SOLVENCY II AND XBRL
Mr. Carlos Montalvo Rebuelta, Secretary General of Committee of European Insurance and Occupational Pension Supervisors (CEOIPS)
Carlos Montalvo Rebuelta is the Secretary General of CEIOPS, the Committee of European Insurance and Occupational Pensions Supervisors, since the 1st of November, 2007. Prior to that, Mr. Rebuelta was an insurance supervisor for the DGSFP, the Spanish insurance supervisory authority, where he headed the International Area of the Supervisory Department and coordinated insurance group and financial conglomerate related issues. He is an attorney with a diploma in economics and has carried out both national and international tasks, such as on-site inspections or participation in different legislative initiatives. Mr. Rebuelta has also been involved in qualitative supervision related issues, including the chairmanship of CEIOPS working group on internal control for insurance undertakings (Madrid Group), and has participated as invited professor in different fora.
EUROPEAN BANKING SUPERVISION: COREP AND FINREP TAXONOMIES ROADMAP
Ignacio Boixo, Committee of European Banking Supervisors (CEBS)
Katrin Schmehl, Deutsche Bundesbank
The Committee of European Banking Supervisors (CEBS) initially approved 2005 the Guidelines on COREP and FINREP, which have been developed to increase the comparability of solvency ratios and financial reporting information of supervised entities, to establish a level playing field for European credit institutions, and to increase cooperation and cross-border supervision. CEBS also developed the corresponding XBRL taxonomies, which are in use in a number of authorities and supervised credit institutions. Proposals to amend the existing Guidelines to streamline and harmonise COREP and FINREP are in due course. The development of a new FINREP XBRL taxonomy is already in progress. The current FINREP XBRL taxonomy is an extension of the IFRS XBRL taxonomy released by the IASCF in August 2006 (the most recent at that time). Since then, the IASCF has developed a new architecture. Hence, the new FINREP taxonomy will also be based on a new architecture. The COREP taxonomy will follow in 2010, after the amendments of COREP Guidelines. As complement of XBRL taxonomy issues, CEBS also proposes to recommend IT best practices on cell definitions oriented to standardise decimals, precision, percentages, threshold/tolerance margins, reporting institution identification and administrative codes, among others. This session will present the roadmap of works, planning and deliverables on COREP and FINREP taxonomies.
SIMULTANEOUS MANDATORY ADOPTION OF IFRS AND XBRL
Ana Cristina Sepúlveda, Superintendencia de Valores y Seguros (SVS) of Chile
Listed Companies of Chile must file by June 20 under IFRS through XBRL, both linked and brand new in the Country. This presentation will examine the project developed by the Superintendencia de Valores y Seguros (SVS) of Chile to present financial statements under IFRS. The task consisted in making taxonomy for corporate issuers supervised by the SVS, extending it from the IFRS-GP 2006 taxonomy, which was available when this project started in January 2008. It will present the stages of the project and an assessment of successes and failures. We are going to explore the following points: What did we do? How do we work? Where are we now? What were the difficulties? Lessons learned, companies' feedback, and ongoing IFRS extension for 2010 filing are the main topics.
IFRSS IN XBRL FOR RECEIVERS: THE VALUE OF IFRS REPORTING IN XBRL FOR REGULATORS, SUPERVISORS AND STOCK EXCHANGES
Ana Cristina Sepúlveda, Superintendencia de Valores y Seguros (SVS) of Chile
Today IFRSs have been adopted in over 100 countries, while XBRL is rapidly becoming the de facto standard for electronic reporting. The combination of IFRSs and XBRL is an ideal partnership to provide the transparency and accuracy that the world's financial markets are seeking, and with the growing adoption of IFRSs and the IFRS Taxonomy, the IASCF is at the fore of the continued adoption, development and evolution of XBRL.
ROLE OF CENTRAL BALANCE SHEET DATA OFFICE IN ARGENTINA
Guillermo Corzo, Central de Balances. Banco Central de la República Argentina
The creation of the Central Balance Sheet Office led by the Central Bank of Argentina has between their main goals the following: A)To reduce the costs derived from presenting the same information to different regulators which are imposed on companies, and to reduce the costs in banks related to collecting and processing data. B)To give a tool for: banks to analyze credit risk, Central Bank of Argentina to make economic decisions and for other institutions to support their policy decisions. To use powerful technological tools to make the transmission of financial data easier and to simplify financial reporting. In this sense, this initiative approaches other similar initiatives which have been implemented by many countries and which aim to reduce the reporting burden in regulatory environments.
600,000 XBRL REPORTS FROM SME'S TO THE MERCANTILE REGISTERS
Iñaki Vázquez, COLEGIO DE REGISTRADORES
The combined work between the Ministry of Justice, the creator of the General Accounting Plan 2007, and the Ministry of Economy, in charge of the annual accounts deposits through the Mercantile Registers (Companies House), has made possible this year to set the obligation of presenting the digital deposit in XBRL format, which means that we could have generated in Spain hundred of thousands of annual accounts in XBRL every year from now.
DATA OF GENERAL IDENTIFICATION (GCD-LIKE) TAXONOMY "A HELP FOR FILLING"
Iñaki Vázquez, COLEGIO DE REGISTRADORES
The DGI taxonomy ('General Identification Data') has been created by a working group that is composed of the leading Spanish supervisors, disseminators of information, and a number of the major Spanish technology companies, to report general data about the entity that fills in the report and information about the report itself, all of which are not strictly financial concepts. Its wide character, modularity and bilingual labels, as well as its acknowledgement by XBRL International, allows its use in other European or Latin-American Countries.
EXTENSION IN THE USE OF XBRL TO SEVERAL AREAS OF SUPERVISION IN THE SECURITIES COMMISSION OF SPAIN
José Manuel Alonso, COMISIÓN NACIONAL DEL MERCADO DE VALORES DE ESPAÑA
In July 2005 the Spanish securities regulator, CNMV (Comisión Nacional del Mercado de Valores), made the reporting in XBRL mandatory. Since that date, the CNMV has received and made available at its website more than 23,000 XBRL reports submitted by 441 entities (listed companies and Mutual Fund Managers). To facilitate the use of the XBRL reports, the CNMV has developed a web tool, offered free at its website, which allows the investors and financial analysts to view and download the XBRL files. With the aim of extending the XBRL to other areas of the securities supervision, the CNMV is currently running two new projects. One to adapt the reporting system to allow the investment firms to file with the CNMV information around solvency ratios using reports created with a taxonomy developed by the Bank of Spain, and another one the develop a new XBRL taxonomy for the reporting of financial statements by Mutual Funds.
OPEN SOURCE FOR XBRL: REDUCING MIDDLEWARE INTEGRATION BURDEN
Pablo Navarro, ATOS ORIGIN
This conference is geared to Organizations currently implementing XBRL solutions or considering implementing XBRL solutions. The main objective is to study current case studies from actual open source XBRL implementations, covering projects in phases from business case through to working project in the flow of regulatory process. It will reflect the current state of the art of tools and APIs in the open source orientation, from individual to community adoption. It is intended to give an overview with some real approaches experimented in spanish GAAP adoption using open source tools.
XBRL FORMULAE IN PRACTICE IN REGULATORY ENVIRONMENTS: EXPERIENCES AND BENEFITS
Victor Morilla, BANCO DE ESPAÑA
Manuel Rodriguez and Moira Lorenzo, ATOS ORIGIN
The Bank of Spain, with the help of Atos Origin, would focus on aspects of the Formulae specification and development. The benefits of its use for bank supervision and the initiatives of the Bank of Spain in this respect would be presented. Their common experience developing and implementing XBRL Formulae is selected taxonomies for the Bank of Spain would be a pioneer study case.
PILLAR III TRANSPARENCY: CORPORATE SOCIAL RESPONSIBILITY WITH XBRL
Enrique Bonsón, José Luis Lizcano and Fran Flores, AECA
The concept emerged in the official discourse of the EU in 2000. It represents an integrated approach for external reporting on economic, social and environmental issues, among others. CSR can be seen as a competitive advantage in the XXI century business environments: for instance, the growing use of green stock market indexes. Nevertheless, CSR is expressed in different formats (Presentations, PDF, MS Excel spreadsheets, Video, ...) mainly human-oriented, not tractable. Much work is needed to process CSR information in an efficient manner, and also to audit this new amount of data. In short, CSR lacks of a minimum of clarity, is too industry-specific and the format in which it is based is not suitable to comparisons. Therefore, in front of this challenge, the Spanish Association of Accounting and Management XBRL taxonomy offers a double solution: An efficient digital format and a semantic, internationally valid consensus, considering more than 20 quality standards on the environmental, financial, social, human rights and labour arenas, observed by academicians and practitioners. This taxonomy has been recently acknowledged by XBRL International, and we are now starting the international implementation stage, when the feedback will be essential.
NEW PERSPECTIVES ON FINANCIAL DATA REPORTING ACROSS DIFFERENT LEVELS OF GOVERNMENT
Alejandro Amelivia, MINISTERIO DE ECONOMÍA Y HACIENDA
In Spain, more than 8.000 local governments can report budget information to the Central Administration, in agreement with current legislation, by using the XBRL-LENLOC Taxonomy. Since in 2007 only 5% of municipalities used this procedure, the percentage has increased to almost 20% in 2008. LENLOC Taxonomy will soon converge on a new one, CONTALOC, covering most of the main local financial statements.
PILLAR III TRANSPARENCY: ACCESSIBILITY TO VISUALLY IMPAIRED PEOPLE WITH XBRL
Javi Mora, ASOCIACIÓN XBRL ESPAÑA and
Ignacio Boixo, BANCO DE ESPAÑA
XBRL Spain kindly asked the help of the Spanish National Organization for the Blind (ONCE) and the Spanish Association for Standardization (AENOR) in order to assess the accessibility of XBRL information. Lessons on accessibility has been learned about XBRL instance documents, using as example the well-know open source viewer used by the SEC. This Interactive Financial Report Viewer allows people to interact with XBRL filings made as part of the SEC's Voluntary Filing Program. The viewer is available on http://viewerprototype1.com/viewer. Questions asked were related with: What is the accessibility of the XBRL Information in this viewer for impaired people? There are suggestions to improve the accessibility of information formatted according to the XBRL standard? How to help developers in the topics related with accessibility (sometimes mandatory by Law)?