Blindtext

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ECRF XBRL Conference Belgrade 18 January
2008
Luxembourg XBRL project on Annual Accounts
Nico WEYDERT Senior Economic Advisor STATEC
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TOPICS

• XBRL in Luxembourg
• Filing of Annual Accounts Role of RCSand
  STATEC
• XBRL Project on Annual Accounts

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XBRL Luxembourg (1)

• XBRL Luxembourg a.s.b.l.
• Founded on 17 January 2007
• Founding members
• CSSF - Commission de Surveillance du Secteur
  Financier
• BCL - Banque Centrale du Luxembourg
• ABBL - Association des Banques et Banquiers,
  Luxembourg
• ALFI - Association Luxembourgeoise des Fonds
  dInvestissement
• ACA - Association des Compagnies dAssurances
• IRE - Institut des Réviseurs dEntreprises
• OEC - Ordre des Experts-Comptables
• STATEC - Service Central de la Statistique et
  des Etudes Economiques
• Bourse - Luxembourg Stock Exchange

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XBRL Luxembourg (2)

• Organisation
• Members
• Board of Directors
• General Secretariat
• Working Groups (WG)
• CSSF taxonomy
• Investment Funds taxonomy (under construction)
• Annual Accounts CBSO (to be created)
• Technology WG

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XBRL Luxembourg (3)

• Missions / Actions
• - Development, support and promotion of XBRL in
  Luxembourg
• liaise with XBRL International
• information session organisation
• education
• - Member recruitment
• members
• gt XBRL users (data generators)
• gt XBRL technology and services suppliers
• members may have commercial activities
• simple adherence process (statutes, internal
  rules)
• type of members effective, adherent

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XBRL Luxembourg (4)

• Missions / Actions (continued)
• Support the creation of taxonomies
• COREP/FINREP
• CBSO
• Investment Funds Reporting
• Public sector (e-Government /e-Luxembourg)
• Coordination of various projects
• Reporting issues go beyond XBRL standardisation
  of the reporting chain
• Security aspects LuxTrust (electronic
  signature)

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FILING OF ANNUAL ACCOUNTS RCS - STATEC

• STATEC - Service central de la statistique et des
  études économiques
• RCS - Registre de commerce et des sociétés
• Ministry of Justice

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LAW 19 DECEMBER 2002

• Filing of annual accounts
• Turnover ? 100 000 regardless of legal form
• Annual accounts
• balance sheet, profit and loss account, notes to
  the accounts
• management report
• auditing report
• detailed accounts according to the standardized
  chart of accounts 
• Exceptions
• insurance and banking companies
• non profit organisations, foundations,
  agricultural associations

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DISCLOSURE OF ANNUAL ACCOUNTS

• Differences in disclosure policy

• Data on incorporated enterprises is publicly
  available
• Data is not available for sole proprietorships
• Detailed data on accounts is only available to
  CBSO and other entitled administrations

PUBLIC

• Detailed data on charts of accounts
• Annual accounts of sole proprietorships

Annual accounts of incorporated companies
Access Administrations Enterprises, Public
Access Administrations
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RELATIONSHIP RCS-STATEC
Law 2002 - Article 76

• Annual accounts ? RCS ? Statec
• for archiving purposes, to hold data on IT
  support media
• 2003 Parliament and Council Directive 2003/58 on
  disclosure requirements for certain types of
  companies (not only annual accounts)
• Roles of RCS and STATEC
• RCS will be in charge of paper and electronic
  data collection, scanning annual accounts
• Role of Statec is to prepare structured data
  collection, i.e. develop specifications for paper
  and electronic questionnaires/forms reduce
  administrative burden

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FILING AND STORAGE PROCEDURE
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WHY CHOOSING XBRL?

• XBRL as a reporting standard
• Enables the electronic filing of the annual
  accounts
• Avoids data manipulation by manual encoding ? use
  information out of the accounting systems
• Collects high quality data
• Provides a taxonomy for annual accounts ?
  harmonize the data format
• Reduces administrative / response burden
• Assures a better exchange with other
  administrations

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THE XBRL TAXONOMY CURRENT STATE

• 1. Consultancy from the BNB CBSO.
• 2. Creation of the  lu-fr-pfs-ci-2006-20-08 
  taxonomy
• According to Luxembourg accountancy standards
  (lu)
• for the financial reporting (fr) of
• primary financial statements (pfs) of
• companies and industries (ci)
• draft version date of creation 20th august 2006
• Multilingual (French, English and German)

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THE XBRL TAXONOMY CURRENT STATE

• 4. Compliant to XBRL specification 2.1 and FRTA
  1.0
• 5. Translation into XBRL standards in the three
  languages of
• balance sheets, income statements (abbreviated
  and complete forms achieved
• complete table of accounts (in course of
  completion).
• 6. Cooperating on the final modifications on the
  table of accounts to be in conformity with the
  XBRL standards and to assure a complete coherence
  with the annual accounts.

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TAXONOMY ARCHITECTURE

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DEFINITION OF THE ELEMENTS

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THE FUTURE ?

• Legal framework in 2008/2009
• Finalizing Taxonomy in 2008
• IT Implementation in 2009
• Data collection in 2010

STATEC 13, rue Erasme L-1468 Luxembourg nico.weyd
ert_at_statec.etat.lu patricia.gonzalez_at_statec.etat.l
u