corep xbrl reporting in norway presentation 25.11 2010 harald furnes / aftab ahmad
TRANSCRIPT
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COREP XBRL Reporting in Norway Presentation
25.11 2010
Harald Furnes / Aftab Ahmad
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04/10/23 Side 2
Agenda
1. Background – the COREP-No project and structure of the Norwegian financial market
2. Overview of the XBRL solution implemented
3. Composing a valid COREP-No XBRL-file from a filled Excel template workbook (using RBME Lite)- Starting from report IRB or SA- Including validation (business rules)
4. Submission process- Log in - Validation and error handling routine
5. Conclusion and future work
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1. Background:COREP project at FSA of Norway
• Decided early (2004) to follow CEBS guidelines on common reporting (COREP-templates)
• Finanstilsynet participated as an observer in CEBS’ COREP group for common European reporting
• The Norwegian banking industry was informed about the COREP-templates and the recommended standard XBRL through informal and formal consultations from 2004 to 2007.
• Finanstilsynet made a final decision in 2006 to follow CEBS guidelines and implement COREP Framework (COREP-templates and XBRL-taxonomies developed by CEBS).
• COREP project initiated in summer 2007.
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04/10/23 Side 4
1. Background: COREP project at FSA of Norway
• Main objectives:– To follow CEBS’ guidance and advice on Common reporting
(COREP) and technical standard (XBRL)
– To establish a modernized and effective reporting framework/solution
– To establish an infrastructure and competence within the organization to make Finanstilsynet able to extend the framework to other XBRL-reports
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04/10/23 Side 5
1. Background: COREP project at FSA of Norway
• The goal is to implement the COREP reporting framework based on XBRL, with the possibility of reporting in an alternative format, Excel. (XBRL not mandatory)
• Reasons for XBRL: – Harmonising banking supervision practices in Europe (aiming a harmonised
European reporting mechanism) – Make use of already defined taxonomies (elements, dimensions, linkbases,
validation rules) developed by CEBS.– Modernized data collection system - XBRL is based upon a well established
technology (XML)
• Reasons for alternative format (Excel):– XBRL is not a common standard yet– Finanstilsynet wants to give the reporting institutions time to implement XBRL.– It has not yet been decided whether the alternative reporting format (Excel) will
be a permanent or a temporary solution.
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1. Background: COREP-project at FSA of Norway
- Main activities in the project:- Taxonomy extension: COREP to COREP No (national discretions,
reduction of reporting elements and adding elements)– Solution to convert Excel-templates to XBRL-files, including some business
validation during converting– Internet-portal based on UBMatrix software and some specific
developments made by CIBER Norge, our local vendor, needed to meet the requirements from Finanstilsynet
– Functionality in the portal: Automation of the reporting processes - submission, validation process, data storage, notifications, submission history etc.
– Version management (taxonomies, templates)
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1. Background: Structure in Norway
• 2 different reports (IRB, SA), 7 different groups of reporting institutions, 2 different levels of reporting (solo vs consolidated), 4 different frequencies for reporting
• Resubmission allowed after closing date
IRB SA
Banks 7 131Finance companies and mortgage companies 6 54Holding companies 2 10Securities houses 146
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04/10/23 Figure 1 Side 8
XBRL-solution:
COREPCEBS
Finanstilsynets Internettportal
-Log in-Submit
-Control and validate-Processing
-Saving
COREP NO taxonomy
Excel plug-in and template package
xbrl
Excel plug-in and template package
-Validate-Generate xbrl-file
Database
COREP-No
xbrl
Taxonomy-adaptation/
-administration
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2. Overview: Description of activities involved in the reporting process
1. Finanstilsynet implements the Norwegian adaptations to COREP, in the COREP-No taxonomy
2. The COREP-No taxonomy is published on Finanstilsynet’s website. The taxonomy is used by reporting institutions who choose alternative 5a in figure 1.
3. The Excel template with plug-in (which references the taxonomy) is published on Finanstilsynet’s website. The Excel template with plug-in is an alternative to generating a valid COREP-No XBRL file (see 5b in figure 1).
4. Finanstilsynet prepares for submission of new reporting period.
5. The reporting institutions can generate their xbrl files in two different ways:
a. The reporting institution generates an XBRL file directly from their systemsb. Excel template with plug-in: The reporting institution fills out an Excel template as specified in step 3. The
Excel plug-in performs business rules validation and generates a valid XBRL file.
At the end, the XBRL-file is submitted via web portal. During submission, the xbrl-file is validated against the taxonomy
6. Finanstilsynet monitors submissions in the new portal
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3. Composing a COREP-No XBRL-file: The Excel plug-in (RBME Lite)
• Developed in .Net and C#(requires some standard Microsoft components for installation)
Files in the template package: • Excel template workbook (IRB/SA)• Context file (Taxonomy)• Mapping file (Link from taxonomy to cells in excel)• Validation file (Business rules) – will not be needed
when formula linkbase is fully implemented
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3. Composing an XBRL-file from afilled excel template: Demonstration of different variations
• A COREP-No xbrl instance file with errors in business rules
• A COREP-No xbrl instance file without errors in business rules
• A COREP-No xbrl instance file with errors according to the taxonomy and how to identify the errors using validation routine (during submission)
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3. Composing an XBRL-file from a filled excel template: RBME Lite
Generate xbrl instance file
Localize errors
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4. Submission process: EAS – login
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4. Submission process: EAS - submission
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4. Submission process : Error handling routine
All reporting data is uniquely defined by a combination of concept and context
RBME Lite has an error handling routine that can identify the error location (cells) in the Excel template workbook
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4. Submission process : Error handling routine
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4. Submission processMain webpage
http://www.finanstilsynet.no/no/Bank-og-finans/Banker/Tilsyn-og-overvakning/Rapportering/COREP-/
This webpage includes:• Link to the portal • User guidelines• COREP templates• Necessary software
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5. Conclusions• Minimum burden on reporting institutions (by providing the
possibility to convert the existing COREP Excel template to XBRL instance file)
• Save time and resources (for both reporting institutions and supervisor) by enforcing validation before and during submission
• For supervisor: better quality of data and a flexible/standard data format for further analysis and utilization
• Possibility to exchange reported data with others (especially supervisory institutes) who have implemented COREP
• Challenging project (complex taxonomy, immature software and limited skilled resources)
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5. Future work for FSA Norway
• Implement new COREP versions (CRD II, CRD III …)
• Develop solutions for XBRL data analysis and utilization
• Encourage the institutes to implement XBRL
• Possibly develop web services where reporting institutions can submit their instance files directly from their systems
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FINANSTILSYNET
Revierstredet 3Postboks 1187 Sentrum
0107 Oslo
www.finanstilsynet.no
[email protected]@finanstilsynet.no