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
Questions?
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