adopting xbrl in the financial statements data pool of deutsche bundesbank
DESCRIPTION
Adopting XBRL in the Financial Statements Data Pool of Deutsche Bundesbank. Dominik Elgg Deutsche Bundesbank Statistics Department. Contents. I. The Financial Statements Data Pool 1. The project 2. Benefits from pool 3. Considered data and benchmark statistics - PowerPoint PPT PresentationTRANSCRIPT
Adopting XBRL in the
Financial Statements Data Poolof Deutsche Bundesbank
Dominik ElggDeutsche Bundesbank
Statistics Department
Contents I. The Financial Statements Data Pool
1. The project 2. Benefits from pool 3. Considered data and benchmark statistics 4. Participation and status
II. XBRL as data format 1. Information chain 2. Issues and problems - Solution through XBRL 3. Special requirements and examples 4. Status and outlook
III. Advantages and challenges from a technical and programming perspective.
I. Financial Statements Data PoolThe project
Joint project of Bundesbank and German financial institutes
Idea: Pool of financial statements which is filled by several contributors
Project rests upon the principles: Voluntary participation Reciprocity Data protection (anonymous data) Low costs for participants.
Benefits from pool Participants: extensive benchmark statistics
(ratios) Advantage of enlarged dataset
Bundesbank: continuation and extension of corporate financial statements statistics Dataset is basis for micro- and macroeconomic
analysesProviding information (statistics) to the public
Compensation for reduction of Bundesbank‘s own dataset.
Considered data
Financial statements of German companies:
Only individual accounts (no consolidated accounts so far)
Basically data on income statement and balance sheet Non-financial companies Only based on German Commercial Code.
Benchmark statistics (financial ratios and differentiation)
More than 180 ratios Preparation by sector, size, legal form, region and year Differentiation as far as data protection allows Quartiles as statistical parameters Quarterly update of the statistic
Calculation of ratios for nearly 70.000 groups per year.
Example
Informations from the Benchmark statistics
Sector Size Legal form Year Quartile 1 Quartile 2 Quartile 3
Car supplier Sales > €25m and < €50m Corporation 2003 11,00% 20,0% 36,0%
Analysis at participating institutesCompany Equity ratioCar supplier 1 23,0%Car supplier 2 17,0%Car supplier 3 41,0%
Equity funding below averageExcellent equity funding
Equity ratioGroup
Equity funding above averageAssessment
Participation Banks Credit insurers Datev Other institutes with considerable datasets Bundesbank
Current participation: 9.
Current status Database started 4th quarter 2003
125.000 financial statements per year (gross)
Deduction of duplicates Deduction of deficient data
More than 85.000 financial statements per year (net)
Shipment of 4 benchmark statistics so far.
II. XBRL as data format
Two different possibilities for sending data to Bundesbank:
XBRL Alternative: plain text format.
Information chain
POOLFinancial statement
Financial statementFinancial statement
Financial statementFinancial statement
BundesbankPartner• Banks• Credit insurers• etc.
Financial statements of German non-financial companies
Statistics
Database
Ratios• Cash Flow• Profitability• Leverage• ...
... by legal form
... by sector
... by size
... by region
... by year
XBRL
Issues and problems
Participating institutes have different recording systems
Partners have different guidelines for keying data into the recording system
Bias in the data Problems in the identification process of duplicates.
Why XBRL?
Standardised, non-proprietary format for exchanging financial statements data
Data which comes directly from companies is qualitatively better than data that is manually keyed in into the recording system
In the long-term XBRL might lead to the same data scheme and guidelines, as a basis for analysing financial statements.
Scheme of pool dataset (relational database) is based on German taxonomy.
The issue of data quality - examples
Several data sources with different data quality Strict quality checks About 10% loss of data in historic data due to big
errors, maximum of 5% in actual data Thousands of minor errors
With the XBRL test data we received so far: 0 errors.
Specific requirements on data format
Anonymous data (data protection) Separation of characteristics (e.g. legal form) from
accounting entries (data protection) Add-on items not represented in taxonomy
Creation of an extended XML/XBRL framework while keeping the advantages of XBRL.
<?xml version="1.0" encoding="iso-8859-1" standalone="no"?>
<xbrl xmlns="http://www.xbrl.org/2001/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:t="http://www.xbrl.org/german/ap/ci/2002-02-15" xsi:schemaLocation="http://www.xbrl.org/german/ap/ci/2002-02-15 german_ap.xsd">
<numericContext id=“nc1“ precision=“5" cwa="false"> <entity> <identifier scheme="www.dax.de">ABC S.A</identifier> </entity> <period> <startDate>2000-01-01</startDate> <endDate>2000-12-31</endDate> </period> <unit> <measure>ISO4217:EUR</measure> </unit> </numericContext>
<t:bs.ass numericContext=" nc1">11000000</t:bs.ass> <!-- Total Assets--> <t:bs.ass.fixAss numericContext=" nc1">8000000</t:bs.ass.fixAss> <!-- Non current assets --> <t:bs.ass.currAss numericContext=" nc1">2000000</t:bs.ass.currAss> <!-- Current assets--> ... <!-- ... --> <t:bs.eqLiab numericContext=" nc1">11000000</t:bs.eqLiab> <!-- Total equity & liabilities --> <t:bs.eqLiab.equity numericContext=" nc1">3000000</t:bs.eqLiab.equity> <!-- Equity --> <t:bs.eqLiab.liab numericContext=" nc1">7000000</t:bs.eqLiab.liab> <!-- Liabilities --> ... <!-- ... --></xbrl>
Example XBRL Instance Document
<?xml version="1.0" encoding="iso-8859-1" standalone="no"?>
<xbrl xmlns="http://www.xbrl.org/2001/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:t="http://www.xbrl.org/german/ap/ci/2002-02-15" xsi:schemaLocation="http://www.xbrl.org/german/ap/ci/2002-02-15 german_ap.xsd">
<numericContext id=“nc1“ precision=“5" cwa="false"> <entity> <identifier scheme="www.dax.de">ABC AG</identifier> </entity> <period> <startDate>2000-01-01</startDate> <endDate>2000-12-31</endDate> </period> <unit> <measure>ISO4217:EUR</measure> </unit> </numericContext>
<t:bs.ass numericContext=" nc1">11000000</t:bs.ass> <!-- Total Assets --> <t:bs.ass.fixAss numericContext=" nc1">8000000</t:bs.ass.fixAss> <!-- Non current assets --> <t:bs.ass.currAss numericContext=" nc1">2000000</t:bs.ass.currAss> <!-- Current assets --> ... <!-- ... --> <t:bs.eqLiab numericContext=" nc1">11000000</t:bs.eqLiab> <!-- Total equity & liabilities --> <t:bs.eqLiab.equity numericContext=" nc1">3000000</t:bs.eqLiab.equity> <!-- Equity --> <t:bs.eqLiab.liab numericContext=" nc1">7000000</t:bs.eqLiab.liab> <!-- Liabilities --> ... <!-- ... --></xbrl>
Accounting entries
<?xml version="1.0" encoding="iso-8859-1" standalone="no"?>
<xbrl xmlns="http://www.xbrl.org/2001/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:t="http://www.xbrl.org/german/ap/ci/2002-02-15" xsi:schemaLocation="http://www.xbrl.org/german/ap/ci/2002-02-15 german_ap.xsd">
<numericContext id=“nc1“ precision=“5" cwa="false"> <entity> <identifier scheme="www.dax.de">ABC AG</identifier> </entity> <period> <startDate>2000-01-01</startDate> <endDate>2000-12-31</endDate> </period> <unit> <measure>ISO4217:EUR</measure> </unit> </numericContext>
<t:bs.ass numericContext=" nc1">11000000</t:bs.ass> <!-- Total Assets --> <t:bs.ass.fixAss numericContext=" nc1">8000000</t:bs.ass.fixAss> <!-- Non current assets --> <t:bs.ass.currAss numericContext=" nc1">2000000</t:bs.ass.currAss> <!-- Current assets --> ... <!-- ... --> <t:bs.eqLiab numericContext=" nc1">11000000</t:bs.eqLiab> <!-- Total equity & liabilities --> <t:bs.eqLiab.equity numericContext=" nc1">3000000</t:bs.eqLiab.equity> <!-- Equity --> <t:bs.eqLiab.liab numericContext=" nc1">7000000</t:bs.eqLiab.liab> <!-- Liabilities --> ... <!-- ... --></xbrl>
Context
<?xml version="1.0" encoding="ISO-8859-1" ?> - <financialStatementDelivery xmlns="http://www.bundesbank.de/spool/datenlieferung/2003-01-01" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2001/instance" xmlns:t="http://www.xbrl.org/german/ap/ci/2002-02-15" xmlns:ISO4217="http://www.iso.org/4217" xsi:schemaLocation="http://www.bundesbank.de/spool/datenlieferung/2003-01-01 spool.xsd" partnerName="Testpartner" partnerId=“0000000" creationDate="2003-01-01" deliveryId="1"> - <financialStatement companyId="1" yearMonth="2000-12"> <reportType>h</reportType> <reportStatus>e</reportStatus> <incomeStatementType>g</incomeStatementType> <currency>DEM</currency> - <xbrli:xbrl> - <xbrli:numericContext id="nc1" precision="8" cwa="false"> - <xbrli:entity> <xbrli:identifier scheme="urn:www.partner.de/">3,1/3</xbrli:identifier> </xbrli:entity> - <xbrli:period> <xbrli:startDate>2000-01-01</xbrli:startDate> <xbrli:endDate>2000-12-31</xbrli:endDate> </xbrli:period> - <xbrli:unit> <xbrli:measure>ISO4217:DEM</xbrli:measure> </xbrli:unit> </xbrli:numericContext> <t:bs.ass numericContext="nc1">1338066</t:bs.ass> <t:bs.ass.accountingConvenience numericContext="nc1">0</t:bs.ass.accountingConvenience> <t:bs.ass.accountingConvenience.changeDem2Eur numericContext="nc1">0</t:bs.ass.accountingConvenience.changeDem2Eur> <t:bs.ass.accountingConvenience.startUpCost numericContext="nc1">0</t:bs.ass.accountingConvenience.startUpCost> <t:bs.ass.currAss numericContext="nc1">749385</t:bs.ass.currAss> <t:bs.ass.currAss.cashEquiv numericContext="nc1">259760</t:bs.ass.currAss.cashEquiv>
Extended XML/XBRL framework(accounting entries)
Status of XBRL project in data pool
Implementation completed Successful tests with test data and authentic data
As the first partner, Datev will send XBRL data from this quarter on.
III. Advantages and challengesPros and Cons from a programming perspective:
Possible validation on sender side Flexibility of XML Lower effort of programming Minor error rate XBRL as non-proprietary format
Current ‘Hybrid‘ format Some familiarisation with XBRL/XML Dependency on external XBRL-specification File size.
Advantages from an accounting perspective
Structured data instead of paper or PDF’s Non-proprietary standard Separation of content from presentation Flexibility: taxonomies can be created individually Independent of information type (e.g. accounting
standard) XML as basis is rather easy to understand Knowledge transfer: taxonomies can be created
together (e.g. 1001 working groups filled by auditors, data receivers, software companies).
Challenges from an accounting perspective
Dependency on an independent organisation (e.g. enduring specification)
[Dependency on software (companies)] Sender has to be convinced of using XBRL.
Outlook
Integration of IFRS financial statements:
Relevant for individual accounts from 2005 on (2006). Potential integration of consolidated accounts
Use of IFRS (and SME-IFRS) taxonomy Use of results of III WG on IFRS impact and CBSO
databases (group of Manuel Ortega - Banco de España)
Use of potential extensions of German jurisdiction.
Vision for the next 5 to 10 years
XBRL is used by all participants: sending and receiving
10.000 to 20.000 financial statements of German companies based on SME-IFRS that can be compared to their European counterpart.
??????Questions & AnswersQuestions & Answers
!!!!!!
Contact informationContact information
Dominik ElggDEUTSCHE BUNDESBANKFinancial Statements Data PoolStatistics Department
Tel. +49 69 9566 8589Email: [email protected]
<end><end>Thank you very much!Thank you very much!
</end></end>