THE FINREP XBRL TAXONOMY Status Update Patrick Amis
THE FINREP XBRL TAXONOMY Status Update Patrick Amis XBRL 13 th International Conference Madrid, 17 May 2006
FINREP Taxonomy – Status Update 1. Objectives 2. Timetable 3. Process 4. Future Isues
CORE TEAM • IT Expert: – Mark Creemers • Business Experts: – Giancarlo Pellizzari – Jacobo Varela – Patrick Amis • Building upon: – Corep team advances and developments – Belgian experience
1. OBJECTIVES • Reflect FINREP reporting scheme perfectly (could be appreciated) • Facilitate adoption / adaptation by national banking supervisors in Europe (and possible adaptation by banks) • Be consistent with other IFRS related taxonomies => IFRS-GP taxonomy (IASCF)
2. TIMETABLE • Start of work: End of January 2006 • Intermediate versions => Yahoo Group => Version 0. 24 • First working draft for public release => Now! • Final version: September 2006? => Some national developments depend on it
3. PROCESS • Linking with IFRS-GP - Mapping IFRS-GP / FINREP => Based on IFRS references included in FINREP => Use of IFRS-GP 2004 (2005 not yet available but Finrep based on bound volume 2005!) - Create missing elements - Reference Linkbase => Check consistency with IFRS-GP - Label Linkbase => Issue of translation in other languages
Taxonomy 3. FINREP PROCESS (continued) IFRS - References IFRS - Labels IFRS - GP Schema file FINREP - References FINREP - Labels FINREP Schema file FINREP - Presentation FINREP - Calculation FINREP - Definition
3. PROCESS (continued) • Issues to consider - Use of dimensions ? => dimensions less necessary in FINREP => not in IFRS-GP at the moment => but certain FINREP aspects are good candidates
3. 4. PROCESS (continued) FUTURE ISSUES • Issues to consider - Versioning (IFRS-GP) => Keep up with structure/content of IFRS-GP 2005 - Include Formula linkbase? => Calculation linkbase will be limited at the moment - Registration of Finrep / IP issues
4. FUTURE ISSUES => Maintenance! - Future developments in XBRL - FINREP and FINREP Taxonomy might be impacted by rapidly evolving IFRS
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