XBRL Days and Eurofiling
Workshop
Piotr Madziar –
European Commission
Rome, 5-7 May 2014
20-21/02/2014
1
Context
EP, Barroso II financial
initiatives:

SSM, ESAs

BRIS

Accounting Directive

Transparency

CRDIV

Solvency
Main
Challanges
Timing:
•
EBA now
•
BRIS 2015
•
TD 2016
•
Solvency.
2
Barroso II Commission – some achievements
SSM
ESAs
TD
Stres
s
tests
EMIR
AQR
OTC
SME
account
s
CRDIV
European
Semester
European
Stability
Mechanism
Digital
Agenda
BRIS
ICT
standardisati
on agenda
CBV/ROV/RegOr
CEN/DPM.
3
Brussel’s role
Level 1 leader:
Propose EU directives
Negotiate with EP and Council
Publish framework Legislation (Directives)
Level 2 – typically assistance only:
Monitor ITS development (incl. DPM, taxonomies,
implementation etc.)
Comfort EP and Council (if necessary)
Publish ITS
4
Level 1 examples:
ESMA will develop draft ESEF (like XBRL) and submit it to
COM by end 2016. All issuers will file ESEF annual financial
reports as of 1/1/2020, ESMA will develop and run EEAP
where all regulatory info (now in OAMs), single cross-border
search etc. will be available.
BRIS: COM will develop and run BRIS, an exchange
platform assuring cross-border multi-language access,
unique identification, features, universal search etc.
5
2014 -2020 EP Hot topics
Solvency?
Fiscal Union?
Transparency of budgets incl. transactional
level
Standardisation
EU economic monitoring and risk management
•
Blend private industry standards with official
ones
•Digital
EU endorsement
of int’l standards
economy
•
•
Complete digital agenda
Translate achievements into growth
advantages
6
Non – TD criteria
There are several strategic issues that should
play a role once the Commission considers
the adoption of the ITS:
- We promote interoperability, burden
reduction and re-use of data,
- We support international standards,
especially if their adoption in the EU
enhances financial stability, free trade and
investments
- We promote open data in open standards
Several strategic EU acts and docs, G8 an G20
declarations etc. outline those objectives.
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Duplication of fiscal and supervisory data
Tax
administration
costs
Business
Register /
Corporate
Transparency
costs
Corporate
Fiscal Data
(VAT, CIT,
PIT…
Data
OAM
Financial
supervision
(ESAs, their
members,
ECB…
Cost of
statistics…
OAM
Data
Supervisory
Data
Statistical
Data
Busines
s
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Simplification & burden reduction - SBR concept
Taxation
Business
Register /
Corporate
Data costs
Transparency
(VAT, CIT,
PIT…
OAM
Financial
supervision
Statistics
Repository of reusable
data
Busines
s
9
XBRL -> national GAAPs issue
EU core taxonomy
IFRS for all EU issuers
Basis
EU Accounting directive
IFRS
Options
• National regulatory extensions? IFRS for SME?
• Company extensions?
Pros
• Brand new Directive
• Two birds in one shot –
electronic reporting
requirement in Accounting
Directive resolved
Cons
• Is it still ESEF?
• In 2002 IFRS was
• Is national framework costselectively applied for
efficient?
a reason
• Who will do it?
• IFRS for SME received
• May require extensive review of
mixed views in the EU.
national GAAPs
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• True ESEF
• Completion of IAS
reform of 2002
XBRL challenges
Learn, test and use at the same
time
Legacy systems, business case
National rules and practices
Due process for EU adoption of
international standards
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Thanks for your attention! Questions?
All the comments are of personal nature and
cannot be taken for an official position of the
Commission.
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