Download European Institutions update

XBRL Days and Eurofiling
Workshop
Piotr Madziar – European Commission
Rome, 5-7 May 2014
20-21/02/2014
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Context
EP, Barroso II financial
initiatives:

SSM, ESAs

BRIS

Accounting Directive

Transparency

CRDIV

Solvency
Main Challanges
Timing:
•
EBA now
•
BRIS 2015
•
TD 2016
•
Solvency.
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Barroso II Commission – some achievements
SSM
OTC
ESAs
TD
AQR
SME accounts
CRDIV
Stress tests
ICT standardisation
agenda
European Semester
BRIS
EMIR
European Stability
Mechanism
Digital
Agenda
CBV/ROV/RegOrg
CEN/DPM.
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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 topics
Solvency?
Fiscal Union?
Transparency of budgets incl. transactional level
EU economic monitoring and risk management
Standardisation
• 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
Tax
administration
costs
Fiscal Data
(VAT, CIT,
PIT…
Business
Register /
Corporate
Transparency
costs
Corporate
Data
OAM
OAM
Data
Financial
supervision
(ESAs, their
members, ECB…
Cost of
statistics…
Supervisory
Data
Statistical
Data
Business
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Simplification & burden reduction - SBR concept
Taxation
Business
Register /
Corporate
Data costs
Transparency
OAM
Financial
supervision
Statistics
(VAT, CIT,
PIT…
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
•
•
•
•
• In 2002 IFRS was selectively applied
for a reason
• IFRS for SME received mixed views in
the EU.
Is it still ESEF?
Is national framework cost-efficient?
Who will do it?
May require extensive review of national GAAPs
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XBRL challenges
Learn, test and use at the same time
Legacy systems, business case
National rules and practices
Due process for EU adoption of international standards
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Thanks for your attention! Questions?
All the comments are of personal nature and cannot be taken for an official position
of the Commission.
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