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© National Bank of Belgium FINREP - Taxonomy Status Mark Creemers (FINREP project team, National Bank of Belgium)

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Presentation on theme: "© National Bank of Belgium FINREP - Taxonomy Status Mark Creemers (FINREP project team, National Bank of Belgium)"— Presentation transcript:

1 © National Bank of Belgium FINREP - Taxonomy Status Mark Creemers (FINREP project team, National Bank of Belgium)

2 © National Bank of Belgium Agenda What is the FINREP-project? Extending IFRS-GP : Some Considerations Links between Taxonomy and Framework Current and Future Issues

3 © National Bank of Belgium What is the FINREP-project?

4 © National Bank of Belgium What is the FINREP-project? Core Project Team: Patrick Amis (Banque de France) Jacobo Varela (Bank of Spain) Giancarlo Pellizzari (Belgian BFIC) Mark Creemers (National Bank of Belgium) Objective - The FINREP taxonomy should: perfectly reflect FINREP reporting framework be easy to adapt to national supervisory needs be consistent with other IFRS taxonomies

5 © National Bank of Belgium What is the FINREP-project? Timetable Start: end of January 2006 Intermediate versions in FINREP yahoo group First "Public Working Draft" (version 0.3): "Final" version for public comments (1.0):

6 © National Bank of Belgium Taxonomy development process Create brand new taxonomy Cfr. COREP project. Extend existing taxonomy Cfr. IFRS-GP taxonomy (IASCF).

7 © National Bank of Belgium Extending the IFRS-GP taxonomy Advantages: Creation Don't create same element twice, possibly reuse existing presentation and calculation links. Maintenance Same underlying (frequently changing) standards: IFRS Technical and Conceptual Harmonisation Cross-Sector IFRS-GP stands for General Purpose, although specific information for financial institutions is also included. Intra-Sector FINREP is a European framework AND not mandatory

8 © National Bank of Belgium Disadvantage: IFRS-GP = Read-Only Structure: all elements in one schema file. Don't change elements or their attributes Tuples, Type, Balance attribute,... Extending the IFRS-GP taxonomy Primary Items: 20% IFRS-GP IFRS-GP: 90% Not Used 64% Not Used

9 © National Bank of Belgium Extending the IFRS-GP taxonomy Disadvantage: IFRS-GP does not use dimensions Concepts (IFRS-GP) Contexts (COREP)

10 © National Bank of Belgium Extending the IFRS-GP taxonomy Disadvantage: Timing-dependent on IFRS-GP IASB: New / Modified IFRS CEBS: adapt FINREP frameworkIASCF: adapt IFRS-GP taxonomy CEBS: adapt FINREP taxonomy National Supervisors: adapt national extensions Close consultation with IASCF needed!

11 © National Bank of Belgium Links Taxonomy - Framework

12 © National Bank of Belgium Links Taxonomy - Framework

13 © National Bank of Belgium Links Taxonomy - Framework Equity Instruments Breakdown CounterParty Breakdown

14 © National Bank of Belgium Links Taxonomy - Framework Create necessary Hypercubes

15 © National Bank of Belgium Links Taxonomy - Framework Equity Instruments Breakdown CounterParty Breakdown Link Hypercubes to the Primary Items

16 © National Bank of Belgium Links Taxonomy - Framework

17 © National Bank of Belgium Links Taxonomy - Framework Primary Items Explicit Dimension: ConsoAppr Explicit Dimension: InvestTypes Typed Dimension: EntityName

18 © National Bank of Belgium Links Taxonomy - Framework Explicit Dimension: ConsoAppr Explicit Dimension: InvestTypes Typed Dimension: EntityName "Fair Value of Investments in Associates with Price Quotations" is only applicable to Associates ==> Excluding Hypercube to exclude the Subsidiairies and Joint Ventures

19 © National Bank of Belgium Empty Hypercube ("No Dimensions Hypercube") No empty dimension (cfr. COREP) 3718 imported IFRS-GP elements not used 3718 links ==> Solution 1: National Extension ==> Solution 2: Application-Level Links Taxonomy - Framework xbrldt:targetRole!

20 © National Bank of Belgium Dimension-Default Links Taxonomy - Framework If one dimension-default arc exists in one extended link, then the default member is considered as defined in all the extended links where the dimension is used and the domain contains the domain member indicated in the target of the arc. The default member of a dimension MUST NOT appear in a context.

21 © National Bank of Belgium Dimension-Default (use case) Links Taxonomy - Framework

22 © National Bank of Belgium Overview of FINREP d-Counterpts: T 1, 4, 5, 6, 7, 30, 33, 36 d-ValModel: T 9, 11 d-EqInstr: T 1, 5, 7, 30, 33 d-RelatParts: T 34 d-PastDue: T 7 d-Portfolio: T 17 d-FinAssets: T 17 d-ConsoAppr: T 12 d-EntityName: T 12, 39 (typed dimension) d-InvTypes: T 12 d-DBenefitPl: T 35 (typed dimension) d-ConsMov: T 39 (typed dimension) Starting Point: t-FINREP-2006-09-30.xsd"

23 © National Bank of Belgium Documentation (I) FINREP EXCEL SAMPLE FIGURES.xls Green to indicate the use of an explicit dimension Light green to indicate the use of a typed dimension Yellow to indicate formula, not part of calculation linkbase Blue to indicate formula, part of calculation linkbase Links Taxonomy - Framework

24 © National Bank of Belgium Documentation (II) Instance.xbrl: sample document for all tables, no duplicates Presentation.pdf, Calculation.pdf, Definition.pdf Links Taxonomy - Framework

25 © National Bank of Belgium Consistency with COREP No tuples are used! ==> replaced by typed dimensions. Data matrix has been created for FINREP. Naming conventions are followed: Hypercube-Roles and hypercubeItems start with "Hc" or "HcExcluded",... How to extend FINREP? Same principles as for COREP. Integrated documentation on finrep.info or corep.info! Some technical remarks

26 © National Bank of Belgium XBRL International Formula Linkbase Formulas should be part of the taxonomy. Calculation linkbase is too limited for supervisory needs. Different national solutions for same problem. Integrate in national taxonomy-extensions? Develop at application-level? Versioning FINREP = extension of IFRS-GP. Quid future versions of IFRS-GP? Quid future versions of FINREP? Some Current and Future Issues

27 © National Bank of Belgium FINREP is not FRTA-compliant! xbrldt-2005.xsd Element name 'hypercubeItem' does not have an initial capital letter The concept 'http://xbrl.org/2005/xbrldt:hypercubeItem' does not have a label with the standard role The concept 'http://xbrl.org/2005/xbrldt:hypercubeItem' does not have any documentation in the label or reference linkbases ifrs-gp-2006-08-15.xsd Namespace 'http://www.xbrl.org/2005/role/restatedLabel' contains insufficient path components for an XBRL International style URI. FRTA not 100% well-adapted to Dimensions 1.0 FRTA 1.0, Section 3.1.7: All arcs within an extended-type link must have the same arc role (all and notAll arcs in same extended link). FRTA 1.0, Section 3.1.7 Some Current and Future Issues

28 © National Bank of Belgium Modularization Some Current and Future Issues 99% of FINREP = Primary Items 1.Extension of monolithic IFRS-GP schema file. 2.Interdependencies between tables.

29 © National Bank of Belgium Modularization Remedy 1: Use same structure as IFRS-GP for p-FINREP Some Current and Future Issues Interdependencies between tables (national application/extension)?

30 © National Bank of Belgium Modularization Remedy 2: Add abstract dummies to easily prohibit tables in presentation, calculation and definition linkbase. Some Current and Future Issues This has not been tested and should be further investigated!

31 © National Bank of Belgium Modularization Remedy 3: Different template taxonomies for each table. Some Current and Future Issues

32 © National Bank of Belgium Modularization Conclusion 1: Discussion is still open! Conclusion 2: Should be further investigated NOW! Remark: Is there still time to create modularized version? Quid providing 2 versions (modularized and monolithic)? Wont this lead to confusion for supervisors and banks? Maintenance: 2 versions = 2 * work? Some Current and Future Issues

33 © National Bank of Belgium Contact & Questions


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