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The FINREP Taxonomy Madrid, Thursday 18 May 2006 Mark Creemers (FINREP project team, National Bank of Belgium)

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Presentation on theme: "The FINREP Taxonomy Madrid, Thursday 18 May 2006 Mark Creemers (FINREP project team, National Bank of Belgium)"— Presentation transcript:

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2 The FINREP Taxonomy Madrid, Thursday 18 May 2006 Mark Creemers (FINREP project team, National Bank of Belgium)

3 © National Bank of Belgium Agenda What is FINREP? Objective of the FINREP Taxonomy Development Process Extending the IFRS-GP Taxonomy Links between Taxonomy and Framework Current and Future Issues

4 © National Bank of Belgium What is FINREP?

5 © National Bank of Belgium The FINREP Taxonomy Core Project Team: Patrick Amis (Banque de France) Jacobo Varela (Bank of Spain) Giancarlo Pellizzari (Belgian BFIC) Mark Creemers (National Bank of Belgium) Timetable Start: end of January 2006 Intermediate versions in yahoo group First "Public Working Draft": next week - Final version: September 2006

6 © National Bank of Belgium The FINREP Taxonomy Objective: The FINREP taxonomy should: perfectly reflect FINREP reporting scheme be easy to adapt to national supervisory needs be consistent with other IFRS taxonomies

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

8 © National Bank of Belgium Extending the IFRS-GP taxonomy Disadvantage: IFRS-GP = Read-Only Consistency: "apply same principles" Structure: all elements in one schema file. No dimensions ifrs-gp:DepositsWithOtherBanks ifrs-gp:AmountsOwedToOtherDepositors ifrs-gp:DepositsTotal Don't change elements or their attributes Type, Balance attribute,... +

9 © National Bank of Belgium Extending the IFRS-GP taxonomy Advantages: Creation and Maintenance Don't create same element twice Same underlying (frequently changing) standards 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

10 © National Bank of Belgium Extending the IFRS-GP taxonomy Steps to extend the IFRS-GP taxonomy 1. Mapping IFRS-GP and FINREP Avoid Inconsistencies: eu-ifrs-fr:OtherAssets versus ifrs-gp:OtherAssets 2. Create missing elements (incl. labels & refs) 3. Create Linkbases (pre, cal, def) 4. Structure the taxonomy (architecture) One schema file with all elements? One presentation, calculation and definition linkbase? Quid dimensions?

11 © National Bank of Belgium FINREP Taxonomy IFRS - GP Schema file IFRS - References IFRS - Labels FINREP Schema file FINREP - References FINREP - Labels FINREP - Presentation FINREP - Calculation FINREP - Definition

12 © National Bank of Belgium Links between taxonomy and framework

13 © National Bank of Belgium Links between taxonomy and framework

14 © National Bank of Belgium Links between taxonomy and framework Equity Instruments Breakdown CounterParty Breakdown

15 © National Bank of Belgium Links between taxonomy and framework Create necessary Hypercubes

16 © National Bank of Belgium Links between taxonomy and framework Equity Instruments Breakdown CounterParty Breakdown Link Hypercubes to the Primary Items

17 © National Bank of Belgium Links between taxonomy and framework

18 © National Bank of Belgium Links between taxonomy and framework Primary Items Explicit Dimension: Portfolio Explicit Dimension: FinAssets May be duplicated: Typed Dimension

19 © National Bank of Belgium Links between taxonomy and framework Explicit Dimension: Portfolio Explicit Dimension: FinAssets Typed Dimension: NatureAssets From a conceptual point of view, Equity Instruments cannot belong to HTM or L&R portfolio!! ==> Excluding Cube to exclude the combination of Equity Instruments with the Portfolios HTM and L&R

20 © National Bank of Belgium Table 17: typed dimension is used Already dimensions in this table and no link with IFRS-GP Tables 12, 35 and 39: tuples are used Typed dimensions versus Tuples "For each associate, subsidiary or joint venture" "For each defined benefit plan" "For each consolidated company"

21 © National Bank of Belgium Overview of FINREP taxonomy Difference with COREP: one "giant" taxonomy!! Reason 1: extension of "giant" IFRS-GP. Reason 2: interdependencies between tables. However: open for discussion... Counterparts: T 1, 4, 5, 6, 7, 30, 36 EquityInstr: T 1, 5, 7, 30 ValuationMod: T 9, 11 RelatedParts: T 34 PastDue: T 7 Portfolio & FinAssets: T 17 NatureAssets: T 17 (typed dim) Starting Point: "Template.xsd"

22 © National Bank of Belgium Some Current and Future Issues 1. Versioning! IFRS-GP, bound volume 2004 Published: 31/05/2005 IFRS-GP, bound volume 2005 (FINREP) Phase 1: mainly update to new/adapted IFRS Phase 2: restructuring the taxonomy New IFRS-GP not yet final, so FINREP is based on first version! Important: Links between the taxo's?

23 © National Bank of Belgium Some Current and Future Issues 2. No formula linkbase yet! Calculation linkbase is too limited for supervisory checks. 3. FINREP team = "interim volunteers"! Follow-up and Maintenance?

24 © National Bank of Belgium Conclusion How to extend FINREP? Same principles as for COREP Documentation on Next week: first "public working draft", but still some remaining work left: Complete instance document for all tables! Make FRTA compliant! Think about architecture!

25 © National Bank of Belgium Contact & Questions Contact: Visit Subscribe and post to XBRL-FINREP yahoo group Questions?

26 © National Bank of Belgium


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