IFRS and XBRL Working Together Josef Macdonald IASC

IFRS and XBRL Working Together Josef Macdonald IASC Foundation XBRL Practice Fellow Lisbon, 8 February 2007

Contents Introduction IASB and XBRL IFRS Taxonomy Implementations IFRS and XBRL Working Together 2

Portuguese IFRS Taxonomy Translation Team Coordinators Fernando Melo, as representative for Comissão de Normalização Contabilîstica (Portuguese Accounting Standards Board) Translators Joel Vicente, IASC Foundation XBRL Team - now with Core. Filing Margarida Silva Martins, First degree in Economics, Universidade do Minho and presently undertaking a Master in Accounting and Auditing, Universidade do Minho; Auditor (Portuguese Certified Public Auditors Firm) Hugo Alexandre Alves, First degree in Accounting, Instituto Superior Politécnico de Contabilidade do Porto, Universidade do Porto, and presently undertaking a Master in Accounting, Faculdade de Economia, Universidade do Porto; Chartered Accountant Ana Christina Costa Silva, University of Edinburgh Reviewers Ordem dos Revisores Oficiais de Contas IFRS and XBRL Working Together 5

Contents Introduction IASB and XBRL IFRS Taxonomy Implementations IFRS and XBRL Working Together 6

Question: Who owns the IFRS taxonomy? XII - XBRL International ? IASB - International Accounting Standards Board? IASCF - International Accounting Standards Committee Foundation? IFRS and XBRL Working Together 7

IASC Foundation: Organisation Trustees (19) SAC (52) Board (14) Steering Committees & Other Advisors IFRIC (12) Staff IFRS and XBRL Working Together 8

Contents Introduction IASB and XBRL IFRS Taxonomy Implementations IFRS and XBRL Working Together 9

The IFRS-GP Taxonomy “Space” Bound Volume Industry Extensions Jurisdiction Specific Extensions Company Specific Extensions IFRS and XBRL Working Together 1 0 10

Approach: IAS 1 para 1: “The objective of this Standard is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. To achieve this objective, this Standard sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. The recognition, measurement and disclosure of specific transactions and other events are dealt with in other Standards and in Interpretations. ” IFRS and XBRL Working Together 11

Traditional Taxonomy Architecture Presentation Calculation Elements (Schema) Definition Reference Label IFRS and XBRL Working Together 13 1

Current Modularity Presentation Elements (Schema) Calculation Definition Reference Elements (Schema) Label IFRS and XBRL Working Together 14 1

Basic Layer ifrs-gp-ref-2005 -0515. xml ifrs-gp-types-2005 -0515. xsd • All References • Schema Types ifrs-gp-lab-2005 -0515. xml restated. Label. xsd • All Labels (En) ifrs-gp-roles-2005 -0515. xsd • All Linkroles • Will disappear with the LRR implementation ifrs-gp-2005 -05 -15. xsd • Basic Schema (All Concepts) ifrs-gp-pre-(. . . ). xml • 14 Separate Linkbase files ifrs-gp-fi-pre-(. . . ). xml Presentation Linkbase Modularity Layer • 7 Separate Linkbase files ifrs-gp-cal-(. . . ). xml • 13 Separate Linkbase files ifrs-gp-fi-cal-(. . . ). xml Calculation • 6 Separate Linkbase files ifrs-gp-lab-(. . . ). xml User chooses the Linkbase IFRS Taxonomy • 3 Separate Linkbase files “instantiation” IFRS and XBRL Working Together Labels © IASCF 2005 1 5 15

IFRS Taxonomy Modules Manager Its purpose is to allow the user to easily create an XBRL Schema or XBRL Instance file fitting individual requirements (e. g. selecting a language or modules of your choice). IFRS and XBRL Working Together 1 6 16

IFRS and XBRL Working Together 17 1

ABRA IFRS Taxonomy Viewer Official ABRA IFRS Taxonomy Viewer - open source online ABRA viewer Languages: Portuguese German Italian Japanese Spanish Dutch being prepared: Polish, Hebrew, Hungarian, etc. IFRS and XBRL Working Together 1 8 18

Phase 1: (a) IFRS-GP Taxonomy Maintenance Accounting Updates Revisions for 2006 IFRS amendments, new standards and interpretations (that is, standards approved by the IASB as at 1 January 2007) Revisions for feedback received with each iterative release Technical Update Modularisation of the Explanatory Notes Disclosure section Address issues of taxonomy versioning IFRS and XBRL Working Together 2 0 20

Phase 1: (b) IFRS-SME Taxonomy Construction Exposure Draft Due for release very soon by IASB Will be closely followed by construction of a prototype stand-alone taxonomy IFRS and XBRL Working Together 21 2

Phase 2: Taxonomy Enhancements Restructuring the taxonomy to simplify its use Content Additions Update Taxonomy for New XBRL Specifications (Dates subject to XBRL International release) Preparer Guidance IFRS and XBRL Working Together 2 2 22

Trustee Recommended Approach The IASC Foundation retains ownership of and key responsibility in the development of the IFRS XBRL taxonomy in order to maintain control of quality, avoid the development of diverging IFRS taxonomies, and address a demand created by regulatory organisations. The IASC Foundation establishes an appropriate collaborative structure, where the IASC Foundation has a professional XBRL staff and utilises volunteers to ensure quality. IFRS and XBRL Working Together 23

Contents Introduction IASB and XBRL IFRS Taxonomy Implementations IFRS and XBRL Working Together 24

ECCBSO European Committee of Central Balance Sheet Data Offices (ECCBSO) XBRL-Enabled IFRS Standard Format The ECCBSO has developed a standardised common digital reporting format based on International Financial Reporting Standards (IFRS) - using MS Excel and the e. Xtensible Business Reporting Language (XBRL) Prototype IFRS-GP extension and instance creation using real company data IFRS and XBRL Working Together 2 5 25

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FINREP Committee of European Banking Supervisors (CEBS) CEBS is supporting the development of two taxonomies as record in the XBRL standard. The COREP taxonomy (Basel II) defines common reporting of the solvency ratio and the FINREP taxonomy (based on IFRS) serves as a common reporting framework for financial data FINancial REPorting is designed for credit institutions that use IAS/IFRS for their published financial statements and that have to provide similar information in the periodic prudential reports they are required to submit to their supervisory authorities IFRS and XBRL Working Together 2 7 27

Other Projects Dutch Taxonomy Project Frankfurt Stock Exchange Financials in XBRL Taxonomy for Belgian Credit Institutions Taxonomy for Reporting of Financial Information of Credit Institutions in Spain MPS Group Financial Statements in XBRL Format (Italy) Australian IFRS extension and Australian Stock Exchange extension Israel Securities Authority Portugal ? IFRS and XBRL Working Together 2 8 28

IFRS and XBRL Working Together Lisbon, 8 th February 2007 Josef Macdonald IASC Foundation XBRL Practice Fellow