IFRS, Securities and Markets

Report
“The preparation of annual financial
reports in a single electronic reporting
format will be mandatory as from
January 1, 2020”
XBRL Europe Working Group: IFRS, Securities and Markets
Rome
May 6, 2014
XBRL Europe Working Group:
IFRS, Securities and Markets Working Group
 Aims:

to promote XBRL for European securities and markets,

to ensure comparability of XBRL data for investment professionals,

to harmonize IFRS Taxonomy Extensions in Europe, and

to optimize the XBRL-implementation processes of European stock listed
companies.
 Our main domains of activity are:

Supporting European institutions and European associations in the area of
capital markets with XBRL.
We are serving these institutions with the worldwide experience of the XBRL
International community in capital markets and with best practices know
how.

Offering a platform to European XBRL jurisdictions, listed companies,
investment professionals, regulators, service providers and software
companies to share XBRL experiences, for example how to implement EU
national IFRS XBRL Taxonomy extensions.
Transparency Directive
The preparation of annual financial reports in
a single electronic reporting format will be
mandatory as from January1, 2020
XBRL EUROPE involvement ?
Communication with ESMA ?
Role of the IFRS, Securities and Markets WG ?
4
Goal of W. Group
XBRL AS ENABLER
 Promote an XBRL-enabled, IFRSbased, electronic reporting
Improving cross border access to
information in European Securities Markets
 Promote adoption for European
securities and markets in relation
with the EU transparency directive
Process
Identify, develop and agree together
on
 Ways to set communications with
ESMA
 Prepare a White Paper presenting
options for the Transparency
Directive requirements
Preparation: IFRSSAM WG
Inputs: Business Registers WG
Usability WG
IFRS Foundation?
Review: XBRL Europe Review Committee
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5
Goal of W. Paper
Promote XBRL Europe views on
implementation options of the
Transparency Directive
Executive summary and WP
1. Efficient interconnection
Process
The White Paper will present:
 XBRL implementation options to
improve current situation and
answer reporting options
2. Adequate level of analysis and
comparability
3. Best course of action
4. Expected benefits
5
6
Goal of XBRL EU
XBRL Europe has decided to
promote XBRL as a language
Letter to ESMA
1. What is XBRL?
Process
2. How is XBRL used around the world?
A letter has been sent to ESMA to
answer questions that had been
raised informally by ESMA to XBRL
Europe representatives.
3. How does the investor community
benefit from XBRL?
4. How is the XBRL standard governed?
5. How is the XBRL standard developed and
maintained?
6
Circular Process
IFRS WG
Review
Committee
IFRS WG
Executive
Summary
Proposed new
Executive
summary
New Executive
Summary
Outline of the WP
Final WP
Two possible positions
Exposure
Anticipate questions
and propose options
for solutions
Involvement?
Wait for ESMA
questions and
give answers
Time
Why anticipate?
Anticipate!
Best ways of impementing XBRL
Dimensions
Implementing
Reporting
Implementing XBRL
Many ways of implementing XBRL
Formulas
XBRL options
References
Reporting
FilesiXBRL
structure
Centrally
defined
Table
linkbase
Extensible
Better options
Other options
?
Tables
TextBlocks
IFRS TAXONOMY [3768]
Company concepts
Regulatory concepts
Common and industry practice concepts [789]
Guidance and example concepts [495]
Core disclosure requirement concepts [2484]
Extensions
Comparable Fundamental Accounting concepts
11
Goal
Produce the White Paper
March
May
write, edit, review
Process
 WG members and other WG
contribute on relevant sections
 Share and agree the content with
WG members
Sept
endorse
Input and contribute
Write and review
Final review
Publish
 XBRL Europe Review Committee
endorses
ESEF questions to market
ESMA public consultation
 Executive Committee publishes
the White Paper
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Scope of the TRANSPARENCY DIRECTIVE (ESEF)
‘Annual financial report’ (AFR) as defined in art 4.2 includes:
- The audited consolidated and individual financial statements
- The management report (in some countries it also includes
corporate governance and/or sustainability reports)
– Statements by the issuer
Reporting framework applicable according to art 4.3
- Consolidated Financial Statements - prepared under IFRS according
to the IAS Regulation or equivalent to IFRS
– Individual Financial Statements
•prepared under local GAAPs or IFRS
•Accounting Directive is a common basis for local GAAPs
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