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SURFI Unified FInancial Reporting System The extensive use of XBRL in every step

Secrétariat général de l’Autorité de Contrôle Prudentiel. SURFI Unified FInancial Reporting System The extensive use of XBRL in every step of the collecting system. 21th XBRL International Conference October 20th, 2010 Jean-Luc Menda Deputy Director Information System

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SURFI Unified FInancial Reporting System The extensive use of XBRL in every step

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  1. Secrétariat général de l’Autorité de Contrôle Prudentiel SURFI Unified FInancial Reporting System The extensive use of XBRL in every step of the collecting system 21th XBRL International Conference October 20th, 2010 Jean-Luc Menda Deputy Director Information System Prudential Supervision Authority Banque de France

  2. Presentation overview • A new Information System • SURFI IT Project

  3. 1. A new Information System • Main IT strategy elements : • Implementing the new COREP and FINREP reports in compliance with European harmonized framework • Following CEBS’ recommendation to adopt XBRL in order to foster harmonization • Changing our reporting framework, promoting harmonization and streamlining, launching the SURFI project • Modernizing our banks rating system and IT studies system Banque de France – direction de la Communication

  4. 1. A new Information System • In this progressive framework, a complete change of our reporting system… • …in 3 stages: • COFINREP project implementing COREP et FINREP specifications: beginning of 2006 – mid 2008; • MODEC project modernizing the civil status data gathering: June 2007 – 1st semester 2010; • SURFI project modernizing and streamlining regulatory data gathering: April 2008 – June 2010

  5. 1. A new Information System MODEC project SURFI project COFINREP project MODEC project Go live SURFI project v.1 SURFI project v.2 SURFI Business study Banking industry consultation Taxonomies building + Formulae Financial Agents Information System Upgrade Beginning of 2006 Mid-2007 April 2008 End of 2008 SURFI Taxonomy finalization Opening of the Tests Platform Dec. 2010 June 2010

  6. COFINREP Project Has allowed the implementation of the Basel II and IFRS impacts on the regulatory reports… … following the CEBS recommandations about the use of the XBRL standard for harmonized European COREP and FINREP reports. Launched in 1993, the present BAFI system, using a proprietary data format, could not be upgraded to reach the new specifications. 1. A new Information System

  7. MODEC project Providing the banking industry with a state-of-the-art interactive software dedicated to civil status processes ; Being able to obtain live data transmission from banks and give them feedback ; Taking into account the new European regulatory requirements : – integrateing new categories of banks, in compliance with European Union directives, – and reinforceing the disclosures (the directive on « Systems of payment » requires the creation of an on-line registered bank database) Allowing the 80 IT systems of the Banque de France (BdF) to have an easy real-time access to this system of reference (WEB site, WEB services, WEBSPHERE, ORACLE) The part necessary for SURFI : 1st semester 2010, end of the project in 2011 1. A new Information System

  8. Present data collection system : BAFI Reporting entities : 910 MFIs – according to the French banking law, id. broad definition - and 156 investment firms 840 end-users within the Commission Bancaire and the Banque de France Coverage: data for statistical as well as prudential purposes, but Balance of Payments data partially out of the scope Same database, but limited harmonization of concepts and reporting formats, generating double collection of data On the technical side, the database system based on a proprietary system developed in 1993 is therefore rather mature 1. A new Information System

  9. Modernizing the reporting system Result of a discussion process with the banking industry following the introduction of COREP and FINREP The industry has requested : a significant reduction of the reporting burden the elimination of double collection of data for supervisory and statistical purposes a better coordination in the definition of new reporting requirements between the Banque de France departments 1. A new Information System

  10. Launched in June 2007, the main objectives of the project Harmonizing data collection for supervisory and statistical purposes, in eliminating double collection of data Alleviating the reporting burden through the streamlining of the entire present reporting system Taking fully into account the ECB statistical revision package and articulating our own schedule Switching from a template entered approach to a data centrix approach, capitalizing on our XBRL experience for COREP and FINREP. 1. A new Information System

  11. 1. A new Information System • Simplified scope of the project • (Tier 1) French Gaaps • ( Tier 2) French Gaaps • (Tier 3) IFRS or French Gaaps Monetary statistics =France (1) Prudential data =France + branches abroad =social accounts (2) Consolidated Prudential data (3)

  12. Main results in terms of harmonization Broad harmonization between tier 1 and tier 2 data, relying on the same accounting standards (French Gaaps) ; Limited harmonization between tiers 1 and 2 on the one side, and consolidated data established either on IFRS or French Gaaps, depending on the institution 1. A new Information System

  13. Presentation overview • A new Information System • SURFI IT Project • Some remainders • Architecture • Use of XBRL • Organization

  14. IT project milestones : Launch of the project: beginning of June 2008 Requirements document created during summer 2008 Open tender publication on October 31st, 2008 Kick-off with the chosen supplier at the end of February 2009 Global design validation in May 2009 Detailed studies are finished Realizations are in progress Opening of the tests platform for the external actors in March 2010 Opening of the 1st version of the SURFI portal in July 2010 Opening of the 2nd version of the SURFI portal in December 2010 SURFI - IT : some remains

  15. Oracle DB certificate XBRL files DB storage SURFI IT architecture : General process Online Form Fill in BdF Portal OneGate Instance document UMANIS Tool FINRISK Instance document XBRL Processor Ubmatrix XPE Taxonomy Output Processor Rendering Processor INVOKE SURFI

  16. SURFI - IT : Architecture : the (ONEGATE) workflow (with ONEGATE) Reception • File gathering • Signature management • Acknoledgement of receipt Repository exploration • Business controls • Synthesis • Exporting, interfaces, calculation ONEGATE Business Controls & storage Feedback + Specific messages • Structure Controls SURFI • Taxonomies • Reference system Files system Taxonomies management validated data • Taxonomy controls & anomalies management • Design, Versioning&Validation • Specific controls, validation rules • Storage DOD-SDESS

  17. THE USE OF XBRL : the taxonomy

  18. THE USE OF XBRL : the taxonomy

  19. THE USE OF XBRL : the taxonomy

  20. THE USE OF XBRL : the taxonomy

  21. THE USE OF XBRL : the formulae

  22. THE USE OF XBRL : the formulae

  23. THE USE OF XBRL : building of the taxonomy An industrialized taxonomy production line :

  24. THE USE OF XBRL : the XBRL processor

  25. THE USE OF XBRL : the XBRL processor

  26. THE USE OF XBRL : 4 Steps to complete validation XBRL Consumer Validation BEFORE (Public Formulae) & AFTER (Private Formulae) Submission 1 Correctness XML valid/XBRL valid Taxonomy Extension Architecture (if any) Instance Syntax Explanations Blocking Error Warning XBRL Producer Explicit Messages

  27. THE USE OF XBRL : 4 Steps to complete validation XBRL Consumer Validation BEFORE (Public Formulae) & AFTER (Private Formulae) Submission 2 Correctness Completeness XML valid/XBRL valid All Data required is Effectively Reported Taxonomy Extension Architecture (if any) Complete Submission Instance Syntax Explanations Partial Submission Re- Submission Blocking Error Warning XBRL Producer Explicit Messages

  28. THE USE OF XBRL : 4 Steps to complete validation XBRL Consumer Validation BEFORE (Public Formulae) & AFTER (Private Formulae) Submission 3 Correctness Completeness Accuracy XML valid/XBRL valid All Data required is Effectively Reported Intra Instance Validation Taxonomy Extension Architecture (if any) Complete Submission A=B + C Instance Syntax A(Dim1)=B(Dim1) + C(Dim1) Explanations Partial Submission A(Dim1)=A(Dim2) + A(Dim3) Re- Submission Blocking Error Tolerance Margin, Pre-conditions & Filters Warning Complete Submission Partial Submission XBRL Producer Explicit Messages Data Quality Error Re- Submission

  29. THE USE OF XBRL : 4 Steps to complete validation XBRL Consumer Validation BEFORE (Public Formulae) & AFTER (Private Formulae) Submission 4 Correctness Completeness Accuracy Consistency XML valid/XBRL valid All Data required is Effectively Reported Intra Instance Validation Inter Instance & Taxonomy Validation Taxonomy Extension Architecture (if any) Complete Submission A=B + C A=X+ Ω Instance Syntax A(Dim1)=B(Dim1) + C(Dim1) A(Dim1)=X(Dim1) + Ω(Dim1) Explanations Partial Submission A(Dim1)=A(Dim2) + A(Dim3) A(Dim1)=A(Dimα) + A(Dimβ) Re- Submission Blocking Error Tolerance Margin, Pre-conditions & Filters Tolerance Margin, Pre-conditions & Filters Warning Complete Submission Complete Submission Partial Submission Partial Submission XBRL Producer Explicit Messages Data Quality Error Re- Submission Re- Submission Data Quality/Integrity Error

  30. THE USE OF XBRL : 4 Steps to complete validation XBRL Consumer Validation BEFORE (Public Formulae) & AFTER (Private Formulae) Submission 1 2 3 4 Correctness Completeness Accuracy Consistency XML valid/XBRL valid All Data required is Effectively Reported Intra Instance Validation Inter Instance & Taxonomy Validation Taxonomy Extension Architecture (if any) Complete Submission A=B + C A=X+ Ω Instance Syntax A(Dim1)=B(Dim1) + C(Dim1) A(Dim1)=X(Dim1) + Ω(Dim1) Explanations Partial Submission A(Dim1)=A(Dim2) + A(Dim3) A(Dim1)=A(Dimα) + A(Dimβ) Re- Submission Blocking Error Tolerance Margin, Pre-conditions & Filters Tolerance Margin, Pre-conditions & Filters Warning Complete Submission Complete Submission Partial Submission Partial Submission XBRL Producer Explicit Messages Data Quality Error Re- Submission Re- Submission Data Quality/Integrity Error

  31. THE USE OF XBRL : the mapping of the taxonomy

  32. THE USE OF XBRL : the other uses

  33. Organisation : A specific 4 tier-organization Banque de France – direction de la Communication ppdkl

  34. First lessons • XBRL Formula issues • Cryptic specification and complexity (problems encountered with tools) • Very low level, lack of business language (only XLink XML) • Formulae ignore dimensional prohibition • Generic assertions may lead to errors even in case of impossibility due to dimensional prohibition • Lack of debugging tools • Lack of checks by tools • Low performance with existing tools (no parallelism!)

  35. Thank you for your attention !

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