Ecrf_XBRL – Forum activity 2006: results1 Evaluation of the ECRF XBRL mini- conference 2006 author:

Ecrf_XBRL – Forum activity 2006: results2 From the ECRF conference in Dublin 2005 we got: The question: Will ECRF ignore, monitor or coordinate the evolution of xbrl and financial reporting? The answer: Define a common strategy Establishing an observatory Starting specific tasks by setting a Working Group

Ecrf_XBRL – Forum activity 2006: results3 and... The workgroup mission Harmonise scope and area of activity Gather and disseminate information Unify efforts done locally and share achievements Identify the next steps of action –Give identity to the working group –Define where, when and how to partecipate on running activities –Make the best on funds raising

Ecrf_XBRL – Forum activity 2006: results4 The ECRF XBRL mini- conference 2006 event On January 19th and 20th 2006 the Chamber of Commerce of The Netherlands, organised a mini-conference about implementing XBRL in the Trade Registers. 12 ECRF-countries met in Amsterdam to get and share knowledge about (implementing) XBRL.

Ecrf_XBRL – Forum activity 2006: results5 Covered aspects by the conference During two days several aspects of XBRL were discussed: –the what and why of XBRL, –Taxonomies developments, –connecting to legacy systems, –creating & publishing reports from XBRL sources, –‘proof of concept’ initiatives. It was very useful for everybody to learn lessons from each other, to know the problems and to know the chances and benefits of XBRL.

Ecrf_XBRL – Forum activity 2006: results6 The early beginners Several countries faced a long and slow warm-up, so the suggestion was and still is to: –Study the approach to XBRL of active countries despite the difference on local strategies, –Don’t start building the IT infrastructure and your specific Taxonomy before you have identified the different actors and domains involved in the chain. Implementing XBRL can only succeed when all “chain- actors” are fully recognized and involved;

Ecrf_XBRL – Forum activity 2006: results7 Electronic filing of Financial Reports XBRL comes to the road of electronic filing –Some countries prefer to improve ‘electronic filing’ of annual accounts before implementing XBRL. Companies deposit their annual accounts in PDF format that enter electronically later the Trade Register database. –Some other countries are “skipping” e-filing, because they think that e-filing can delay the acceptance and urgency of implementing XBRL. –Web Filing can play a parallel solution Paper filing: –Still common practice on several countries. Waiting for the solid and full implementation of XBRL the current old fashioned process (“on paper”) will be continued.

Ecrf_XBRL – Forum activity 2006: results8 The digital signature issue E-signing : –Still the way to reach proof of identity of the signer, authenticity of records and legal effect (when required) For the e-filing (PDF) there are running solutions adopted by many countries for XBRL and for many XML payloads there are pending regulations (waiting for approval) –Nice contribution from XBRL Sweden to recommend a DigitalSignature policy for XBRL

Ecrf_XBRL – Forum activity 2006: results9 ECRF XBRL mini-conference follow-up The European ‘registers’ strategy: – sharing documents, delivery, etc ? –How can we possibly work together in implementing XBRL? The EBR-network: common carrier for exchanging annual accounts between countries / registers; Join each other by sharing resources (groupware tools activation) through our ECRF- collaboration. It’s imaginable that we can produce some tools together. Use the knowledge of the specialists. On XBRL issues it’s better to get some experts rather than trying to learn all XBRL aspects yourself; Join XBRL worldwide in any case ( It won’t cost you much and it will provide you so much information and XBRL-related (software);

Ecrf_XBRL – Forum activity 2006: results10 Recent updates ….. Companies House (UK) –27,763 audit-exempt accounts filed by end May % via a software package - 10% via WebFiling The Dutch government and business organisations agreed –in detail on cooperation to introduce XBRL by the start of 2007 for a range of financial reporting in the Netherlands. Irish GAAP V2.1 Taxonomy acknowledged (April 17, 2006) –Irish GAAP taxonomy is compliant with XBRL 2.1specification. Italian XBRL jurisdiction on constitution by summer 2006

Ecrf_XBRL – Forum activity 2006: results11 Recent updates …..cont. What is happening with XBRL in Sweden? Growing interest in Sweden for XBRL from public/private sectors: –Bolagsverket - company register office and Skatteverket – tax office), –software vendors and companies (financial sector) XBRL Sweden releases taxonomies applicable for companies reporting under Swedish GAAP: ready as working drafts on May 2006, to become public by July 2006 –general purpose financial statement (annual accounts) for (SMEs) –Swedish auditors’s report according to Swedish Companies Act Swedish XBRL filing, store, AA review and adoption (to start by July 2006) - Bolagsverket coordinated task.

Ecrf_XBRL – Forum activity 2006: results12 Dutch covenant - among public and private sector operators Article 2 The State, the governmental bodies, the intermediaries and the software suppliers shall jointly devote themselves to realization of the reduction of administrative burdens of companies by using the Dutch XBRL-taxonomy for simplifying the collection, recording and exchange of financial reports regarding the obligatory providing of the annual account, taxes and financial statistics. [covenant full text]

Ecrf_XBRL – Forum activity 2006: results13 ECRF XBRL questionnaire replies ---results from questionnaire returned by 12 countries

Ecrf_XBRL – Forum activity 2006: results14 ECRF XBRL - and now ? Thanks for the attention author: Keep collaborating