Presentation on theme: "COREP and FINREP Update"— Presentation transcript:
1 COREP and FINREP Update 7th European Banking Supervisors XBRL WorkshopCOREP and FINREP UpdateCommittee of European Banking Supervisors XBRL NetworkKatrin SchmehlIgnacio BoixoBrief update on the development in the COREP and FINREP-ProjectsBundesbank Munich,
2 Agenda COREP Taxonomies Version 1.2.1 to 1.2.4 Bug fixing Management of new editionsCOREP and FINREP in EuropeDistribution of the COREP TaxonomyDistribution of the FINREP TaxonomyCommon repository on CEBS extension taxonomiesChanges in the formation of the core teamFuture processingSince October 2006 several updates on the COREP taxonomyShort introduction about the acknowledgement of procedure of management new taxonomy editionsShort overview about the distribution of the CEBS taxonomies in EuropeWhat is planned concerning a common repositoryA brief update about the personal situation in the core teamSome words about the future processing in the project
3 COREP Taxonomies Version 1.2.1 to 1.2.4 COREP Taxonomy Version 1.2Releases since October 2006:Version ( )Version ( )Version ( )Version ( )Necessary because of bugs found during the extension processes on national taxonomiesFuture changes on the COREP templates are plannedSeveral new releases on the COREP taxonomiesResulting in resources for the adoption of these changes in several countriesA new version is first announced in the yahoo group for commentsOne or two weeks published in the websiteFuture changes on the templates will make new releases or versions on the taxonomies necessary
4 Documentation on changes All bugs fixed are described in detail on the websiteAll changes can be followed in a separate html page on the websiteWhich taxonomyWhich files are affectedA short description about what has been changedWho found the bugAnd the severityseverityHigh: impact on instancesMedium: no impact on the instance itself but on the validationLow: change in labels, ids etc. no impact at allHistory of changes in the COREP-FINREP Technical DocumentationChapter 8: Changes and Updates
5 Management of new editions Evident need of a process to manage new edition because of:Bug fixingNew business rulesNew XBRL specificationNew functionalities (i. e. formula linkbase)Terms to be kept:Minimize the XBRL impact of bug fixingAvoid the need of changing the namespaceAwareness of different versions in national extension taxonomiesThe CEBS acknowledged a procedure for preparing new editions of a taxonomyReasons why a new edition is necessary are:Minimize the XBRL… avoidance of cosmetically changesAvoid the need … high impact on the preparation of instancesAwareness of … all versions should be available on the website independently although they contain bugs
6 Numbering of new editions 3 level numbering systemInstances are compatible new release change in the third levelInstances are not compatible new version change in the first or second level (depending on major or minor functional changes)Changes on the namespace only for new versionseach xml file of the taxonomy contains the release number<?taxonomy-version x.x.x?>A processing instruction is used to add the version number inside each file of a taxonomy so that systems can easily read this information
7 Access to prior editions Each supervisor may decide about the upgrade to a new editionChanges in the COREP taxonomy might not affect the national reporting processChanges are done on national levelAll CEBS taxonomy editions are kept availableCurrently: / (as zip files)In the future: (addressable at the URL:Why is it necessary to have access to prior editions?
8 Access to prior editions See Document CX-076:COREP and FINREP Taxonomies Management of new editionsTo be made soon available atApproved by the Subgroup of Reporting of the Committee of European Banking SupervisorsWhy is it necessary to have access to prior editions?
9 COREP and FINREP in EUROPE Blue means XBRL is compulsory, optional or plannedBrown these countries will definitely use other formatsLight-blue will maybe implement in the future, representatives took part in the workshopsGray the CEBS has no information about the adoption of COREP/FINREP or its implementationVery likely XBRLDefinitely Other FormatInterested in XBRL No information
10 Distribution of the COREP Taxonomy CountryTaxonomy VersionXBRLBelgium1.2.4CompulsoryBulgariaPlanned-Cyprus1.2.3GermanyOptionalSpain1.2.2FinlandFrance1.2IrelandLithuaniaLuxembourgoptional in 2007, compulsory in 2008NetherlandsNorwayPoland13 countries chose XBRL for the COREP reporting or support it beside their previous format
11 Distribution of the FINREP Taxonomy CountryTaxonomy VersionXBRLBelgiumBelgian extension of FINREP version 1.2CompulsoryBulgariaPlanned-GermanyFrance1.0IrelandOptionalLithuaniaLuxembourgNetherlandsPoland9 countries are working on the extension on the FINREP taxonomyfor updates
12 Common repository on Extension Taxonomies Links of COREP as well as FINREP extension taxonomies are listed at andEnables external parties to reach the extensions on CEBS taxonomiesPublication also on the CEBS website4 countries have already sent links to their extension taxonomiesVery helpful for external partiesPlease send a message to me or so that we are able to add a link to your extension taxonomy on the websiteGoal: common repository also on the CEBS website
13 Volunteers welcome! Participation and are a single website with updated informationYahoo lists are open for further participants in addition to the 300+ current participantsWeekly conference call each Thursday at 10:30 a.m. (CET)Volunteers welcome!
14 Core Team at 2007-05-09 Panagiotis Voulgaris Michele Romanelli Ignacio BoixoDaniel HammKatrin SchmehlMarc CreemersVictor MorillaWe have got a small team for al lot of tasksA lot of taxonomy reviewer in Europe because of the extension on the taxonomies #Please send us an via the yahoo group when you find a typo, error etc.Regular newsletter about the news of CEBS taxonomies would be good also about the news in EuropeBug tracking tool and therefore someone who is responsible that the bugs are documented and solved in due timeTakes not your full time but really helpful for the ongoing and maintenance or this projectPatrickAmisJavi MoraJacobo Varela
15 Changes in the formation of the core team DanielCore teamMagdalenaBrief update of the personal situation in the core teamMagdalena has left XBRL Spain and is now working for a Spanish software companyShe is being replaced by Javi who is now working for XBRL Spain since one monthWe have got an English proofreader who is also willing to take the minutes in the weekly conference callsDaniel has also left the department responsible for banking supervision and it is unclear how many time he is able to invest in XBRLJaviColm [English Proofreader]
16 Challenges for supporters Control Version System ManagerTaxonomy ReviewerProject Content ManagerWebmasterTesting ManagerBest Practices EditorNewsletter EditorBug Tracking ManagerWe have got a small team for al lot of tasksA lot of taxonomy reviewer in Europe because of the extension on the taxonomies #Please send us an via the yahoo group when you find a typo, error etc.Regular newsletter about the news of CEBS taxonomies would be good also about the news in EuropeBug tracking tool and therefore someone who is responsible that the bugs are documented and solved in due timeTakes not your full time but really helpful for the ongoing and maintenance or this projectLegal AdviserTaxonomy Acknowledgment ManagerTools ManagerFormula WG MemberVersioning WG Member
17 Intellectual Property COREP and FINREP are trade marks according to the European LawCOREP and FINREP deliverables are copyrighted in favor of CEBS Secretariat Ltd., UKCOREP and FINREP deliverables are made available free of cost to all European and not European XBRL practitionersCOREP may be a starting point for other Basel II approachesSolvency II may take advantages on the developments made by COREP
18 Future processing Maintenance of the CEBS taxonomies Adoption of changes in the COREP and FINREP frameworksBug fixingParticipation in the Formula and Versioning WGDisseminating information about CEBS XBRL developments around Europe
19 Thank you for your attention! QuestionsThank you for your attention!Time for your questions!