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COREP XBRL Reporting in Norway Presentation

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Presentation on theme: "COREP XBRL Reporting in Norway Presentation"— Presentation transcript:

1 COREP XBRL Reporting in Norway Presentation
Harald Furnes / Aftab Ahmad

2 Agenda Background – the COREP-No project and structure of the Norwegian financial market Overview of the XBRL solution implemented Composing a valid COREP-No XBRL-file from a filled Excel template workbook (using RBME Lite) - Starting from report IRB or SA - Including validation (business rules) Submission process - Log in - Validation and error handling routine Conclusion and future work

3 1. Background: COREP project at FSA of Norway
Decided early (2004) to follow CEBS guidelines on common reporting (COREP-templates) Finanstilsynet participated as an observer in CEBS’ COREP group for common European reporting The Norwegian banking industry was informed about the COREP-templates and the recommended standard XBRL through informal and formal consultations from 2004 to 2007. Finanstilsynet made a final decision in 2006 to follow CEBS guidelines and implement COREP Framework (COREP-templates and XBRL-taxonomies developed by CEBS). COREP project initiated in summer 2007.

4 1. Background: COREP project at FSA of Norway
Main objectives: To follow CEBS’ guidance and advice on Common reporting (COREP) and technical standard (XBRL) To establish a modernized and effective reporting framework/solution To establish an infrastructure and competence within the organization to make Finanstilsynet able to extend the framework to other XBRL-reports

5 1. Background: COREP project at FSA of Norway
The goal is to implement the COREP reporting framework based on XBRL, with the possibility of reporting in an alternative format, Excel. (XBRL not mandatory) Reasons for XBRL: Harmonising banking supervision practices in Europe (aiming a harmonised European reporting mechanism) Make use of already defined taxonomies (elements, dimensions, linkbases, validation rules) developed by CEBS. Modernized data collection system - XBRL is based upon a well established technology (XML) Reasons for alternative format (Excel): XBRL is not a common standard yet Finanstilsynet wants to give the reporting institutions time to implement XBRL. It has not yet been decided whether the alternative reporting format (Excel) will be a permanent or a temporary solution.

6 1. Background: COREP-project at FSA of Norway
Main activities in the project: Taxonomy extension: COREP to COREP No (national discretions, reduction of reporting elements and adding elements) Solution to convert Excel-templates to XBRL-files, including some business validation during converting Internet-portal based on UBMatrix software and some specific developments made by CIBER Norge, our local vendor, needed to meet the requirements from Finanstilsynet Functionality in the portal: Automation of the reporting processes - submission, validation process, data storage, notifications, submission history etc. Version management (taxonomies, templates)

7 1. Background: Structure in Norway
IRB SA Banks 7 131 Finance companies and mortgage companies 6 54 Holding companies 2 10 Securities houses 146 2 different reports (IRB, SA), 7 different groups of reporting institutions, 2 different levels of reporting (solo vs consolidated), 4 different frequencies for reporting Resubmission allowed after closing date

8 Finanstilsynets Internettportal
XBRL-solution: COREP CEBS Finanstilsynet Finanstilsynets Internettportal -Log in -Submit -Control and validate -Processing -Saving COREP NO taxonomy Excel plug-in and template package Use of Excel xbrl -Validate -Generate xbrl-file Database COREP-No Make XBRL Taxonomy-adaptation/ -administration 1 2 3 4 5b 5a 6 Figure 1

9 2. Overview: Description of activities involved in the reporting process
1. Finanstilsynet implements the Norwegian adaptations to COREP, in the COREP-No taxonomy 2. The COREP-No taxonomy is published on Finanstilsynet’s website. The taxonomy is used by reporting institutions who choose alternative 5a in figure 1. 3. The Excel template with plug-in (which references the taxonomy) is published on Finanstilsynet’s website. The Excel template with plug-in is an alternative to generating a valid COREP-No XBRL file (see 5b in figure 1). Finanstilsynet prepares for submission of new reporting period. The reporting institutions can generate their xbrl files in two different ways: The reporting institution generates an XBRL file directly from their systems Excel template with plug-in: The reporting institution fills out an Excel template as specified in step 3. The Excel plug-in performs business rules validation and generates a valid XBRL file. At the end, the XBRL-file is submitted via web portal. During submission, the xbrl-file is validated against the taxonomy 6. Finanstilsynet monitors submissions in the new portal

10 3. Composing a COREP-No XBRL-file: The Excel plug-in (RBME Lite)
Developed in .Net and C# (requires some standard Microsoft components for installation) Files in the template package: Excel template workbook (IRB/SA) Context file (Taxonomy) Mapping file (Link from taxonomy to cells in excel) Validation file (Business rules) – will not be needed when formula linkbase is fully implemented

11 3. Composing an XBRL-file from a filled excel template: Demonstration of different variations
A COREP-No xbrl instance file with errors in business rules A COREP-No xbrl instance file without errors in business rules A COREP-No xbrl instance file with errors according to the taxonomy and how to identify the errors using validation routine (during submission)

12 3. Composing an XBRL-file from a filled excel template: RBME Lite
Generate xbrl instance file Localize errors

13 4. Submission process: EAS – login

14 4. Submission process: EAS - submission

15 4. Submission process : Error handling routine
All reporting data is uniquely defined by a combination of concept and context RBME Lite has an error handling routine that can identify the error location (cells) in the Excel template workbook

16 4. Submission process : Error handling routine

17 4. Submission process Main webpage
This webpage includes: Link to the portal User guidelines COREP templates Necessary software

18 5. Conclusions Minimum burden on reporting institutions (by providing the possibility to convert the existing COREP Excel template to XBRL instance file) Save time and resources (for both reporting institutions and supervisor) by enforcing validation before and during submission For supervisor: better quality of data and a flexible/standard data format for further analysis and utilization Possibility to exchange reported data with others (especially supervisory institutes) who have implemented COREP Challenging project (complex taxonomy, immature software and limited skilled resources)

19 5. Future work for FSA Norway
Implement new COREP versions (CRD II, CRD III …) Develop solutions for XBRL data analysis and utilization Encourage the institutes to implement XBRL Possibly develop web services where reporting institutions can submit their instance files directly from their systems


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