European Committee of Central Balance Sheet Data Offices

European Committee of Central Balance Sheet Data Offices XBRL filings with central banks Luc Dufresne. Chairman ECCBSO / Head of the Micro-economic Information Department at the National Bank of Belgium / Chairman of XBRL Belgium Amsterdam, 25 th June 2008 ECCBSO - XBRL filings with Central banks

Agenda n n ECCBSO and III WG Standard Formats ECCBSO/IASC Foundation Joint XBRL Project Use case – XBRL filing in Belgium 25 th June 2008 ECCBSO - XBRL filings with Central banks

European Committee of Central Balance Sheet Data Offices (ECCBSO) n Informal group of CBSO’s belonging to NIS and NCB n Experience using accounting data for several purposes: ¨ ¨ ¨ Risk assessment Economic analysis Statistics n Common tool: corporation's annual accounts n Different goals, different questionnaires n 5 working groups: Risk assessment, BACH database, ESD database, Study WG, IFRS impact and CBSO databases (III WG) 25 th June 2008 ECCBSO - XBRL filings with Central banks

WG on IFRS impact - Participants n Members (NCB) ¨ ¨ ¨ n Member (private) ¨ n Oesterreichische Nationalbank National Bank of Belgium Banque de France Deutsche Bundesbank Banco de Portugal Banco de España Centrale dei Bilanci Observers IASCF-XBRL Working Team ¨ European Central Bank ¨ 25 th June 2008 ECCBSO - XBRL filings with Central banks

Targets IIIWG: ECCBSO’s mandate n § Monitor and report to ECCBSO on IFRS new projects (specially SME) Monitor IFRS impact in Europe n Monitor the “Reporting burden process” n Standard formats: Update to 2007 changes and to IAS 1 ¨ Format compatible with IFRS for SME ¨ § XBRL and CBSO: current use. Update the IFRS-CBSO taxonomy 25 th June 2008 ECCBSO - XBRL filings with Central banks

Agenda n n ECCBSO and III WG Standard Formats ECCBSO/IASC Foundation Joint XBRL Project Use case – XBRL filing in Belgium 25 th June 2008 ECCBSO - XBRL filings with Central banks

IFRS-based standard format: strategic plan n Definition of a common format based on IFRS-GP XBRL taxonomy to organize data interchange in the future n Creation of an extended and reduced version n Creation of a taxonomy: work in collaboration with IASCF-XBRL Team n Monitoring with real examples (over 100 European largest groups) n Storage in a database (ERICA) designed for analysis purpose 25 th June 2008 ECCBSO - XBRL filings with Central banks

Agenda n n ECCBSO and III WG Standard Formats ECCBSO/IASC Foundation Joint XBRL Project Use case – XBRL filing in Belgium 25 th June 2008 ECCBSO - XBRL filings with Central banks

Cooperation between ECCBSO and IASCF – 1 n Involvement of ECCBSO in the IASCF XBRL team activities. ECCBSO representation in XBRL Advisory Council (XAC) ¨ ECCBSO representation in XBRL Quality Review Team (XQRT) ¨ 25 th June 2008 ECCBSO - XBRL filings with Central banks

Cooperation between ECCBSO and IASCF – 2 n Involvement of IASC Foundation XBRL team in the ECCBSO activities Commitment to improve the ERICA database by “anonymizing” the data ¨ Sharing IASCF IT resources and infrastructure (web and application servers) ¨ Consideration of transferring these developments (including the IP) to ECCBSO ¨ 25 th June 2008 ECCBSO - XBRL filings with Central banks

Cooperation between ECCBSO and IASCF – 3 n Foreseeable developments Website: ECCBSO could get more visibility in the considered review of the IASCF XBRL website ¨ Communication between both organisations: ¨ n n 25 th June 2008 An informal call every month to briefly share a status update Sharing content for newsletter ECCBSO - XBRL filings with Central banks

Agenda n n ECCBSO and III WG Standard Formats ECCBSO/IASC Foundation Joint XBRL Project Use case – XBRL filing in Belgium 25 th June 2008 ECCBSO - XBRL filings with Central banks

XBRL in European CBSO 25 th June 2008 ECCBSO - XBRL filings with Central banks

Belgian case - Legal context n Gathering and spread ¨ n The Central Balance Sheet Office collects annually 340. 000 annual accounts from 320. 000 companies and publishesthe annual accounts as PDF files Statistical mission ¨ Data from standardized annual accounts are handled to produce accurate data for official bodies (National accounts) ¨ Production of statistics per activity sector 25 th June 2008 ECCBSO - XBRL filings with Central banks

Belgian case - History n Electronic filing since 1993 Proprietary format (text file) ¨ Heavy to maintain ¨ On floppy disk ¨ n Filing through Internet since 2004 ¨ In answer to the 1 st European Directive ¨ With digital certificate ¨ Slow adoption because floppy disk was still an option 25 th June 2008 ECCBSO - XBRL filings with Central banks

Belgian case - XBRL purposes n Why XBRL Increase flexibility in the process ¨ Make the technical maintenance easier ¨ Harmonize the data format and exchange with other regulators ¨ Prepare electronic filing of annual accounts drawn up according to IFRS ¨ 25 th June 2008 ECCBSO - XBRL filings with Central banks

Belgian case - Implementation n n Taxonomy based on Belgian-GAAP For filing of individual accounts of nonfinancial companies Launched in April 2007 with free “front end” basic application for users Communication with software vendors from the beginning of the project XBRL promoted through financial incentive regarding the other filing channels (PDF or paper) 25 th June 2008 ECCBSO - XBRL filings with Central banks

Belgian case - Figures From April 2 th till December 31 th 2007 Paper 15% 25 th June 2008 Internet 85% ECCBSO - XBRL filings with Central banks PDF XBRL

Belgian case - Objectives achieved ? n Flexibility ? ¨ n Maintenance ? ¨ n To some extent - not yet in terms of extensions Developments costs were cut by 40% for the second application Exchange harmonization ? Information has to be given only once ¨ Foreseen projects with other Belgian regulators ¨ n Ready for IFRS ? ¨ Ready but not yet applied for individual financial statements 25 th June 2008 ECCBSO - XBRL filings with Central banks

Belgian case – Next steps n CBSO projects Use of XBRL data available ¨ Extension to other kind of annual accounts ¨ n Belgian authorities Federal Service Economy - Statistical business survey ¨ Federal Service Finance - XBRL taxonomy for corporate tax declaration ¨ 25 th June 2008 ECCBSO - XBRL filings with Central banks

Thanks for your attention 25 th June 2008 ECCBSO - XBRL filings with Central banks