XBRL in Europe XBRL in Europe XBRL in Europe Projects, users and regulators Projects, users and regulators Olivier Servais, Olivier Servais, Permanent Secretary Permanent Secretary Dirk Quina Dirk Quina , Ministery of Finance in , Ministery of Finance in Belgium Belgium Wednesday, 6 October 2004
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XBRL in Europe XBRL in Europe Projects, users and regulators Olivier Servais, Permanent Secretary Dirk Quina, Ministery of Finance in Belgium Wednesday,
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XBRL in Europe
XBRL in EuropeXBRL in Europe
Projects, users and Projects, users and regulatorsregulators
Dirk QuinaDirk Quina, Ministery of Finance in Belgium, Ministery of Finance in Belgium
Wednesday, 6 October 2004
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
AgendaAgenda
What is XBRL ?What is XBRL ?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
XBRL for regulatorsXBRL for regulators
What is XBRL ?What is XBRL ?
Overview of XBRL projects (not only) in EuropeOverview of XBRL projects (not only) in Europe
XBRL for regulatorsXBRL for regulatorsX what ?
In Europe ?
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
Universal XML-based royaly-free standardUniversal XML-based royaly-free standard to improve publishing, to improve publishing,
exchange, analysis & comparison of financial data exchange, analysis & comparison of financial data
Dedicated to :Dedicated to : regulators,regulators, companies, banks, insurance, companies, banks, insurance,
software vendors, analyst, auditors & accountants …software vendors, analyst, auditors & accountants … GAAP translated in a taxonomyGAAP translated in a taxonomy
Benefits : Benefits : No need to re-type No need to re-type -> less time, no more errors, …-> less time, no more errors, … Improving control over the processImproving control over the process of delivering detailed reporting to of delivering detailed reporting to
investors and other stakeholdersinvestors and other stakeholders Limited in costs Limited in costs (royalty-free)(royalty-free) Multi-language & Multi-mediaMulti-language & Multi-media Enhance insights and transparencyEnhance insights and transparency Enhance quality and usability of informationEnhance quality and usability of information Enhance IAS/IFRS conversionEnhance IAS/IFRS conversion
eXtensible Business Reporting Language
Oasis Forum – Public administrationWednesday, 6 October 2004 XBRL in Europe
What is ?
Preparer‘s EnvironmentPreparer‘s Environment User environmentUser environment
European Congres for AccountantsFriday, 8 October 2004 XBRL in Europe
8 900 Banks
FDIC OCC FRB OTS NCUA
Multiple copies of data exist inside multiple agencies (error prone)
Avg. of 60-75 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
European Congres for AccountantsFriday, 8 October 2004 XBRL in Europe
8 900 Banks
FDIC OCC FRB OTS NCUA
FFIEC
XBRL open source data standard used for communicating report requirements, validations, instructions (timeliness/flexibility)
Filers required to submit data in XBRL format over the web (automation)
Multiple sources of data => SINGLE SOURCE (integrity) Processing Time 60 - 75 days => 2 Days (timeliness) Processing Costs $65M => $39M, a savings of $26M (cost/efficiency)
Federal Deposit Insurance Corporation -
Future
European Congres for AccountantsFriday, 8 October 2004 XBRL in Europe
European Congres for AccountantsFriday, 8 October 2004 XBRL in Europe
Significant benefitsSignificant benefits
Improving control over the process Improving control over the process of delivering detailed reporting to stakeholdersof delivering detailed reporting to stakeholders
Facilitating conversion Facilitating conversion to new or alternative reporting models (IFRS, Basel II)to new or alternative reporting models (IFRS, Basel II)
Multi-media support (“Multi-media support (“Produce one, render manyProduce one, render many”) : ”) : web, CD, papier…web, CD, papier…
Interoperability with other XML (Tax XML…)Interoperability with other XML (Tax XML…)
Can compare facts across reporting entitiesCan compare facts across reporting entities
Authenticated data warrantyAuthenticated data warranty