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Ignacio Boixo XBRL Network Co-ordinator, Committee of European Banking Supervisors Head of International Projects, IS Department, Bank of Spain Manager,

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Presentation on theme: "Ignacio Boixo XBRL Network Co-ordinator, Committee of European Banking Supervisors Head of International Projects, IS Department, Bank of Spain Manager,"— Presentation transcript:

1 Ignacio Boixo XBRL Network Co-ordinator, Committee of European Banking Supervisors Head of International Projects, IS Department, Bank of Spain Manager, XBRL Spain Information Technology Committee, European System of Central Banks COREP/FINREP XBRL Update VI Workshop, October 2006

2 Application of the Supervisory Review Process CEBS CP03 | May CEBS News Expert Group on Financial Information decided to create three networks: COREP network: coordinated by Fernando Navarrete (Bank of Spain) FINREP network: coordinated by Marc Pickeur (CBFA) XBRL related-matters network: coordinated by Ignacio Boixo (Bank of Spain)

3 Application of the Supervisory Review Process CEBS CP03 | May SEC News Washington, D.C., Sept. 25, 2006 U.S. Securities and Exchange Commission: $54 million to transform the agencys 1980s-vintage public company disclosure system $48 million to complete the transformation of the old EDGAR database into the new XBRL-capable system over the next year. Complete XBRL Code Writing for U.S. GAAP Financial Statements $5.5 million, contracting with XBRL US Interactive Data Tools for Investors $500,000

4 Application of the Supervisory Review Process CEBS CP03 | May Eurostat News XDIS/XBRL project Focus on reporting by enterprises to National Statistics Institutions October 2006 – February 2007: Prepare and perform tests (BE, ES, NL) March 2007: Acceptance analysis April – November 2007: Extension to other domains and countries (maybe IE, LU and SE) Total budget: 3.75 M for budget years 2005-> to pilots and studies on XBRL and other sectoral standards

5 Application of the Supervisory Review Process CEBS CP03 | May European System of Centrat Banks News EXDI project Focus on collecting Banking Information XBRL format: main candidate format

6 Application of the Supervisory Review Process CEBS CP03 | May XBRL Investment (Feb.-May 2005) ConceptNumberUnitsMarket*Cost Secretariat IT developers full time312 months Intl. XBRL advisors310 weeks Business advisors310 weeks Scholars312 months IT support & coordination1050 weeks Attendants on site5050 weeks Attendants off site msg.--- Subtotal staff54 months Website & corep.info150 - Conference call10 calls Meeting rooms220 days Tools, training & develops Travels & accommod.75 trips Subtotal supplies TOTAL Around three quarter million has been invested until June 2005 by Supervisors and XBRL community (*) Market cost per unit. Source: PwC

7 Application of the Supervisory Review Process CEBS CP03 | May Financial Markets Information society RulesInternet Users Comp. XBRL Financial information brigde

8 Application of the Supervisory Review Process CEBS CP03 | May Basel II, IAS/IFRS … EC 2006/48 & 49 … Country 1 FSA 1 Report 2Report Country 3Country 2Country 25 FSA 2FSA 3FSA 25 Report Report National Regulation Transposition into national Legislation European Law 9X,XX% best practices + EU requirements National Implementation XBRL challenge! Global best practices Flexibility Principle

9 Application of the Supervisory Review Process CEBS CP03 | May CEBS XBRL: IT implementation model Bank Bank Management Operations Counterparties Collateral … Report XBRL Supervisor Supervision Reports Other data … to XBRL Taxonomy XBRL Errors Internet from XBRL INDUSTRY Didactic model for explanatory purposes only

10 Application of the Supervisory Review Process CEBS CP03 | May CEBS XBRL EU: implementation model Bank Bank Management Operations Counterparties Collateral … Report Supervisor IS Supervisory Reports Other data … Presentation, Analysis… Bank operations, controls…. Basel II IAS/IFRS App. to XBRL from XBRL Basel II IAS/IFRS App. Report File Transfer (National) XBRL (Europe) XBRL (National) Errors Internet XBRL National implementation XBRL core Basel II IAS/IFRS Basel II IAS/IFRS Didactic model for explanatory purposes only

11 Application of the Supervisory Review Process CEBS CP03 | May Today

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