corporations face the workload of external reporting • Different demanders: • Tax authorities • Mercantile registers • Statistical units • Commercial banks • Shareholders • University researches • Local and central government • Different levels of detail • Different timing • Different “computer languages” 12th XBRL International Conference

  4. THE OBLIGATION FOR COMBINING STANDARDS Brussels European Summit, 20th-23th March, 2003: • Reduction of reporting burden on companies Directive 2003/58/EC: • Elimination of paper before 2007 Corporation data, subject to this Directive, to be presented/demanded in public registers: • Can be presented in electronic formats by companies • Can be demanded in electronic formats by users 12th XBRL International Conference

  5. THE NEED TO COMBINE STANDARDS XBRL, only for large listed corporations? NO: also necessary for SME’s, millions of corporations affected in Europe 12th XBRL International Conference

  6. EUROPEAN COMMITTEE OF CENTRAL BALANCE SHEET DATA OFFICES (ECCBSO) • Informal group of CBSO‘s belonging to NIS and NCB • Experience using accounting data for several purposes: • Risk assessment • Economic analysis • Statistics • Common tool: corporation's annual accounts • Different goals, different questionnaires • 5 working groups: Risk assessment, BACH database, ESD database, Study WG, IFRS impact and CBSO databases (III WG) 12th XBRL International Conference

  7. AGENDA • Background • III WG of ECCBSO • Standard Formats • ECCBSO/IASCF Joint XBRL Project 12th XBRL International Conference

  8. III WG OF THE ECCBSO Targets: • Monitor and report to the ECCBSO on IFRS implementation process, new projects and its impacts on CBSO • XBRL and CBSO • Creation of an IFRS-based format and its taxonomy extension 12th XBRL International Conference

  9. WHY XBRL TAXONOMIES? • Good for users, CBSO among others, that: • Profit from comparability • Need to reduce costs and make access to data easier • But also for companies, that: • Want to know their obligations • Especially when an accounting change is coming 12th XBRL International Conference

  10. III WG: CBSO of Austria Targets: • In-house credit risk assessment, collateral within Eurosystem • Statistical analysis Information available: • 2,500 (individual and consolidated) XBRL plans: • Foreseeable use for COREP 12th XBRL International Conference

  11. III WG: CBSO of Belgium Targets: • Legal mission: collect and process annual accounts of non-financial corporations Information available: • 275,000: 100% coverage XBRL works and plans: • Filling annual accounts in 2007, with XBRL: 300,000 corporations involved • Final version of Belgium taxonomy by end of 2005 12th XBRL International Conference

  12. III WG: CBSO of France Targets: • Macro and microeconomic analysis • Banking supervision and individual diagnosis • Risk assessment and portfolio analysis Information available: • Several databases: CBSO (30,000), FIBEN (188,000), Consolidated database (3,500 groups) XBRL plans: • Coordination with banking supervision for new reporting documents (Capital Requirements, others) 12th XBRL International Conference

  13. III WG: CBSO of Germany Targets: • Risk assessment • Statistical information • Economic analysis Information available: • Several databases: individual (105,000), consolidated (25,000 groups). 75% coverage XBRL works and plans: • Use of XBRL in data pool of Statistics Department • Membership in COREP (Supervision Department) 12th XBRL International Conference

  14. III WG: CBSO of Italy Targets: • Collection and reprocessing of financial statements • Development of methods for corporate analysis Information available: • Several databases: individual (45,000), consolidated (800 groups). 47% coverage XBRL plans: • Follow developments in Italy 12th XBRL International Conference

  15. III WG: CBSO of Portugal Targets: • Statistical information • Economic analysis Information available: • Several databases: annual (18,000 / 58% coverage) and quarterly (3,300 / 41% coverage) XBRL plans: • Follow developments in Portugal 12th XBRL International Conference

  16. III WG: CBSO of Spain Targets: • Statistical information • Economic analysis Information available: • Several databases: annual (8,500 / 35%), annual from mercantile registers (450,000 / 12%) and quarterly (1,000 / 15%) XBRL works and plans: • Creation of taxonomy for CBSO • Other, at Banco de España: • currently receiving data with XBRL from Appraisal companies and commercial banks • COREP project / Anti laundering commission 12th XBRL International Conference

  17. AGENDA • Background • III WG of ECCBSO • Standard Formats • ECCBSO/IASCF Joint XBRL Project 12th XBRL International Conference

  18. IFRS-based standard format: strategic plan • Use of IFRS-GP XBRL taxonomy • Monitoring with real examples (11 listed groups) • Creation of an extended version • Definition of “essential information”, and creation of a common and reduced format • Creation of a taxonomy: work in collaboration with IASCF-XBRL Team • Creation of instance documents from real cases (11) 12th XBRL International Conference

  19. Contents of the extended format (R): also in reduced format • General characteristics (R) • Options IAS • Business combinations (R) • Consolidation (R) • Employment (not required by any IFRS) (R) • Balance sheet (R) • Income statement (by function or by nature) (R) • Statement of changes in equity (R) • Cash-flow statement (direct, indirect or indirect alternative) (R) • Notes 12th XBRL International Conference

  20. There is a note for each of the following items: Property, plant and equipment (R) Borrowings and payables Investment property (R) Borrowings movements Intangible assets (R) Income tax Biological assets Defined benefit post-employment plans Financial assets (R) Equity Current assets Related parties Provisions and grants (R) Segment reporting Hedging instruments and risk Assets held for sale 12th XBRL International Conference

  21. ECCBSO Standard Format (B/S): 12th XBRL International Conference

  22. ECCBSO Standard Format (I/C): 12th XBRL International Conference

  23. AGENDA • Background • III WG of ECCBSO • Standard Formats • ECCBSO/IASCF Joint XBRL Project 12th XBRL International Conference

  24. XBRL SHOWCASE 12th XBRL International Conference

  25. THANK YOU FOR YOUR ATTENTION Manuel Ortega/Josef Macdonald 12th XBRL International Conference

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