Prudential Supervisory Authority
Experiences implementing XBRL
Eurofiling 15th workshop
Madrid – 2011-06-01
Classification: PUBLIC
Eric JARRY
Agenda
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•
•
•
•
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ACP / Banque de France and XBRL
ACP / Banque de France involvement in CEIOPS / EIOPA
Making XBRL mandatory
Web forms
Excel to XBRL conversion tools
Short introduction to ACP / Banque de France SURFI system
2
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Banque de France and XBRL
• Before 2007: the French banking regulator, Commission bancaire,
bound to Banque de France, uses a proprietary format for the French
banking reporting since 1993, BAFI
• 2005-2006: CEBS (now EBA) chooses XBRL for the Basel II / CRD and
Financial reporting, COREP and FINREP taxonomies
• 2006: Banque de France decides that XBRL will be the only format
accepted for COREP and FINREP data, a new application is developed
• 2008: New French regulations, complete change of the reporting
system : SURFI (Unified FInancial Reporting System), all banking
reporting for prudential and statistical needs of Banque de France, will
be done in XBRL, except two reporting consisting in potentially long list
of details, the SURFI taxonomy and SURFI application are developed
• 2010: The French authorities for Banking and Insurance supervision are
merged, giving ACP (Prudential Supervisory Authority), bound to
Banque de France
• EBA uses another implementation of the SURFI sytem, IPEBA – IT
Platform for EBA. EBA accepts XBRL, XML and CSV reports for KRI
(Key Risk Indicators) data
3
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Banque de France involvement in CEIOPS / EIOPA
• 2010: In CEIOPS (now EIOPA), ACP promotes the use of XBRL and
develop the Solvency II taxonomy, using an evolution of the tools
used to generate the SURFI taxonomy
• 2011: Decision of EIOPA to use XBRL for the reporting, from
undertakings to NSAs and from NSAs to EIOPA
• Legal difficulties, it may be not possible to impose a format to
undertakings…
EIOPA may only impose the format for the reporting (from NSAs) to
EIOPA…
• Decision in EIOPA to use Data Point Modelling methodology to
define all characteristics of each data point, but to define two layers
of the taxonomy
– Moderately dimensional: to keep the primary items defined by
business experts
– Highly dimensional: to express all characteristics as dimensions
to be used in instances
4
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Making XBRL mandatory
What?
– New reporting (e.g. COREP / FINREP or Solvency II)
• new IT system (or important refactoring)
• budget may be used to modernize the system and use the format
dedicated to financial reporting: XBRL
– Software providers may provide common solutions across
Europe
– Using XBRL may simplify the life of cross-border (multi-country)
or cross-sector (banking and insurance) institutions
– XBRL taxonomies are used to describe the reporting (dictionary)
• not using XBRL would lead to conversion costs for every version of
the reporting
5
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Making XBRL mandatory
How?
– Implication of XBRL France
•
•
•
•
Creation of a new group (Banking in 2006, Insurance in 2011)
First meetings open to everybody (not members)
Organization of trainings
Existence of a Technology group to discuss issues
– Use of a IT stakeholders group in ACP
• Meetings to presentation of the taxonomies and discussions
• Technical meetings organized
– No tools provided by ACP
• Web Forms introduced in 2010 by OneGate, the portal, rarely used
• No Web Forms anticipated for Insurance reporting, but EIOPA
intends to provide a tool for small undertakings
6
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Making XBRL mandatory
So?
– No major difficulties encountered
• All taxonomies: SURFI, COREP and FINREP taxonomies include
assertions (XBRL formula) since 2010
• Some software provider use available XBRL processing engines
• A software provider has developed its own XBRL processing
engine, including formula processing
• Some software providers developed ad hoc solutions (not generic)
to validate XBRL and assertions
• Few institutions developed ad hoc converters to XBRL
=> few errors are still strange (meaning that instances are not
validated at reporting side)
7
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Making XBRL mandatory
What is missing?
– Commonalities between taxonomies
– Defining the reporting format is not enough for a common
solution, differences will be in:
• Communication protocols
• Security options (e.g.: digital signature and relevant options)
• Format and contents of the errors notifications (XBRL and other
errors, like “Deadline not met”)
– ACP uses Excel to report assertions errors (Excel spreadsheets are
always returned to filers, containing the data sent)
– In ACP taxonomies, each assertion has an identification, a label and is
associated to satisfied and not satisfied messages
8
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Appreciated practice
• Give to each assertion:
• A clear label expressing the check: xxxx shall be xxxx
• A code
Solvency II assertions
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
9
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Generic messages / labels
Escaped XML element
10
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
UBmatrix XPE
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Web forms
• Applicable only to small set of data
– Will certainly not be implemented for Solvency II reporting in
ACP
• May be a way to view the data sent to the regulator
– But ACP sends back Excel sheets containing the data and
showing the errors
• May be a way to correct (slightly) invalid reports
• Imply a cost to create forms from taxonomy / regulatory templates
– The Table linkbase will help
• May be used for the signature of reports for small filers
(view the reported data, then sign)
11
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Excel to XBRL conversion tools
• Some small filers use solutions based on Excel (specially in the
insurance sector)
• An Excel to XBRL conversion tool may be an alternative to Web
forms (some offers provide both solutions)
– Possibility to fill the forms with Excel API (e.g.: ActiveX)
12
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Synoptic view of the SURFI system
KRI instances (to EBA)
OneGate
SURFI
Security
Authentication
Authorization
Certificats mgt
AS S U R AN C E S
A S S U R A N C E S
AS S U R AN C E S
A S S U R A N C E S
Web data
entry
Transfer
protocols
Web
forms
Forms
handling
Forms
generation
Encryption
XBRL
Taxonomies
A S S U R A N C E S
Excel
Messages
XBRL
Timestamping
Messages
Views
generation
XBRL
validation
(with
formula)
Reporting
database
(XBRL)
XBRL
validation
(not
formula)
XBRL
Conversions
(IPEBA)
XML
Due time
management
SAS
Application
Other
applications
Instances
and errors
processing
Taxonomies
Excel
PDF
Excel
XML
EDI
SMTP
Output
processing
AS S U R AN C E S
Signature
CSV
File
transfer
XBRL
AS S U R AN C E S
AS S U R AN C E S
XBRL
HTTP
XML
XBRL
XML
Registry
Application
Registry
Other flows
CSV
Excel
Common portal of Banque de France
(from National Bank of Belgium)
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
13
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC
Thank you
Any questions?
14
Banque
Banque
de France
de France
– Secrétariat
– ACP (Prudential
général de la
Supervisory
Commission
Authority)
bancaire
Eurofiling workshop
2011-06-01
SENSITIVITY LEVEL : PUBLIC