EU directives & XBRL Europe update

Report
12th XBRL Europe day & 18th Eurofiling Workshop –
Luxembourg 11 December 2013
European Union directives and XBRL Europe update
Gilles Maguet –XBRL Europe Secretary General
Banking
Insurance
regulated sector regultaed sector
More than 13
projetcs
Securities
Business
Market
register sector
Regulated sector
Tax sector
Statistics
Others(Stock
exchg, Private)
3/4 projects
Many under
1 for
13 projects
At least 8
Preparation
mandatory
within the
within the
reporting
7 for
NCAs for
NCAs for
(Spain CNMV
mandatory
mandatory
mandatory
IFRS
reporting of
reporting and reporting and Taxonomy)
annual
from NCAs to from NCAs to ESMA project
accounts
EBA
EIOPA
for listed
following
EBA Project EIOPA project companies
local Gaap
with the new with Solvency reporting
taxonomies
COREP and II Taxonomy following IFRS
FINREP
XBRL
taxonomies
Taxonomy
6 projects
4 for
mandatory
reporting
following
local fiscal
taxonomies
6 projetcs
10 projetcs
From 55 to 65 XBRL projects in 19 European
Countries for national reporting or European
Reporting though EU directives
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European Parliament – Discussions and votes of directives
European Commission - Discussions and implementation of
directives. Implementation of those with delegated acts with MS
European Council – Discussions and Final decision maker
European Banking Authority – EU Banking supervisor in charge of
CRD IV implementation with NCAs (National Competent authorities –
the National supervisors)
European Central Bank – Enforcement of European Banking
regulation of 200 major banks for CRD IV
EIOPA EU Insurance supervisor in charge of SII implementation with
NCAs
ESMA EU Securities Market supervisor in charge of Transparency
directive with NCAs through a specific TF.
EFRAG – European Financial Reporting Advisory Group - In charge of
advising the Union on the IFRS implementation – Current Reshape of
its mission after the Maystad Report
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ARC – Accounting Regulatory Committee representing the Member states
and in charge with European Commission of the implementation of the
Accounting directive and certainly of discussions
IFRS – International Financial Reporting Standard developed by the IASB –
Basis of the Transparency directive
BRIS – Business Register Interoperability System – Developed under the
leadership of the European Commission for the implementation of the
Interoperability directive
ECRF – European Commerce Registries Forum – Interesting forum to
advocate for XBRL
FEE – Federation of European Accountants – Strong follow up on the
implementation of the Accounting and Transparency directives
EBF – European Banking Federation – Strong follow up on the CRD IV
directive implementation. Advocates for more European reporting
integration.
EFFAS – European Federation of Financial Analysts societies – Involvement
for the comparability issues with ESMA
XBRL Europe – tries to be known, to push XBRL and to survive in this jungle
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ASSURANCE
BANQUES
SOLVENCY II
BASEL II / CRD
2009/138/EC
OMNIBUS II
Yet to be adopted
2006/48-49/EC and updates
BASEL III / CRD 4
Adopted in April 2013
For the
COREP & FINREP
reportings
LISTED COMPANIES
ALL COMPANIES
COMPANIES - BR
TRANSPARENCY
ACCOUNTING
BUSINESS REGISTERS
2009/307/EC
2011/308/EC
Voted the 12 June 2013
Voted the 12 June 2013
2012/17/EC
UNDER IMPLEMENTATION
 Directive
voted the 12 June 2013, finally
published the 6th of November 2013 on
the Official Journal
 The directive introduces XBRL as the
possible standard for the mandatory
reporting for all the stock listed
companies in EU.
 The directive covers the whole supply
chain (filing, storing, availability of datas)
(26) A harmonised electronic format for reporting would
be very beneficial for issuers, investors and competent
authorities, since it would make reporting easier and
facilitate accessibility, analysis and comparability of
annual financial reports. Therefore, the preparation of
annual financial reports in a single electronic reporting
format should be mandatory with effect from 1 January
2020, provided that a cost-benefit analysis has been
undertaken by ESMA. ESMA should develop draft
technical regulatory standards, for adoption by the
Commission, to specify the electronic reporting format,
with due reference to current and future technological
options, such as eXtensible Business Reporting
Language (XBRL).
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(26) (...) ESMA, when preparing the draft regulatory technical
standards, should conduct open public consultations for all
stakeholders concerned, make a thorough assessment of the
potential impacts of the adoption of the different technological
options, and conduct appropriate tests in Member States on which it
should report to the Commission when it submits the draft
regulatory technical standards. In developing the draft regulatory
technical standards on the formats to be applied to banks and
financial intermediaries and to insurance companies, ESMA should
cooperate regularly and closely with the (...) (European Banking
Authority) (...) and the (...) (European Insurance and Occupational
Pensions Authority) (...), in order to take into account the specific
characteristics of those sectors, ensuring cross-sectoral consistency
of work and reaching joint positions. The European Parliament and
the Council should be able to object to the regulatory technical
standards pursuant to Article 13(3) of Regulation (EU) No
1095/2010, in which case those standards should not enter into
force.
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Article 4 § 7 . With effect from 1 January 2020 all annual
financial reports shall be prepared in a single electronic reporting
format provided that a cost-benefit analysis has been
undertaken by the European Supervisory Authority (European
Securities and Markets Authority) (ESMA) established by
Regulation (EU) No 1095/2010 of the European Parliament and of
the Council (*).
ESMA shall develop draft regulatory technical standards to
specify the electronic reporting format, with due reference to
current and future technological options.
Before the adoption of the draft regulatory technical standards,
ESMA shall carry out an adequate assessment of possible
electronic reporting formats and conduct appropriate field tests.
ESMA shall submit those draft regulatory technical standards to
the Commission at the latest by 31 December 2016. Power is
delegated to the Commission to adopt the regulatory technical
standards referred to in the second subparagraph in accordance
with Articles 10 to 14 of Regulation (EU) No 1095/2010.
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Article 21a European electronic access point
1. A web portal serving as a European electronic
access point (“the access point”) shall be established
by 1 January 2018. ESMA shall develop and operate
the access point.
2. The system of interconnection of officially
appointed mechanisms shall be composed of :
◦ — the mechanisms referred to in Article 21(2),
◦ — the portal serving as the European electronic access point.
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3. Member States shall ensure access to their central
storage mechanisms via the access point.’;
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‘Article 22 Access to regulated information at Union level
1. ESMA shall develop draft regulatory technical standards
setting technical requirements regarding access to
regulated information at Union level in order to specify the
following:
(a) the technical requirements regarding communication technologies
used by the mechanisms referred to in Article 21(2);
(b) the technical requirements for the operation of the central access
point for the search for regulated information at Union level
(c) the technical requirements regarding the use of a unique identifier
for each issuer by the mechanisms referred to in Article 21(2);
(d) the common format for the delivery of regulated information by the
mechanisms referred to in Article 21(2);
(e) the common classification of regulated information by the
mechanisms referred to in Article 21(2) and the common list of types of
regulated information.
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‘Article 22 Access to regulated information at Union
level (...)
2. In developing the draft regulatory technical
standards, ESMA shall take into account the technical
requirements for the system of interconnection of
business registers established by Directive
2012/17/EU (...)
ESMA shall submit those draft regulatory technical
standards to the Commission by 27 November 2015.
Power is delegated to the Commission to adopt the
regulatory technical standards referred to in the first
subparagraph of this paragraph in accordance with
Articles 10 to 14 of Regulation (EU) No 1095/2010.
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In short
◦ 1 January 2020 Mandatory Reporting in XBRL for the stock-listed
companies
◦ 1 January 2018 – web portal /access point operational. Development
and operation by ESMA of the access point
◦ 31 December 2016 – ESMA has transmitted to the Commission for
adoption by MS the draft regulatory technical standards
◦ December 2015 – ESMA has started the tests of the draft regulatory
technical standards
◦ 27 November 2015 - draft regulatory technical standards to the
Commission – Report from the Commission to EP & Council
◦ 2014 - 2015 – ESMA develop the draft regulatory technical standards
◦ 2014 - XBRL Europe develops a White Paper for the implementation
the transparency directive with the draft regulatory technical
standards the electronic reporting format and XBRL
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Let’s start the work !!
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For the Accounting Directive (non listed companies) the text has
been reduced to an encouragement to the Member States“to
develop electronic publication systems that allow undertakings
to file accounting data, including statutory financial statements,
only once and in a form that allows multiple users to access and
use the data easily. With regard to reporting financial statements
the Commission is encouraged to explore means for a
harmonised electronic format. Such systems should, however,
not be burdensome to small and medium-sized undertakings.”
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That directive (with maybe the directive of interconnection of the
business register) is opening the way to an harmonised way of
using XBRL in this sector of the non listed companies.
This directive must be transposed and the implementation
discussed between the EC the MS, the ARC (Accounting
Regulatory Committee ) and other stakeholders like EFRAG
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Directive which focuses on some elements to be
exchanged like name, identification number but
without any reference to Financial statements
Its implementation is made through delagated acts
negotiated between the European Commission and
the Members States. Discussions to set up the BRIS
(Business Register Interoperability System) for
2017/2018
In XBRL Europe EU Business Register Working Group
we advocate towards BRIS to include the xEBR
taxonomy and solutions in their works.
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Directive which focuses on some elements to be
exchanged like name, identification number but
without any reference to Financial statements
Its implementation is made through delagated acts
negotiated between the European Commission and
the Members States. Discussions to set up the BRIS
(Business Register Interoperability System) for
2017/2018
In XBRL Europe EU Business Register Working Group
we advocate towards BRIS to include the xEBR
taxonomy and solutions in their works.
Set up to foster European XBRL efforts and to implement common
XBRL projects in Europe between its members and to liaise with
European Authorities and organizations
EXECUTIVE COMMITTEE
•Chair: XBRL Luxembourg represented by Marc
Hemmerling
•Vice Chair: XBRL Belgium represented by
Camille Dumm
•XBRL France (represented by Eric Jarry)
•XBRL Spain represented by Enrique Bonsón
•XBRL International represented by John
Turner (for the permanent seat reserved to
XBRL International)
•EFFAS represented by Hans Buysse (for the
seat reserved to the Direct members)
SECRETARY GENERAL
Gilles Maguet
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XBRL International, XBRL Belgium, XBRL Denmark, XBRL France,
XBRL Germany, XBRL Luxembourg, XBRL Italy, XBRL Netherlands,
XBRL Spain, XBRL United Kingdom, Deloitte Innovation B.V.,
EFFAS, Bermuda Monetary Authority, Fujitsu Poland, Infogreffe,
Theia partners, E&Y EMEA, Bank al-Maghrib, BR&AG provisional
direct, ATOS International & UB Partners ; Thus 21 members in
2013
Pleasure to announce 2 New approved members XBRL Sweden
and AxiomSL EMEA
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Membership increases to 23 in 2014
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Next members ?
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EU Business Register WG (Thomas Verdin)
◦ Purpose : to increase the coordination and interoperability for
European Business Register's XBRL efforts and taxonomies
◦ Work on the implementation of the European Directive for the
interconnection of the BRs and on the taxonomy xEBR which
reached the V7 version in including the BACH scheme.
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COREP FINREP SOLVENCY 2 WG (Derek de Brandt)
◦ Group set up to allow the regulators to involve, within a neutral
platform (XBRL Europe), the private stakeholders in the
common works related to the COREP FINREP and Solvency II
taxonomies with Eurofiling. Deliverables are Data Point Models,
XBRL documents and taxonomies, know-how and materials for
Supervisory Frameworks: COREP, FINREP and Solvency II.
◦ Support to the CEN Workshop for XBRL Europe contributed to
be awarded this workshop – CEN : European Standardisation
Committee
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IFRS, SECURITIES AND MARKETS WG (Pierre
Hamon)
◦ Supporting European institutions and European
associations in the area of securities market with
XBRL.
◦ Work on the Transparency directive implementation
with the a White Paper writing
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Usability WG (Hans Buysse)
◦ Forum of the users and mainly of the analysts
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EU Adoption Committee (Gilles Maguet and
Dave van den Ende – established in 2013)
◦ Aim at liaising with the European Authorities and
European ad National stakeholders to coordinate all
efforts vis à vis the adoption.
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Euromarcom (Poul Kjaer)
◦ Support to the preparation of events like the CRD IV
event in London
◦ Support to the XEU days preparation
◦ Marketing materials
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Work on the transparency directive implementation with ESMA
and other stakeholders – the White Paper – IFRSSAM WG with
xEBR and Usability WGs & EU adoption Committee
Work with the Eurofiling community (EBA and EIOPA) for the
implementation of the CRD IV and Solvency II reporting in Banks
and Insurances – COREP FINREP SII WG
Work about XBRL standard on the MSP - Multi Stakeholder
Platform of the EU (ad-hoc XEU TF)
Work with the BRIS project lead by the European Commission for
the interoperability of Business Registers - xEBR WG
Work on the Accounting directive implementation with the
European Commission
And events …
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12th XBRL Europe day and 18th Eurofiling workshop –
Luxembourg December 2013
13th XBRL Europe day and 19th Eurofiling workshop –
May/June 2014 with an XBRL Europe General
Assembly which include elections
ECRF (European Commerce Registries Forum)
Conference – Rome 4/5 June 2014
27th XBRL International conference – Orlando 11/12
June 2014
And more to come …
Gilles Maguet
SECRETARY GENERAL
XBRL Europe
Avenue d’Auderghem, 22-28
B-1040 Brussels
+33.4.72.41.05.22
+33.6.71.62.31.19
[email protected]
www.xbrleurope.org
Secretary General of XBRL Europe, the European organisation
grouping European XBRL Members of the non-profit XBRL
International consortium of over 650 members developing the XBRL
Standard.
He is the past Secretary General of XBRL France which has developed
several XBRL projects such as those in the banking sector or in the
business register sector.

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