XBRL Updates Sharing XBRL good practices for Business Registers at the European Level – A step towards convergence Thomas Verdin, EU BR WG Chair
Remember me… XBRL What & Why? XBRL is the universal language for the financial communication An industry standard for the publishing, exchange and analysis of business and financial reports and data FINANCIAL A freely licensable open technology REPORTS standard based on XML and adapted for the financial and operational business reporting The equivalent of barcode for financial INTERACTIVE data DATA A electronical way to structure financial, legal and economical data of companies registers A common standard to simplify e- filing and reduce administrative burdens
Remember me… XBRL 5 words to know XBRL goes about “reports, taxonomies, facts, tags and templates” XBRL TAG TAXONOMY XBRL FACT TEMPLATE REPORT XBRL FILE INSTANCE DOCUMENT
XBRL Europe Where & Who? www.xbrl.eu gilles.maguet@xbrl-eu.org XBRL Europe supports the advancement of XBRL in Europe standardisation of electronic financial and business information within Europe reduction of the regulatory burden with XBRL support of European regional XBRL projects and taxonomies , with special focus on cross-border companies and institutions Executive Committee Secretary General Gilles Maguet WC WC Strategy & EU WC Project MEMBERS Euromarcom Liaison Coordination Sylvie Lépicier Jean Luc Menda Dereck de Brandt WG EU Business Registers – Thomas Verdin WG Harmon COREP FINREP – Derek Debrandt WG IFRS Extensions – Bodo Kesselmeyer ...design common reporting standards and data provision requirements for cross-border groups, preferably in a multi purpose format such as XBRL...
XBRL Europe BR WG Who & Why? Create a network of Business Registers interested in XBRL Purpose increase the coordination and interoperability for European Business Registrars’ XBRL efforts and taxonomies Scope all economic and legal data for companies operating or registered in the European Union : company ID, annual accounts, other economic & legal data Deliverables overview of existing material, common & best practices, generic taxonomies RESPRESENTED COUNTRIES Other countries are welcome !
XBRL EU BR WG The first steps The EU BR WG Survey & Contact list Overview who and what in each country or project, regarding XBRL + Business Registers • Organize a “XEU BR Survey” Existing XBRL project in Europe for BR • Define a “XEU BR Contact list” Existing XBRL contacts in Europe amongst BR • Identify “XEU BR filing rules and programs” Existing XBRL filing rules and programs for annual accounts (extend NBB initiatives) • Share “XEU BR taxonomies” Existing taxonomies for business registers in Europe
XBRL EU BR WG Where to go? XBRL to publish information from National Registers ACCESS TO REPORTS FROM DIFFERENTS EXCHANGE OF INFORMATION OF CROSS- COUNTRIES (LOCAL GAAP) BORDER COMPANIES NATIONAL NATIONAL MAPPING REGISTER REGISTER DIAGRAM 1 2 XBRL to share efforts on IFRS reports USERS NATIONAL COMMON TAXONOMY IFRS & FILING SYSTEM REPORTS
XBRL Updates National illustrations Updates on the Belgian, British and Italian projects END USER PUBLISH ANALYSE MILLIONS OF XBRL BILLIONS OF ANNUAL XBRL FACTS ANALYSTS ACCOUNTS BACK OFFICE COLLECT & RENDER … amongst a lot of national XBRL initiatives June 23-25, 2009 FOR ADDITIONAL INFORMATION, PLEASE CONTACT : thomas.verdin@xbrl-eu.org
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