XBRL for regulatory reporting
Belgian projects
Agenda
 XBRL projects by Belgian regulators
 National Bank of Belgium
 Banking, finance and insurance commission
 Federal Public Service Finance
 Agenda
 The current situation
 Why XBRL
 Project steps
XBRL for regulatory reporting
The National Bank of Belgium
Camille DÜMM
Central Balance Sheet Office
The CBSO at a glance
 Legal changes in 1975 and 1976
 Most Belgian companies must legally publish their
annual accounts
 Standardization of annual accounts
Set up of the CBSO on 17 April 1978 :
 to ensure speedy and efficient circulation
of information available in annual
accounts
 to arrange the statistical processing of
the information gathered
The CBSO at a glance
 1993 Introducing filing of annual accounts on floppy
disk (text file)
 2000 Spreading on microfilm abandoned in favor of
images-CD (PDF file)
 2002 Supplying copies of filed annual accounts
through the Internet
 2004 Filing annual accounts through the Internet
The CBSO at a glance - data
100%
In 2003 :
 269.192 companies
 296.673 annual accounts
 4.215.000 pages
80%
60%
40%
20%
0%
1995
Paper
1999
2003
Floppy disk
Current processing of annual accounts
Electronic
Output
Data
loading
Validation
PDF file
Text file
Quality
Check
Paper
Images
database
Internet
Images CD
Image CD
Paper
Scanning
Accounting
data
Data
entry
Figures
Statistics
Studies
The XBRL Project - Justification
 Why to change for XBRL ?
 Current processing system rigidity
 Future implementation of IAS/IFRS
 Purposes of the XBRL project
 Introduce flexibility in our process
 Make the maintenance easier
 Harmonization of the data format and exchange with
other regulators
 Prepare the electronic filing of annual accounts
drawn up according to IAS/IFRS
The XBRL project - Process
CBSO Application
MAINFRAME PRODUCTION
Annual
Accounts
Dataware
House
INTERNAL
BUSINESS
LOGIC
CBSO
Identification
Data
CORPORATE
LAN
INTERNAL FIREWALL
BUSINESS LOGIC
Validation
Catalogue
pdf
FrameWork
XBRL FrameWork
Application
PRESENTATION LAYER
FILING
INTERNET
XBRL,H
TML
Security Layer
HTML
HTML
XBRL
UPLOAD
BROWSER
LDAP
EXTERNAL FIREWALL
BROWSER
CONSULTATION
NBB
12/10/2004
EXTERNAL
BROWSER
PDF
HTML
LAYER
PRESENTATION LAYER
PRESENTATION
Security Layer
DMZ
XBRL
XBRL
XBRL instance
documents
The XBRL Project - Steps
 2005
 Development of a taxonomy based on the Belgian GAAP
 Publication of the taxonomy on the website and contact
with software companies
 2006
 Internal filing process adaptation
 Development of a application allowing the companies to
fill in their annual accounts on Internet in XBRL
 2007
 Filing normalized annual accounts in XBRL
Financial reporting for
supervisory purposes :
the CBFA project.
Giancarlo PELLIZZARI
Banking, finance and insurance commission
Prudential policy
Agenda
 Current situation
 New European accounting context and its
implications
 Financial reporting : the Belgian and European
packages
 XBRL within the CBFA
 Planning use of XBRL
Current situation
 Scheme B : market financial reporting (B/S – P&L
– limited notes)
 Scheme A : prudential reporting consisting of :
 prudential reporting (Capital regulation – banking risks)
 statistical data (e.g. European Central Bank, National
Bank of Belgium, etc.)
 financial reporting (analysis of financial market
information and banking risks)
Current situation
 Scheme A covers :
 statutory basis (59 banks)
 territorial basis (58 banks)
 consolidated basis (24 banks)
 More than 10.000 data to be delivered on :




monthly basis
quarterly basis
bi-annual basis
annual basis
Current situation
 Information is processed to obtain the Bank
Performance Report, allowing individual and
group analysis :





rotations
comparisons between banks
Peer Group analysis
outlyer analysis
vertical and horizontal analysis
 Bank Performance Report is an XML based tool
New European context and its
implications
 Starting January 2005, all European listed
companies must use IAS/IFRSs for consolidated
financial statements.
 All Belgian banks and investment firms that must
present consolidated accounts will report to the
supervisor according to a standardised
IAS/IFRSs scheme A (Royal decree not yet
approved).
 Difference between BE GAAP and IAS/IFRS :
 BE GAAP  fixed layout
 IAS/IFRSs  free layout
New European context and its
implications
 Standardized reporting scheme A for IAS/IFRS
consolidated financial statements will enhance :
 comparability
 level playing field.
Financial reporting : The Belgian and
European packages
 Limited to IAS/IFRS financial reporting.
 Consolidated basis.
 Based on Word and Excel tables, with extensive
references to IAS/IFRSs having an XBRL
taxonomy in mind.
 Belgian scheme : published for consultation until
end of October 2004.
 European scheme : project within Committee of
European Banking Supervisors (CEBS).
XBRL Within the CBFA
 The sector asked to consider using XBRL as
reporting standard.
 After evaluation of different possibilities, XBRL
was considered as the best solution in a
IAS/IFRS environment because :
 XBRL handles non standardized financial reporting
formats
 taxonomies will become available
 easily extendable to meet specific Belgian supervisory
needs.
 From an IT perspective, the migration to XBRL is
logical as the current reporting standard is XML.
Planning use of XBRL
 XBRL :
 Analytical XBRL work based on final version of
reporting package, incorporating the final IFRS
taxonomy in 2005.
 First implementation of XBRL : to be determined in
function of availability of IAS/IFRS taxonomies.
 First use of new reporting scheme in 2006 : XML for at
least one year.
XBRL for Tax reporting
FPS Finance
Dirk Quina
Federal Public Service Finance
Background
 Typical Process:
Input
Processing
Paper based Flows
 Key in data
 Processing of data by mainframes
 Results: internal and external use
Output
Background
 Gathering “Electronic” data:
 Specific channel for specific purposes
 Electronic devices (Tapes, disks, …)
 Problems reading and processing information
 Electronic data exchange
 Project started mid 90’s
 Focus on security
 Real transactions
Existing projects

Edivat:
 VAT declarations
 Professional users (accountants, fiscal experts,…)
 Multiple declarations
 Traditional EDI
 EDIFACT
 Value Added Network
 Registration procedure
Existing projects
 Intervat:
 VAT declaration:
 Via Internet
 XML
 Intelligent form
 Digital Signature
 Acknowledgement
 Finprof:
 Withholding taxes
 Single declaration – multiple declarations
 Results of back-end processing via mail
Recent evolutions

On-line transactions:
 Different domains:
 Customs
 Land Property
 Communication with Banks
 Exchanging information with other governmental
organizations
 Traditional EDI:
 Use of secure channel
 XML- files
Strategic Options
 Increasing importance of electronic data exchange
 Use of common standard:
 Internal applications
 End user Applications
 Within government
 One platform for exchanging information
 Internal
 External
Strategic Options
 Focus on XML
 XBRL
 International context:
 OASIS
 OECD
 Tax administrations
 Professional users
 Not a strategic goal as such,
BUT: part of global strategy
Planned actions
 “Existing” applications:
 Study Client listing (VAT)
 Conversion VAT declaration
 Conversion Intracom listing
 Study:




Analyzing existing processes
Existing taxonomies
Selecting 3 major domains
Roadmap
 Timeframe: 2005
Contacts
 National Bank of Belgium
Camille Dümm - Central Balance Sheet Office
camille.dumm@nbb.be
 Banking, finance and insurance commission
Giancarlo Pellizzari - Prudential policy
giancarlo.pellizzari@cbfa.be
• Federal Public Service Finances
Dirk Quina
dirk.quina@minfin.fed.be