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The FINREP Taxonomy Madrid, Thursday 18 May 2006

The FINREP Taxonomy Madrid, Thursday 18 May 2006. Mark Creemers (FINREP project team, National Bank of Belgium). Agenda. What is FINREP? Objective of the FINREP Taxonomy Development Process Extending the IFRS-GP Taxonomy Links between Taxonomy and Framework Current and Future Issues.

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The FINREP Taxonomy Madrid, Thursday 18 May 2006

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  1. The FINREP TaxonomyMadrid, Thursday 18 May 2006 Mark Creemers (FINREP project team, National Bank of Belgium)

  2. Agenda • What is FINREP? • Objective of the FINREP Taxonomy • Development Process • Extending the IFRS-GP Taxonomy • Links between Taxonomy and Framework • Current and Future Issues

  3. What is FINREP?

  4. The FINREP Taxonomy • Core Project Team: • Patrick Amis (Banque de France) • Jacobo Varela (Bank of Spain) • Giancarlo Pellizzari (Belgian BFIC) • Mark Creemers (National Bank of Belgium) • Timetable • Start: end of January 2006 • Intermediate versions in yahoo group • First "Public Working Draft": next week - www.finrep.info • Final version: September 2006

  5. The FINREP Taxonomy • Objective: The FINREP taxonomy should: • perfectly reflect FINREP reporting scheme • be easy to adapt to national supervisory needs • be consistent with other IFRS taxonomies

  6. Taxonomy development process • Create brand new taxonomy • Cfr. COREP project. • Extend existing taxonomy • Cfr. IFRS-GP taxonomy (IASCF).

  7. Extending the IFRS-GP taxonomy • Disadvantage: IFRS-GP = Read-Only • Consistency: "apply same principles" • Structure: all elements in one schema file. • No dimensions ifrs-gp:DepositsWithOtherBanks ifrs-gp:AmountsOwedToOtherDepositors ifrs-gp:DepositsTotal • Don't change elements or their attributes • Type, Balance attribute,... +

  8. Extending the IFRS-GP taxonomy • Advantages: • Creation and Maintenance • Don't create same element twice • Same underlying (frequently changing) standards • Harmonisation • Cross-Sector • IFRS-GP stands for General Purpose, although specific information for financial institutions is also included. • Intra-Sector • FINREP is a European framework AND not mandatory

  9. Extending the IFRS-GP taxonomy • Steps to extend the IFRS-GP taxonomy • Mapping IFRS-GP and FINREP Avoid Inconsistencies: eu-ifrs-fr:OtherAssets versus ifrs-gp:OtherAssets • Create missing elements (incl. labels & refs) • Create Linkbases (pre, cal, def) • Structure the taxonomy (architecture) One schema file with all elements? One presentation, calculation and definition linkbase? Quid dimensions?

  10. FINREP Taxonomy IFRS - References IFRS - Labels IFRS - GP Schema file FINREP - References FINREP - Labels FINREP Schema file FINREP - Presentation FINREP - Calculation FINREP - Definition

  11. Links between taxonomy and framework

  12. Links between taxonomy and framework

  13. Links between taxonomy and framework Equity Instruments Breakdown CounterParty Breakdown

  14. Links between taxonomy and framework Create necessary Hypercubes

  15. Links between taxonomy and framework CounterParty Breakdown Equity Instruments Breakdown Link Hypercubes to the Primary Items

  16. Links between taxonomy and framework

  17. Links between taxonomy and framework Primary Items Explicit Dimension: Portfolio Explicit Dimension: FinAssets May be duplicated: Typed Dimension

  18. Links between taxonomy and framework Explicit Dimension: Portfolio Explicit Dimension: FinAssets Typed Dimension: NatureAssets From a conceptual point of view, Equity Instruments cannot belong to HTM or L&R portfolio!! ==> Excluding Cube to exclude the combination of Equity Instruments with the Portfolios HTM and L&R

  19. Typed dimensions versus Tuples • Table 17: typed dimension is used Already dimensions in this table and no link with IFRS-GP • Tables 12, 35 and 39: tuples are used "For each associate, subsidiary or joint venture" "For each defined benefit plan" "For each consolidated company"

  20. Overview of FINREP taxonomy Starting Point: "Template.xsd" • Difference with COREP: one "giant" taxonomy!! • Reason 1: extension of "giant" IFRS-GP. • Reason 2: interdependencies between tables. • However: open for discussion... Counterparts: T 1, 4, 5, 6, 7, 30, 36 EquityInstr: T 1, 5, 7, 30 ValuationMod: T 9, 11 RelatedParts: T 34 PastDue: T 7 Portfolio & FinAssets: T 17 NatureAssets: T 17 (typed dim)

  21. Some Current and Future Issues • 1. Versioning! • IFRS-GP, bound volume 2004 • Published: 31/05/2005 • IFRS-GP, bound volume 2005 (FINREP) • Phase 1: mainly update to new/adapted IFRS • Phase 2: restructuring the taxonomy New IFRS-GP not yet final, so FINREP is based on first version! Important: Links between the taxo's?

  22. Some Current and Future Issues • 2. No formula linkbase yet! • Calculation linkbase is too limited for supervisory checks. • 3. FINREP team = "interim volunteers"! • Follow-up and Maintenance?

  23. Conclusion • How to extend FINREP? • Same principles as for COREP • Documentation on www.corep.info • Next week: first "public working draft", but still some remaining work left: • Complete instance document for all tables! • Make FRTA compliant! • Think about architecture!

  24. Contact & Questions • Contact: • Visit www.finrep.info • Subscribe and post to XBRL-FINREP yahoo group • Mark.Creemers@nbb.be • Questions?

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