4 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 frameworkbe easy to adapt to national supervisory needsbe consistent with other IFRS taxonomies
5 What is the FINREP-project? TimetableStart: end of January 2006Intermediate versions in FINREP yahoo groupFirst "Public Working Draft" (version 0.3):"Final" version for public comments (1.0):
6 Taxonomy development process Create brand new taxonomyCfr. COREP project.Extend existing taxonomyCfr. IFRS-GP taxonomy (IASCF).
7 Extending the IFRS-GP taxonomy Advantages:CreationDon't create same element twice, possibly reuse existing presentation and calculation links.MaintenanceSame underlying (frequently changing) standards: IFRSTechnical and Conceptual HarmonisationCross-SectorIFRS-GP stands for General Purpose, although specific information for financial institutions is also included.Intra-SectorFINREP is a European framework AND not mandatory
8 Extending the IFRS-GP taxonomy Disadvantage: IFRS-GP = Read-OnlyStructure: all elements in one schema file.Don't change elements or their attributesTuples, Type, Balance attribute,...IFRS-GP:90% Not UsedPrimary Items:20% IFRS-GP64% Not Used
9 Extending the IFRS-GP taxonomy Disadvantage: IFRS-GP does not use dimensionsConcepts (IFRS-GP)Contexts (COREP)
10 Extending the IFRS-GP taxonomy Disadvantage: Timing-dependent on IFRS-GPIASB: New / Modified IFRSClose consultation with IASCF needed!CEBS: adapt FINREP frameworkIASCF: adapt IFRS-GP taxonomyCEBS: adapt FINREP taxonomyNational Supervisors: adapt national extensions
18 Links Taxonomy - Framework Explicit Dimension: ConsoApprExplicit Dimension: InvestTypesTyped 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 Links Taxonomy - Framework 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-Levelxbrldt:targetRole!
20 Links Taxonomy - Framework Dimension-DefaultIf 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.
22 Overview of FINREP Starting Point: “t-FINREP-2006-09-30.xsd" d-Counterpts: T 1, 4, 5, 6, 7, 30, 33, 36d-ValModel: T 9, 11d-EqInstr: T 1, 5, 7, 30, 33d-RelatParts: T 34d-PastDue: T 7d-Portfolio: T 17d-FinAssets: T 17d-ConsoAppr: T 12d-EntityName: T 12, 39 (typed dimension)d-InvTypes: T 12d-DBenefitPl: T 35 (typed dimension)d-ConsMov: T 39 (typed dimension)
23 Links Taxonomy - Framework Documentation (I)FINREP EXCEL SAMPLE FIGURES.xlsGreen to indicate the use of an explicit dimensionLight green to indicate the use of a typed dimensionYellow to indicate formula, not part of calculation linkbaseBlue to indicate formula, part of calculation linkbase
24 Links Taxonomy - Framework Documentation (II)Instance.xbrl: sample document for all tables, no duplicatesPresentation.pdf, Calculation.pdf, Definition.pdf
25 Some technical remarks Consistency with COREPNo 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!
26 Some Current and Future Issues XBRL InternationalFormula LinkbaseFormulas 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?VersioningFINREP = extension of IFRS-GP.Quid future versions of IFRS-GP?Quid future versions of FINREP?
27 Some Current and Future Issues FINREP is not FRTA-compliant!xbrldt-2005.xsdElement name 'hypercubeItem' does not have an initial capital letterThe concept 'http://xbrl.org/2005/xbrldt:hypercubeItem' does not have a label with the standard roleThe concept 'http://xbrl.org/2005/xbrldt:hypercubeItem' does not have any documentation in the label or reference linkbasesifrs-gp xsdNamespace 'http://www.xbrl.org/2005/role/restatedLabel' contains insufficient path components for an XBRL International style URI.FRTA not 100% well-adapted to Dimensions 1.0FRTA 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).
28 99% of FINREP = Primary Items Some Current and Future IssuesModularization99% of FINREP = Primary ItemsExtension of monolithic IFRS-GP schema file.Interdependencies between tables.
29 Interdependencies between tables (national application/extension)? Some Current and Future IssuesModularizationRemedy 1: Use same structure as IFRS-GP for p-FINREPInterdependencies between tables (national application/extension)?
30 This has not been tested and should be further investigated! Some Current and Future IssuesModularizationRemedy 2: Add abstract dummies to easily prohibit tables in presentation, calculation and definition linkbase.This has not been tested and should be further investigated!
31 Some Current and Future Issues ModularizationRemedy 3: Different template taxonomies for each table.
32 Some Current and Future Issues ModularizationConclusion 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)?Won’t this lead to confusion for supervisors and banks?Maintenance: 2 versions = 2 * work?