Integrated Reporting Taxonomy: Extending IFRS & COREP XBRL Europe Day & Eurofiling Workshop Frankfurt, 11 th -14 th December 2012 Speaker: María Mora ([email protected] )
Integrated Reporting Taxonomy:Extending IFRS & COREP
XBRL Europe Day & Eurofiling WorkshopFrankfurt, 11th-14th December 2012
Speaker: María Mora ([email protected] )
XBRL Week in Frankfurt 2012 | página 1
Agenda
• The new Corporate Reporting model paradigm
• AECA and the Integrated Scoreboard for Financial,
Environmental, Social and Governance information (IS-FESG)
• The ice meaning in XBRL: IS-FESG Taxonomy
• Early future: Towards the corporate reporting ecosystem-
Integrated model
XBRL Europe Day & Eurofiling WorkshopFrankfurt, 11th-14th December 2012
XBRL Week in Frankfurt 2012 | página 2
EnvironmentalSocial Governance
Corporate Responsibility/ Sustainability
Voluntary channels
Financial Solvency
Legal channels
The new Corporate Reportingmodel paradigm
Actual corporate reporting paradigm
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Towards Integrated Reporting
IIRC source: integrated reporting and the source information
The new Corporate Reportingmodel paradigm
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Next step: looking for the integration and the transparency
Firm Information
Staff
Client
Supplier
Government
Shareholder
Investor
The value creation
The new Corporate Reportingmodel paradigm
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What is AECA?
� AECA is the Spanish Association
of Accounting and Business
Administration.
� Since 2006, AECA has been developing applied
researches in the standardization of non-financial
information, especially in the areas of
environmental, social and corporate governance.
� Promoting the XBRL technology for reporting process,
doing it valuable by companies and stakeholders.
� More information: http://www.aecareporting.com/
AECA experience in sustainability projects
AECA and the Integrated Scoreboardfor Financial, Environmental, Social and Governanceinformation (IS-FESG)
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The Integrated Reporting project working group
� AECA took the initiative in creating the Integrated Reporting Working
Group in 2011.
The working group
comprises academics,
auditors, IT consultants,
representatives from Bank
of Spain, Spanish Securities
Exchange Commission,
Business Registers, XBRL
jurisdiction and the five
Spanish companies
participating in the IIRC
Pilot Programme: BBVA,
ENAGAS, INDITEX, INDRA
and TELEFONICA
AECA and the Integrated Scoreboardfor Financial, Environmental, Social and Governanceinformation (IS-FESG)
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Results
domaindomain
ITIT
applicabilityapplicability
Integrated Scoreboard (IS-FESG)Integrated Scoreboard (IS-FESG)Fra
me
wo
rkF
ram
ew
ork
Analyzable
Verifiable
Homogeneous
IS-FESG TaxonomyIS-FESG Taxonomy
Taxo
no
my
Taxo
no
my
Re
al
rep
ort
s
Re
al
rep
ort
s
Early adoptersEarly adopters
AECA and the Integrated Scoreboardfor Financial, Environmental, Social and Governanceinformation (IS-FESG)
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Technically, it is the moment: XBRL is ready
AECA and the Integrated Scoreboardfor Financial, Environmental, Social and Governanceinformation (IS-FESG)
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integration
connection
extension
The ice meaning in XBRL: IS-FESG Taxonomy
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The integration in the conceptual framework
Represent the business reality through
a set of indicators
The ice meaning in XBRL: IS-FESG Taxonomy
integration – connection - extension
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The integration: XBRL enabled technology
Data Point Model + Dimensions + FormulasData Point Model + Dimensions + Formulas
The ice meaning in XBRL: IS-FESG Taxonomy
integration – connection - extension
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The connection with financial frameworks in the IS-FESG Taxonomy
The ice meaning in XBRL: IS-FESG Taxonomy
integration – connection - extension
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Suppliers expenses
[320000] Raw
consumables used
[320000] Raw
materials and
consumables used
[320000] Other
expenses
The ice meaning in XBRL: IS-FESG Taxonomy
integration – connection - extension
The connection with financial frameworks in the IS-FESG Taxonomy
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The connection: XBRL enabled technology
Suppliers expenses
[320000] Raw
consumables used
[320000] Raw
materials and
consumables used
[320000] Other
expenses
Formula Specification 1.0
Formula Specification 1.0
The ice meaning in XBRL: IS-FESG Taxonomy
integration – connection - extension
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Connection results: Nurturing the corporate reporting ecosystem
XBRL
instanceXBRL
instance
Financial ReportingFinancial Reporting
Integrated ReportingIntegrated Reporting
The companies report theirfinancial situation by legalrequirements.
The financial dimension in anintegrated report is directlynurtured thanks theconnection defined in the IS-FESG XBRL taxonomy.
The ice meaning in XBRL: IS-FESG Taxonomy
integration – connection - extension
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COREP extension in the IS-FESG Taxonomy
COREP
Credit MarketOperational
› The firms must define their own risks concepts
› from different natures (financial, environmental, social and
governance)
› classified by strategic objectives
› aligned with the loss events according to Basel framework
› Internal management orientation
The ice meaning in XBRL: IS-FESG Taxonomy
integration – connection - extension
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COREP extension in the IS-FESG Taxonomy: XBRL enabled technology
KRIs frame
INTERNAL
FRAUD
EXTERNAL
FRAUD
EMPLOYMENT
PRACTICES
AND
WORKPLACE
SAFETY
CLIENTS,
PRODUCTS &
BUSINESS
PRACTICES
DAMAGE TO
PHYSICAL
ASSETS
BUSINESS
DISRUPTION
AND SYSTEM
FAILURES
EXECUTION,
DELIVERY &
PROCESS
MANAGEMENT
LOWEST HIGHEST
1 2 3 4 5 6 7 8 9 10
Number of events
Total los s a mount
Maximum s ingle los s
… …
Number of events
Total los s a mount
Maximum s ingle los s
… …
Number of events
Total los s a mount
Maximum s ingle los s
… …
Number of events
Total los s a mount
Maximum s ingle los s
… …
The entity will edit its own family of KRIs as a
classification for loss data collection and
evaluation.
Waste management effiency
EVENT TYPES
TOTAL EVENT TYPES
MEMORANDUM ITEM:
THRESHOLD APPLIED IN
DATA COLLECTION
…KRI_F1
Financial indicators
Economic efficiency
Envirnomental indicators
…
Social Capital
Human Capital
Energy efficiency and emmisions
KRI_E1
KRI_S1 …
Social indicators
KRI_Ei …
COREP
Strategic
objectives
XBRL 2.1 Specification
XBRL 2.1 Specification
The ice meaning in XBRL: IS-FESG Taxonomy
integration – connection - extension
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Solvency framework Basel extension in the IS-FESG Taxonomy
Capital
requirement
Supervision
authority
Market
discipline
Credit risk
Market risk
Operational risk
Pillar IPillar I Pillar II Pillar III
The ice meaning in XBRL: IS-FESG Taxonomy
integration – connection - extension
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Early future: Towards the corporatereporting ecosystem- Integrated model
Solvency IISolvency II
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Thanks for your attentions
Thank you for your attention
María Mora ([email protected])
XBRL Europe Day & Eurofiling WorkshopFrankfurt, 11th-14th December 2012
“With Integrated Reporting it is possible toanticipate as competitive advantage what
tomorrow will be required by regulators”