19 th XBRL International Conference Reducing regulatory burden
19 th XBRL International Conference “Reducing regulatory burden with XBRL: a catalyst for better reporting” June 22 -25, 2009 Paris, France Track 3 - SURFI French Project Implementation Julien REBER / Hedi SELLAMI - INVOKE Wednesday 24 th of June 2009
Agenda SURFI Project The XBRL Choice Preparers/Filers - SURFI Implementation Disclosure Process Invoke XBRL Portal
SURFI Project French Regulatory banking reporting • Unified financial reporting system • Modernization of a 1993 system • Unification and harmonization A new reporting • Reporting system simplification by 26% • Duplicated values removal • New data
SURFI Project Disclosure process modification • Based on the XBRL format • New disclosure dates Project planning • Tight deadlines • XBRL implementation
SURFI Project Jun. 2010 Jan. 2010 Jun. 2009 Applied Taxonomy Dec. 2008 First SURFI Taxonomy Version Test Environment (Banque de France) First Disclosure
Agenda SURFI Project The XBRL Choice Preparers/Filers - SURFI Implementation Disclosure Process Invoke XBRL Portal
SURFI : The XBRL Choice Limiting participants constraints Shared by all participants • Preparers / Filers / Auditors / Regulators / Analysts With real benefits of native XBRL Use a public taxonomy as a setting standard Exponential need for reporting • More frequent / deeper / faster Harmonization Establishment of common tools regardless the software • European regulatory reporting (COREP, FINREP) Higher expectations for • Transparency / quality / accessibility / personalization Native integration of businesslike controls
Agenda SURFI Project The XBRL Choice Preparers/Filers - SURFI Implementation Disclosure Process Invoke XBRL Portal
Preparers/Filers - Implementation Keep current production systems Lack of XBRL knowledge Lack of time XBRL Convertor Regulatory taxonomy (more or less bounded)
Preparers/Filers - Implementation One main objective: Meet SURFI project deadlines ◦ -> Shortest and Fastest way Data Production Input. Data Input Current Systems XBRL Conversion Disclosure
Agenda SURFI Project The XBRL Choice Preparers/Filers - SURFI Implementation Disclosure Process Invoke XBRL Portal
Disclosure Process Stakes Several XBRL flows • Coming from different systems within the same group Disclosure date - Deadlines • Avoid late disclosure penalty Regulatory XBRL documents compliance • Avoid delays due to exchanges with the regulator The signatory is not always the producer • Visualization of regulatory reporting documents before transmission
Disclosure Process Data Production Input. Data Input Current Systems XBRL Conversion INVOKE XBRL Portal XBRL Documents Management Visualization Control (UBMatrix) Validation Disclosure
Agenda SURFI Project The XBRL Choice Preparers/Filers - SURFI Implementation Disclosure Process Invoke XBRL Portal
Invoke XBRL Portal
Preparers/Filers Expectations Easy access to updated regulatory information Disclosure deadlines management View the XBRL produced document in a comprehensible format Validate the document technical and business compliance
XBRL Portal Features XBRL flows centralization Disclosure calendar Tracking and visualization Analysis and control Validation and disclosure
XBRL Portal Implementation Quick implementation No XBRL knowledge needed Without challenging upstream systems
Measurable advantages Web Portal • Centralized regulatory information • Complete control of the calendar for filings • Updated information shared by all users XBRL Spreadsheet • Visualization of filings in the table form • Businesslike controls and XBRL technical validation (UBMatrix) • Forms personalization
SURFI - XRBL Key benefits Standard format ◦ Shared by all participants ◦ Quality of decision-making ◦ Simple adaptation to a new taxonomy version Embedded businesslike controls Open format ◦ Compatibility between all market regulatory tools
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