XBRL IN SPAIN
Federico Flórez
CIO - Bank of SpainManaging Director XBRL España
Global markets XBRL Spain Goal Main initiatives Latinoamerica approach Conclusions
AGENDA
Flexible and integrated System
Reporting and standard Systems
Efficiency
IFRS and Basel II
Anti-Money Laundering Systems
Business continuity
XBRL Spain Goal Main initiatives Latinoamérica approach ConclusionsGlobal Markets
Standards systems
Normalization and standardization provide processes homogenization and communications systems of the credit organizations.
Barrier created for the technological dependence by the owners of the systems are removed.
Establishment of standards in local systems provides the incorporation of foreign investors.
Local reliable systems, with high level of security and continuity, guarantee an efficient operating and minimize the risk.
XBRL Spain Goal Main initiatives Latinoamérica approach ConclusionsGlobal Markets Conclusions
Objectives : Transparency, efficiency
All the stakeholders of the reporting process
Implement projects
XBRL is a Country Project
XBRL Spain Goal Main initiatives Latinoamérica approach ConclusionsGlobal Markets Conclusions
Consolidate XBRL Spain
Increase number of members
Taxonomies Development
Spread XBRL standard
Promote activities with Latinoamerica
OBJECTIVES
XBRL Spain Goal Main initiatives Latinoamérica approach ConclusionsGlobal Markets ConclusionsXBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
General Meeting
President
Strategic Commission
AuditCommittee
General Secretary
Facilitator
Board
Consultancy & Mediation
Marketing & Communication
Management &
Secretary
Accounting
Basel II
Taxonomies
Technology
Development & Training
Vicepresident
ORGANIZATIONAL CHART
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
FOUNDER MEMBERS
April 2004
10
CURRENT MEMBERS
December 2006
48
OBJECTIVES
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
XBRL is a country project. That means :
Institutional support
Public members
Senate motion
Private support
University
Audit participation
IT support
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
Dirección General de Coordinación Financiera con las Entidades Locales
Institutional Support: Public members
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
Institutional Support: Senate motion
MOCIÓN
Es por lo que el Senado insta al Gobierno a:
1º- Impulsar el estándar abierto XBRL, en el marco de la presente legislatura, en colaboración con las Comunidades Autónomas y Corporaciones Locales que lo deseen, así como con el sector privado, en la aplicación de dicho formato, de forma progresiva, en los distintos ámbitos de su responsabilidad.
2º- Encomendar por el Gobierno a una Entidad o Consorcio de Entidades para que, en el plazo de seis meses, pueda efectuar el desarrollo, control y homologación de las taxonomías necesarias en función de la normativa contable nacional y europea que permitan la actualización tecnológica del lenguaje financiero de las empresas españolas y de las distintas administraciones públicas
Aprobada por unanimidad la moción insta al Gobierno a impulsar el estándar abierto XBRL
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
Private support
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
University
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
Audit participation
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
IT support
1.1. Taxonomies building and implementation Taxonomies building and implementation
2.2. Education Education
3.3. Center of excellenceCenter of excellence
4.4. Medium and small companiesMedium and small companies
5.5. CommunicationCommunication
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
1. Taxonomies building and implementation
Spain in European and Global taxonomies Done / Developing
DGI Global Common Document Mercantile Registry
COREPCommon Reporting
Committee of European Banking Supervisors
Basel II
FINREPFinancial Reporting
Committee of European Banking Supervisors
IFRS
CBSO-RFBalance Sheet
European Committee of Central Balance Sheet Data Offices (III WG)
IFRS
FLIPACredit Risk Assessment
International Credit Insurance & Surety Association
CRAS
EBR Enhanced Business Report. University Huelva
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
1. Taxonomies building and implementation
2005-2007 Spanish Taxonomies Done / Developing
IPP Public Periodic Information Stock Exchange Sup.
PGC90 GAAP 1990 ICAC (Government)
SST Property Appraisal Companies
Bank of Spain
ES-BE-FS Financial Information Exch. Bank of Spain
ES-BE-CBx Central Balance Sheet Bank of Spain
SEPBLAC Anti Money Laundering Bank of Spain
BP Balance of Payments Bank of Spain
IGAE Public Sector Accounting Gov. Accounting
INE Structural Statistics Nat’l Statistics Institute
RSC Corp. Social Responsibility AECA (Accountants)
LENLOC Rendering of Accounts Local Entities Superv.
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
1. Taxonomies building and implementationCorporate Social Responsibility
Vision: Reporting on economic, environmental, and social performance by all organizations becomes as routine and comparable as financial reporting.
The standard will provide a company with a system to ensure it is properly monitoring its social responsibility.
ISO-26000: Designed as a guide to help businesses understand where their responsibilities to various stakeholders begin and end.
Initiative of the Spanish Association of Accounting and Business Administration (AECA). XBRL taxonomy on development
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
2. Education
- E-learning for Stock Exchange Supervisors in Latin America
- 1st Edition: April 2007
- Centre of e-learning for the Economic and Technological Development: Foundation baked by the Spanish Ministry of Treasury
- IberAmerican Institute of Stock Markets
- Organized by the Spanish Stock Exchange Supervision
- 6 XBRL modules of 1 week: 4 generic, 2 specific
- Successive editions are planned
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
3. Center of Excellence
INTECO: Ministry of Industry for IT innovation
Center of experts for developing XBRL projects
Public project for 8.000 city councils for the balance sheets and accounts
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
4. Medium and small companies
SW developers for small and medium companies
API´s for XBRL
Project identification
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
5. Communication
Repository for information on XBRL projects around the world
• latest ‘wiki’ technology
• enabling easy and flexible updating of information
• by project managers themselves
Completed projects, projects in development and planned activities, all types of projects, including public sector, commercial and academic.
Information in languages other than English
Source for an official list of projects on the XBRL site easily accessible, in a flexible and simply followed format, to the growing number of people interested in XBRL
www.wikixbrl.org
XBRL Spain and the University of Bucaramanga in Colombia (Ph. D. Eduardo Carrillo) will administer the wiki site
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
XBRL
XBRL Spain Goal Main initiativesLatinoamérica
approachGlobal Markets Conclusions
Education XBRL
XBRL on line
ASBA course
CEMLA course
Initiatives XBRL: Argentina, Brazil, Colombia, Bolivia, Chile, Mexico
XBRL projects reference
XBRL Spain Goal Main initiativesLatinoamérica
approachGlobal Markets Conclusions
Global markets means standards
XBRL is the standard for reporting business information
XBRL is a country project
Education and projects means the way to implement
XBRL Spain Goal Main initiatives Latinoamérica approachGlobal Markets Conclusions
CONCLUSIONS
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