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Feedback on FIN.REP. Implementation by the Industry November 2007.

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Presentation on theme: "Feedback on FIN.REP. Implementation by the Industry November 2007."— Presentation transcript:

1 Feedback on FIN.REP. Implementation by the Industry November 2007

2 Main Comments FIN.REP. should not be made mandatory Reporting formats differ relating to the XBRL Taxonomy National Regulators introduce changes and breakdowns which are not compatible with the FIN. REP. Framework Inconsistency of the FIN.REP. model with IFRS-Rules National Regulators give interpretations on IFRS- Rules

3 Harmonized Versioning Policy Proposal November 2007 Proposal from EGFI Panagioti Voulgaris Bank of Greece

4 Harmonized Versioning Policy Updating Reporting Frameworks Management of XBRL Taxonomy Editions

5 Updating Reporting Frameworks Based on the assumptions: –Maximum once per year changes –Changes will be approved 12 months in advance of first implementation –Changes will be applied by members at the same time –Promotion of stability in the Guidelines –Feedback from the industry at any point –Two types of processes from major and minor changes

6 Updating Reporting Frameworks Public consultation (6 months) Time for national implementations (12 months)Preparation of amendment (5 months) GENERAL TIMELINE Ja n X FebXFebX M ar X A pr X Ma y X Ju n X J ul X Au g X Se p X Oc t X No v X De c X Ja n X+ 1 Fe b X+ 1 Ma r X+ 1 Ap r X+ 1 Ma y X+ 1 Ju n X+ 1 Jul X+ 1 Au g X+ 1 Se p X+ 1 Oct X+ 1 No v X+ 1 De c X+ 1 Preparation of amendment (5 months) Time for national implementations (13 months) Drafting changes (2.5 months) Jan XJan X Fe b X M ar X A pr X Ma y X Ju n X J ul X Au g X Se p X Oc t X No v X De c X Ja n X+ 1 Fe b X+ 1 Ma r X+ 1 Ap r X+ 1 Ma y X+ 1 Ju n X+ 1 Jul X+ 1 Au g X+ 1 Se p X+ 1 Oct X+ 1 No v X+ 1 De c X+ 1 TIMELINE FOR DRAFTING AMENDMENTS

7 Management of XBRL Taxonomy Editions Edition Numbering Namespace Naming Identifying Releases Taxonomy Physical Location Process of Publishing New Editions

8 Edition Numbering Changes based on the degree of impact –In cases where the instance documents are not affected go e.g. from to –Other cases go e.g. from to or from to Case A: Major functional changes will modify first level number Case B: Minor functional changes will modify second level number Case C: Non functional changes will modify third level number

9 Namespace Naming Case C: Maintain same namespace Cases A and B: New namespaces Version and release Namespace 1.2.0http://www.c-ebs.org/eu/fr/esrs/corep/ http://www.c-ebs.org/eu/fr/esrs/corep/ http://www.c-ebs.org/eu/fr/esrs/corep/ http://www.c-ebs.org/eu/fr/esrs/corep/ * Note that versions through share the same namespace

10 Identifying Releases This instruction will be placed at the very beginning of each file which belongs to a COREP or FINREP taxonomy (schema, linkbase or any other XML file):

11 Taxonomy Physical Location Any taxonomy released will be available on the official website of the COREP and FINREP projects. Each file associated with a taxonomy release will be located at a new URL according to the following schema: is a common URL for each maintenance release of the same functional version, and "release" is the prefix "vr" followed by three integers separated by points. E.g. the file t-ca xsd of version will be addressable at the URL: xsd

12 Taxonomy Physical Location For each functional version, the last maintenance release will be available at a fixed URL according the following schema: E.g. the file t-ca xsd of the last maintenance release of the functional version 1.2.x will be addressable at the URL: 01.xsd Note that, as opposed to the former URL, this one does not include the release number.

13 Process of Publishing New Editions Each new edition includes: List of changes to previous editions Text document with description of changes A visual comparison Printouts of the link bases


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