XBRL in Europe Projects users and Business cases Olivier

XBRL in Europe Projects, users and…Business cases Olivier Servais, XBRL in Europe – Permanent Secretary XBRL Int’l Steering Committee – Member Tuesday, 26 April 2005 XBRL in Europe

Agenda X what ? In Europe ? ü What is XBRL in Europe ü Overview of XBRL projects in Europe ü Next steps 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

XBRL in Europe The Background üEurope is üThe first economic power üExpanding from 15 to 25 countries and from 300 M to 500 M inhabitants ü 20 official languages ü 7, 000+ listed companies that reporting with 2+ GAAP (Local GAAP, IFRS, US GAAP) ü 26 stock exchanges üThe interest of the EC for XBRL (reporting, IFRS, new LL 3 committees …) üXBRL is at border-line between technology and finance üStage in the XBRL life cycle, to increase awareness and use üNeed to have dedicated resources on a neutral and permanent basis üThe ability for some to cooperate on a unique European project 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

XBRL in Europe The Project Theme : “Speeding up the development and adoption of XBRL in Europe” Supported by the 6 th Framework Program : IST-2002 -2. 3. 1. 9 - Networked businesses and governments Focus: ü Increase awareness ü Founding jurisdictions ü Internet ü Permanent secretariat Key features üNeutral & Independent üTwo-way dialogue üICT dimension üInfrastructure üOutcome 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

“XBRL in Europe” The Rules Xi. E is : Xi. E is NOT : ü 1. 5 year effort to get the grant üPiece of cake üA project granted by the EC … for Europe üGenerating any profit üAn affiliate to XBRL Int’l üA legal entity nor a part of the EU üA facilitator for creating and developing Commission jurisdictions, increase awareness and speed üAn XBRL Int’l member or new up use jurisdiction üA real neutral and independent player and üAble to give money. The money has to is working for, and with, any player be expended by its members on a “pay üTwo-year duration -back” mechanism üJust a start üChasing for any other grant nor competing with any other organisation üAn end 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

Juris. Dev Established Ireland Germany Spain The Netherlands United Kingdom Provisional Sweden Belgium Denmark In construction Czech Republic Finland France Hungary Italy Poland Portugal In project Slovenia, Austria, Greece, Estonia, Norway, Luxemburg, Malta + Turkey

Local GAAP taxonomy Available Germany Spain United Kingdom Belgium Denmark In construction France Ireland Sweden The Netherlands Italy

Agenda ü What is XBRL in Europe ü Overview of XBRL projects in Europe ü Next steps 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

XBRL projects in Europe üNational ü UK Inland Revenue ! ts c je o r p + 0 3 ü UK Financial Services Authority ü UK Companies House ü Datev/Bundesbank ü Danish Commerce & Companies (DCCA) ü Bank of Spain – Banking Supervisor ü Agency for registrations of companies & balance sheet ü Spanish Stock Exchange ü Bank of Belgium – Balance sheet office ü Belgian Banking supervisors ü Dutch Water Boards ü Dutch Statistics agency (CBS) ü Dutch government ü Italian Stock Exchange (Borsa Italiana) ü MPS Net üPan-european ü XBRL in Europe – FP 6 ü ICISA (CRAS group) ü Eurostat (feasability study) ü IASB ü CEBS – COREP (Basel II) & FINREP (IFRS)

Projects and future applications in Organisation Application • • Balance sheet deposit Collection of raw data Statistical process Interface to other reg’s Project • • NBB taxonomy devpt Review the supply chain Review the process Reporting tool Target date 270, 000/yr 1 Apr, 2007 Prudential & Financial control for Banks, insurances, investment firms, pension funds and listed companies • Prudential (IFRS) Banking reporting (Schema A) • Prudential Banking reporting (Basel II) • Review the supply chain • Review the process Every consolidated bank Every bank 1 Jan, 2006 Coordinating actions for banks • IFRS Bank taxonomy devpt • Review the supply chain • Review the process Every bank 1 Jan, 2006 • Balance sheet deposit • Collection of raw data • Statistical process • Awareness & Evaluation • Review of process 210, 000/year TBD • Collection of raw data • Awareness • Evaluation 210, 000/year TBD 1 Jan, 2007

UK : the Inland Revenue project ü Announcement as part of UK Budget on March 16. ü Inland Revenue strategy is to reduce filing costs by moving businesses and their advisers online. ü Corporation Tax filings using XBRL will be in place by March 2006. ü Filings will consist of an XML return and XBRL calculations and financials. ü IR is also looking at the use of intelligent-form technologies which are expected to tie closely into their use of XBRL. ü This strategy has the full backing of HM Treasury and the Chancellor of the Exchequer. 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

Projects and future applications in ü Contribution to IFRS FS taxonomy extensions ü Financial statements to Bank of Spain ü Pilot project at the Agency for registrations of companies & balance sheet ü Spanish Stock Exchange ü Recent new members: üMinistry of Finance üMinistry of Industry üTax Agency 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

Building an XBRL Solvency Ratio taxonomy ü Sponsored by the Committee of European Banking Supervisors ü COREP: defining a COmmon REPorting framework around the solvency ratio (Based on Basel II, Pillar I) for credit institutions and investment firms under the European Union Capital Requirements. ü Key features üRequirements for Flexibility, Consistency & Standardisation üStarted in February 05, to be ended in June ’ 05 ü 50 people representing 22 countries involved ü Deliverables üInitial COREP XBRL taxonomy üSet of non-confidential test cases üBasic collaborative environment ü Further details on www. corep. info 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

Self-assessment MPSnet: il workflow

Borsa Italiana view of XBRL Borsa Italiana’s vision concerning XBRL Listed comps Adobe Intelligent Form (pre-defined) Excel (predefined) XBRL instance builder The instance document could also be sent to: • Listed company’s website • Info vendors • Media • Regulators NIS Borsa Italiana public website Errors msgs XBRL validator DBMS Borsa Italiana XML XBRL

Credit Risk : the FLIPA project ü Credit Insurers and Business information suppliers team up to develop a joint framework over XBRL technology ü Sponsors: üICISA: International Credit Insurance and Surety Association üFEBIS: Federation of Business Information Services ü Deliverable üGeneric taxonomy üMulti-language üIFRS extension 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

Deliverable: The FLIPA Taxonomy Message information non-XBRL e-Report on XBRL Envelop Sender, e Product, header. . . Entity Key Credit Related Busines Negative financial recomm entities s rating events figures endation XBRL-CRAS FLIPA taxonomy extract April 2005 – XBRL International Conference – Boston USA Confidential … Envelop e trailer

CRAS FLIPA Taxonomy: Multi language support Creation by CRAS team Translation by Japanese Team (TSR, TDB+…) Translation by Lince - Italy Translation by Atradius Translation by Coface Intercredit April 2005 – XBRL International Conference – Boston USA Confidential

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Agenda ü What is XBRL in Europe ü Overview of XBRL projects in Europe ü Next steps 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

Some learnings ü No reason anymore for not adopting XBRL ü ü Specs are stable for 3 years Political issues are … no longer issues Solutions are available Financial services are one of the most pro-active, but securities and companies are on track too ü No need for imposing XBRL…XBRL is just an opportunity ü From “why and who” to “how to, how much, how long” (the EGG & GCD experiences) ü Xi. E was expected, it is now a reality, and it’s just the beginning of a longer story XBRL in Europe

1 st European XBRL Conference for Financial Services ! y r ia ü Theme : How XBRL will improve Financial Services reporting by 2006 ü Hosts : XBRL in Europe, with the Committee of European Banking Supervisors (CEBS) and the European Banking Federation (FBE) d r u o y ü Keynote speakers: Jaime Caruana (Chairman of Basel Committee), José Maria Roldan (Chairman of Committee of European Banking Supervisors), Peter Praet (Member of the Board of CBFA), Tom Jones (Vice-Chairman of IASB) and representatives of banks k o o ü When: 29 June 2005 10. 00 – 17. 00 ü Where: Chartered Accountants Hall, London B ü Size: Approximately 250 attendees ü Audience profile: Bankers and supervisors 11 th XBRL International Conference / Boston Tuesday, 26 April 2005

Thank you, Merci, Dank u, Grazie, Obrigado, Danke, Tak, Tack, Takk, Gracias, ευχαριστώ, Köszönöm, Paldies, Aciu, … olivier. servais@xbrl-eu. org (+32 2 702 64 82 +32 2 702 64 75 +32 497 456 üwww. XBRL-eu. org/london 11 th XBRL International Conference / Boston Tuesday, 26 April 2005