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CEBS Workshop in Roma New FINREP taxonomy : Proof of concept Antoine Bourdais - INVOKE.

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Presentation on theme: "CEBS Workshop in Roma New FINREP taxonomy : Proof of concept Antoine Bourdais - INVOKE."— Presentation transcript:

1 CEBS Workshop in Roma New FINREP taxonomy : Proof of concept Antoine Bourdais - INVOKE

2 The origin of the Challenge The solution used The result

3 Wednesday evening Invoke, are you able to design a model based on the last FINREP taxonomy ? Why ? Because this is a fully dimensional taxonomy For a bottle of Champaign ! What is the deadline ? Tomorrow morning !

4 The origin of the Challenge The solution used The result

5 INVOKE XBRL Suite A financial spreadsheet for reading and writing XBRL documents based on any taxonomy with dynamic analytical features INVOKE XBRL Designer INVOKE XBRL Reader / Writer

6 INVOKE XBRL Designer A user-friendly tool for designing forms based on any taxonomy

7 INVOKE XBRL Reader / Writer The « pair of glasses » that lets you visualize XBRL data in a readable and user-friendly format. Full web version

8 Methodology : How we made it ? Download of the new FINREP taxonomy from the eurofiling website Analysis of the DataStructure Excel file Download of the excel template from the CEBS website Design of the templates with XBRL Designer

9 The origin of the Challenge The solution used The result

10 Demo : Proof of concept Feedback : Discussion

11 Personal feedback after this first contact with this new approach First feeling : More technical approach it could be necessary to understand how an OLAP system is organized to better understand the taxonomy Impact : I think some training sessions will be necessary even for people already able to manipulate XBRL taxonomies Is this approach due to the storage system ?

12 A gap between the structure of data in the accounting system of banks and the new approach Some dimensions in the new approach are usually supported by the chart of accounts into a banking system Question : Is it a problem ? I dont know ! What impact for banks who wanted to used the COREP/FINREP taxonomies for internal reporting purposes ? Discussion with banks is perhaps necessary on this point Personal feedback after this first contact with this new approach

13 Impact on all XBRL software XBRL software are traditionally using presentation trees and calculation links to organize the user interface I think all software vendors will have to rethink the organization of XBRL products to propose user friendly approach without presentation trees and calculation links Personal feedback after this first contact with this new approach

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