XBRL in Europe XBRL in Europe XBRL in Europe Olivier Servais, Olivier Servais, XBRL in Europe – Permanent Secretary XBRL in Europe – Permanent Secretary XBRL Int’l Steering Committee – Member XBRL Int’l Steering Committee – Member Friday, 3 June 2005 for COREP for COREP
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XBRL in Europe Olivier Servais, XBRL in Europe – Permanent Secretary XBRL Intl Steering Committee – Member Friday, 3 June 2005 for COREP.
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XBRL in Europe
XBRL in EuropeXBRL in Europe
Olivier Servais, Olivier Servais,
XBRL in Europe – Permanent SecretaryXBRL in Europe – Permanent Secretary
Jurisdev SubcommitteeChair – Liv WatsonVice Chair: open
Jurisdev SubcommitteeChair – Liv WatsonVice Chair: open
* Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract)
* Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract)
› Issues:‒ Identifying companies ‒ Reporting frequency‒ Types of reports and status‒ Audit reports
› Interdepartmental project‒ Ministry of Justice‒ Ministry of Finance
Architecture
Dutch Tree
Domain specific
Form sets
Per subject / target group
IFRS
Sets Sets
Taxes
Statistics
…
IFRS Waiver taxonomy
GEN-Base
Generic Elements Netherlands DataTypes
Elements annual account Relations
Report
Sets
DataTypes(RJ)
Relations
Business case
I II IIIcompany backofficeinfrastructure
Chamber ofCommerce
annual acco unts
StatisticsNetherlands
T axoffice
taxes
e co nom ic s tatis tics
O ndernem ing
interm ediary /acc ountant
advice
<Dutch Taxonomy>IV
Status of project
› In progress‒ Standardization of context information‒ Further normalization
› Chain testing by performing a business case
› Letter of intent by all stakeholders› First test release of the Dutch Taxonomy
is now available!‒ www.xbrl-ntp.nl/english‒ User: taxonomie01 - Pass: boston
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
8 200 Banks
FDIC OCC FRB OTS NCUA
Quarterly information comprised of 2,000 fields described in 400 pages of instructions
Multiple copies of data exist inside multiple agencies (error prone)
Avg. of 60-70 days to receive, validate + publish filings (not timely)
Estimated processing costs over next 10 years - $65 million (costly)
March 2003 reports had nearly 18 000 errors that needed to be corrected (integrity issues)
1 000 basic math errors 17 000 quality (validation) errors
Federal Deposit Insurance Corporation -
Today
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
8 200 Banks
FDIC OCC FRB OTS NCUA
FFIEC
“All of this can be boiled down into a fairly modernized process with XBRL”. On the back end, 1,500 formulas promote data quality (timeliness/flexibility)
Filers required to submit data in XBRL format over the web (automation) Multiple sources of data => SINGLE SOURCE (integrity) Processing Time 60 - 70 days => 32 Days (timeliness) Processing Costs $65M => $39M, a savings of $26M (cost/efficiency) Cost savings to the U.S. banking agencies accrue when the system is
extended to other data series
Federal Deposit Insurance Corporation -
Future
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Operational launch is planned for the third quarter – October 1, 2005
Additional information available at: www.FFIEC.gov/FIND
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
AgendaAgenda
Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
Next challengesNext challenges
Who’s driving XBRL & What is XBRL in Europe?Who’s driving XBRL & What is XBRL in Europe?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
Next challengesNext challenges
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
CEBS - XBRL COREP Steering Committee Friday, 3 June 2005
European Banking Supervisors XBRL European Banking Supervisors XBRL RoundtableRoundtable
The conceptThe concept Purposes : Purposes :
Help to supervisors to decide that XBRL is of use for them within COREP/FINREP, and then to Help to supervisors to decide that XBRL is of use for them within COREP/FINREP, and then to
implement XBRL for COREP & FINREP at national levelimplement XBRL for COREP & FINREP at national level
Provide technical background & knowledge in order to implement XBRLProvide technical background & knowledge in order to implement XBRL
Duration & formDuration & form: 3-4 days Workshop, by mid-September: 3-4 days Workshop, by mid-September
AudienceAudience : supervisors only (+ guests), involved in XBRL COREP/FINREP projects, on invitation : supervisors only (+ guests), involved in XBRL COREP/FINREP projects, on invitation