XBRL for regulatory reporting: Belgian projects Madrid, 05 October 2006 Camille Dümm Pascal Rodrique Central balance Sheet Office

2 Agenda Belgian projects - Context Projects summary CBSO - Individual annual accounts Statistics - Business survey Future projects Regulatory bankreporting

3 Belgian projects - Context  Belgian jurisdiction created in November 2004  Hosted by the National Bank of Belgium  Founding members are:  Regulators (BFIC, CNC, NBB)  Federal Authorities (Finance, Economy)  Accountants representatives  Open to any company or organisation involved in the exchange of financial information  Established jurisdiction since July 2006

4 XBRL Belgium - Other members Government agencies  Federal Public Service "Information and Communication Technology"  Directorate general Statistics and Economic Information(formerly NIS) Software vendors  Agoria  Intersentia  InventiveDesigners  Kluwer Software  Platinum Europe  PragmaTools Press-Edition  Editeco S.A. Data analysers  Coface Euro DB  Dun&Bradstreet Belgium  Graydon Belgium NV Consultants  PricewaterhouseCoopers  3i Benelux Academic members  Facultés Universitaires Notre-Dame de la Paix (FUNDP)  Hogeschool voor Wetenschap en Kunst, campus Vlekho en Honim  Universiteit Gent

5 Agenda Belgian projects - Context Projects summary CBSO - Individual annual accounts Statistics - Business survey Future projects Regulatory bankreporting

6 XBRL regulatory bankreporting in Belgium Context:  01/01/ CBFA: IFRS mandatory for consolidated financial reporting by banks.  Cross-border groups (mainly FR, BE, NL, LU).  IFRS = opportunity for harmonization:  International (European) comparison and analysis  Reduce reporting burden  However: IFRS do not impose a standardized reporting framework.

7 XBRL regulatory bankreporting in Belgium Why XBRL ?  XBRL is a logical step when using XML  XBRL adds a conceptual layer to XML  Taxonomies (IASCF: IFRS-GP) are available  XBRL offers a lot of flexibility:  Easily extendible to meet specific supervisory needs  Facilitates conversion to IFRS and maintenance

8 XBRL regulatory bankreporting in Belgium FINREP:  30/03/2005: IFRS reporting framework  30/09/2005: XBRL taxonomy for framework  Based on this national experience, Belgium was deeply involved in creation of FINREP  From 2007 onwards: BE = extension of EU  2006: IFRS-GP BE taxoFINREP  2007: IFRS-GP FINREPBE taxo Used from Q1-2006

9 XBRL regulatory bankreporting in Belgium COREP:  COREP = new taxonomy and not an extension  BE = extension EU from the start  COREPBE taxo  2007: Optional application  2008: Mandatory application  Applying COREP = Applying XBRL

10 XBRL regulatory bankreporting in Belgium Tools  Taxonomy  Taxonomy development  Taxonomy validation  Process and validation of instance documents  "In-house" developments with assistance of "Batavia" component  Transfer from NBB to the supervisor (CBFA) in XBRL format UBmatrix Automator

11  Current FINREP and COREP taxonomies are made by volunteers => Maintenance might become an issue!  Calculation linkbase is too limited for supervisory purposes, certainly with dimensions. Formula linkbase not yet available  Changes in reporting scheme lead to changes in taxonomies. Versioning will become an issue! Experiences and Issues

12 CBSO Project Context  The Central Balance Sheet Office collects annual accounts from non financial companies  85% of them use already an electronic format  Transition to IAS/IFRS  The foreseeable transition to IAS/IFRS for statutory accounts implies more flexibility  Consolidated accounts of quoted companies: 160 companies concerned

13 The CBSO Project - Why XBRL Why XBRL Text file  Rigid process  Heavy maintenance  Proprietary format => no exchange possible without additional processing XBRL  Introduce flexibility in the process  Make the maintenance easier  Harmonization of the data format and exchange with other regulators Prepare the electronic filing of annual accounts drawn up according to IAS/IFRS

14 CBSO Project - Process Taxonomy XBRL Sofista Validator Upload Instance document Software package PDF Database XBRL files

15 CBSO Project - Tools Tools  Taxonomy  Taxonomy development - Fujitsu  Taxonomy validation - Fujitsu -DecisionSoft -UBmatrix  Instance document creation - Fujitsu (sample)  Process - "In-house" developments  Web application for "Data Entry"  Specific development for "Validation"  XSLT - XSLFO for "Rendering"

16 Directorate-general Statistics and Economic Information Context  Since 1996, the DSEI (former NIS) collects annually detailed data from companies about activity, employment, investments and based on the annual accounts  As from 2007, XBRL will be used to fill in the annual survey about companies' structure Objectives  To promote electronic reporting  To reduce the administrative burden for companies

17 Directorate-general Statistics and Economic Information Method  Development of a specific taxonomy based on the NBB taxonomy Result  "On line" application

18 Directorate-general Statistics and Economic Information FullAbbrev Schema Taxo "Common" Label "Common" Taxonomy Reference NBB Taxonomy

19 Agenda Belgian projects - Context Projects summary CBSO - Individual annual accounts Statistics - Business survey Future projects Regulatory bankreporting

20 Future projects CBSO  Study about the possible exploitation of outputs in XBRL format  Annual accounts of non for profit organizations  200? - Annual accounts according to IFRS Federal Service Public Finance  Upload of annual accounts in XBRL format for taxation purpose

21 Contacts  National Bank of Belgium Central Balance Sheet Office  Directorate-general Statistics and Economic Information  Banking, Finance and Insurance Commission