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XBRL Implementations at Banco de España: SIIF Project Banco de España Víctor Morilla Angeles Lozano Madrid, 2006-02-03.

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Presentation on theme: "XBRL Implementations at Banco de España: SIIF Project Banco de España Víctor Morilla Angeles Lozano Madrid, 2006-02-03."— Presentation transcript:

1 XBRL Implementations at Banco de España: SIIF Project Banco de España Víctor Morilla Angeles Lozano Madrid,

2 Agenda Prior works Background SIIF project Implementation Architecture Current situation Future works Conclusions

3 Prior works 2003: Pilot project for the exchange of information with appraisal companies 2004: Project for leading and planning the deployment of XBRL, analyzing information flows and identifying chances to apply the standard

4 Background Spanish financial entities are required by law to report financial statements to Banco de España There reports provide information for analyzing the financial situation of each entity and Spanish financial market as a whole Conclusions are reported to international organizations (IMF and ECB) and summarized in bulletins available for public access These statements were historically reported by electronic means using plain text files and stored at IBM host systems

5 SIIF Project SIIF aims to provide a new means to file public statements using XBRL It is an important step towards the deployment of XBRL at our in-house systems It makes easier the evolution of the systems at financial entities towards XBRL reporting

6 Implementation A new taxonomy based on ifrs-gp has been developed: es-be-fs A new address is available to receive XBRL docs Web based helper services are provided: XBRL documents validation XBRL documents visualization Taxonomy visualization … A converter to translate from old plain text format to XBRL is offered to financial entities

7 EAI Architecture I: National Bank of Spain XBRL DOCS Statements fulfilment Access Channel - Deciphering - Authentication - Access control Project specific processing Host Reply Infrastructure, communication and security services SMTP MAIL Signed & Ciphered - Validation - Activity recording - User Reply - Translation to plain text Helper Services Fulfilment state DB XBRL DOCS Plain text XBRL Web Services PresentationValidation Helper Services Front-End - Pre-validation - Visualization - Fulfilment state query HTTPS Financial Entities National Bank of Spain

8 Architecture II: Financial Entities Back-office Data-mart PLAIN TEXT FILES Public and reserved statements Banks not yet included in SIIF project XBRL DOCS XBRL Converter XBRL DOCS PLAIN TEXT FILES Data-mart PLAIN TEXT FILES Reserved statements Public statements Reserved statements Banks using XBRL converter Banks using XBRL directly

9 Current situation Since July 2005, seven major Spanish Banks are sending public statements using XBRL Some of these banks are already extracting data on XBRL format directly from their systems At the end of this year, every financial entity should be filing public statements by XBRL

10 Future works New Basels Accord Solvency Information (COREP) Reserved Statements of Financial Entities (FINREP) Central Balance Sheet Data Office

11 Conclusions SIIF project experience shows us that implementing an XBRL based solution is affordable at low costs Providing a converter and helper services for validation and presentation are good practices to make easier the adoption of XBRL by information providers XBRL is the right tool to define and implement robust interfaces between systems for exchanging financial information

12 Questions Thank you for your attention! Time for your questions!


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