1 rome, 5-7 may 2014 piotr madziar – european commission 20-21/02/2014 xbrl days and eurofiling...
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Rome, 5-7 May 2014
Piotr Madziar – European Commission
20-21/02/2014
XBRL Days and Eurofiling Workshop
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ContextMain ChallangesEP, Barroso II financial
initiatives:SSM, ESAsBRISAccounting DirectiveTransparencyCRDIVSolvency
Timing:•EBA now•BRIS 2015•TD 2016•Solvency.
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Barroso II Commission – some achievements
SSMESAs
TD
OTC
EMIR
CRDIV
Stress tests
AQR
European Stability
Mechanism
European Semester
SME accounts
Digital Agenda
BRIS
CEN/DPM.
ICT standardisation
agenda
CBV/ROV/RegOrg
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Brussel’s role
Level 1 leader:
Propose EU directives
Negotiate with EP and Council
Publish framework Legislation (Directives)
Level 2 – typically assistance only:
Monitor ITS development (incl. DPM, taxonomies,
implementation etc.)
Comfort EP and Council (if necessary)
Publish ITS
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Level 1 examples:
ESMA will develop draft ESEF (like XBRL) and submit it to
COM by end 2016. All issuers will file ESEF annual financial
reports as of 1/1/2020, ESMA will develop and run EEAP
where all regulatory info (now in OAMs), single cross-border
search etc. will be available.
BRIS: COM will develop and run BRIS, an exchange
platform assuring cross-border multi-language access,
unique identification, features, universal search etc.
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2014 -2020 EP Hot topicsSolvency?Fiscal Union?Transparency of budgets incl. transactional levelEU economic monitoring and risk managementStandardisation• Blend private industry standards with official ones• EU endorsement of int’l standards
Digital economy•Complete digital agenda•Translate achievements into growth advantages•Data privacy and security
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Non – TD criteria
There are several strategic issues that should play a role once the Commission considers the adoption of the ITS:- We promote interoperability, burden reduction and re-use of data,- We support international standards, especially if their adoption in the EU enhances financial stability, free trade and investments- We promote open data in open standards
Several strategic EU acts and docs, G8 an G20 declarations etc. outline those objectives.
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Duplication of fiscal and supervisory data
Business
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Simplification & burden reduction - SBR concept
Repository of reusable data
Business
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XBRL -> national GAAPs issue
EU core taxonomy IFRS for all EU issuers
Basis EU Accounting directive IFRS
Options • National regulatory extensions?• Company extensions?
IFRS for SME?
Pros • Brand new Directive• Two birds in one shot –
electronic reporting requirement in Accounting Directive resolved
• True ESEF• Completion of IAS
reform of 2002
Cons • Is it still ESEF?• Is national framework cost-
efficient?• Who will do it?• May require extensive review of
national GAAPs
• In 2002 IFRS was selectively applied for a reason
• IFRS for SME received mixed views in the EU.
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XBRL challenges
Learn, test and use at the same timeLegacy systems, business caseNational rules and practicesDue process for EU adoption of international standards
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All the comments are of personal nature and cannot be taken for an official position of the Commission.
Thanks for your attention! Questions?