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FINREP - Taxonomy Status

FINREP - Taxonomy Status . Mark Creemers (FINREP project team, National Bank of Belgium). Agenda. What is the FINREP-project? Timetable and recent developments Current and Future Issues Updates IFRS-GP taxonomy Versioning / Formulas Modularisation. What is the FINREP-project? .

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FINREP - Taxonomy Status

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  1. FINREP - Taxonomy Status Mark Creemers (FINREP project team, National Bank of Belgium)

  2. Agenda • What is the FINREP-project? • Timetable and recent developments • Current and Future Issues • Updates IFRS-GP taxonomy • Versioning / Formulas • Modularisation

  3. What is the FINREP-project?

  4. Timetable and recent developments • Timetable for Taxonomy • Start: end of January 2006 • Intermediate versions in FINREP yahoo group • First "Public Working Draft" (version 0.3): • First "Final" version (1.0): Based on IFRS-GP 2005 With some TUPLES Based on IFRS-GP 2006 Without TUPLES

  5. Timetable and recent developments • Timetable for Taxonomy • Final version (1.3) to be published very soon! • No major changes to PWD expected!

  6. Current and future issues • "Timing-dependent" on IFRS-GP taxonomy Close consultation with IASCF needed! IASB: New / Modified IFRS CEBS: adapt FINREP framework IASCF: adapt IFRS-GP taxonomy QUID: IFRS-GP taxo is updated, but FINREP framework not? CEBS: adapt FINREP taxonomy National Supervisors: adapt national extensions

  7. Current and future issues • Versioning • Formulas Currently many national solutions for the same problem! = inefficient! = burden for all parties involved! Status to be discussed in the end of the Workshop!

  8. Current and future issues • Modularisation Only 1 Taxonomy (making abstraction from imported IFRS-GP): All elements (primary, hypercubes, dimensions,...) in one schema file and one presentation, definition,... linkbase file

  9. Current and future issues • Modularisation • 1 Template taxonomy importing 1 Primary taxonomy and many Dimensional taxonomies: • There is only one entry point t-FINREP.xsd • This approach was used in monolithic versions "1.0" and "1.2"

  10. Current and future issues • Modularisation ... ... • Different primary and template taxonomies for each table: • There are many entry points t-FINREP-Txx.xsd • Used in modular versions "1.0" and "1.2"

  11. Current and future issues • Modularisation Quid continuing to provide 2 approaches (modularised and monolithic), as for first two versions 1.0 and 1.2? • Not a (realistic) option: • This might lead to confusion for supervisors and banks! • Maintenance: 2 versions = 2 * work! • Risk of divergence between monolithic and modular version! • There is an easy, suitable solution available!

  12. Current and future issues • Modularisation ... ... "Envelope (one entry point)" taxonomy is equivalent to individual taxonomies: same primary items are (dis)allowed for same dimensions!

  13. Thank you for your attention!

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