The FINREP TaxonomyMadrid, Thursday 18 May 2006

Mark Creemers (FINREP project team, National Bank of Belgium)

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Agenda

What is FINREP? Objective of the FINREP TaxonomyDevelopment ProcessExtending the IFRS-GP TaxonomyLinks between Taxonomy and FrameworkCurrent and Future Issues

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What is FINREP?

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The FINREP TaxonomyCore 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

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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

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Taxonomy development process

Create brand new taxonomyCfr. COREP project.

Extend existing taxonomyCfr. IFRS-GP taxonomy (IASCF).

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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,...

+

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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

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Extending the IFRS-GP taxonomy

Steps to extend the IFRS-GP taxonomy1. Mapping IFRS-GP and FINREP

Avoid Inconsistencies:

eu-ifrs-fr:OtherAssets versus ifrs-gp:OtherAssets

2. Create missing elements (incl. labels & refs)

3. Create Linkbases (pre, cal, def)

4. Structure the taxonomy (architecture)One schema file with all elements?

One presentation, calculation and definition linkbase?

Quid dimensions?

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FINREP Taxonomy

IFRS - GP Schema file

IFRS - References

IFRS - Labels

FINREP Schema file

FINREP - References

FINREP - Labels

FINREP - Presentation

FINREP - Calculation

FINREP - Definition

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Links between taxonomy and framework

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Links between taxonomy and framework

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Links between taxonomy and framework

Equity Instruments Breakdown

CounterParty Breakdown

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Links between taxonomy and framework

Create necessary Hypercubes

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Links between taxonomy and framework

Equity Instruments Breakdown

CounterParty Breakdown

Link Hypercubes to the Primary Items

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Links between taxonomy and framework

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Links between taxonomy and framework

Primary Items

Explicit Dimension: Portfolio

Explicit Dimension: FinAssets May be duplicated:

Typed Dimension

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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

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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

Typed dimensions versus Tuples

"For each associate, subsidiary or joint venture"

"For each defined benefit plan"

"For each consolidated company"

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Overview of FINREP taxonomy

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, 36EquityInstr: T 1, 5, 7, 30ValuationMod: T 9, 11RelatedParts: T 34PastDue: T 7Portfolio & FinAssets: T 17NatureAssets: T 17 (typed dim)

Starting Point: "Template.xsd"

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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?

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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?

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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!

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Contact & Questions

Contact:Visit www.finrep.info

Subscribe and post to XBRL-FINREP yahoo group

Mark.Creemers@nbb.be

Questions?

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