CEN/WS XBRL N 12. Minutes of the CEN WS XBRL plenary meeting Document type: Meeting report. Date of document:

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1 CEN/WS XBRL N 12 CEN/WS XBRL CEN/WS XBRL - extensible Business Reporting Language (XBRL) of secretary: maarten.peelen@nen.nl Secretariat: NEN (Netherlands) Minutes of the CEN WS XBRL plenary meeting Document type: Meeting report Date of document: Expected action: INFO Background: Committee URL:

2 Minutes of the CEN/WS XBRL open meeting , Frankfurt Opening of the meeting The Chair, Ignacio Boixo, opened the meeting at 11:45 and welcomed all participants to the open meeting of the CEN Workshop XBRL. Roll call of delegates Due to the large number of participants only the core team members were introduced. Report from CEN/WS XBRL management The secretary provided a brief overview on CEN Workshops. A CEN workshop produces CEN Workshop Agreement (CWA) that are aimed at bridging the gap between industrial consortia that produce de facto standards with the limited participation of interested parties, and the formal European standardization process which produces standards through consensus under the authority of CEN member bodies. CEN WSs are flexible structure that benefits from the openness and consensus that are key values of CEN. The presentation slides used are enclosed to this document. Derek de Brandt, responsible for the coordination between the three ongoing projects, provided a brief an overview on the history of the CEN/WS XBRL. The intention of the CEN Workshop is to prepare a series of CWA's that promulgate XBRL deliverables on a wider and standardized basis in Europe. A proposal for this Workshop, including a request for financial support from the European Commission was drafted in September Because of a transition within the European Commission, a response from the EC was delayed and only in December 2011 the European Commission approved the proposal. At the moment the workshop is making rapid progress and the final deliverables are expected to be ready by December The main challenge of the workshop is canalizing all three projects. The Chair highlighted that the goals and objectives of this CEN workshop are in line and similar to the goals and objectives of Eurofiling. Therefore collaboration is taking place between both bodies as much as possible. Many of the people involved in Eurofiling are also involved in the CEN workshop, making collaboration easy. Deliverables The first drafts of the CWAs are available on CEN/WS website: The website is also a good place to find more information on the CEN/WS XBRL. A brief overview of the three ongoing projects was presented by the respective working group conveners. The presentation slides used are enclosed to this document.

3 Minutes of the CEN/WS XBRL kick-off meeting Progress report on CWA1 Katrin Heinze, convener of WG 1, provides a brief overview on CWA1. The objective of CWA1 is to standardize a European XBRL architecture and related common instance filing rules in order to create transparency and interoperability in financial reporting. Currently a lack of harmonisation in data reporting across Europe makes it difficult for supervisors to follow the syntax rules. Both Eurofiling and the CEN/WS XBRL share this objective and collaborate were necessary. Progress report on CWA2 Emile Bartole, convener of WG 2, provided a brief overview of the work on CWA2. CWA 2 will provide a standard Metadata Container to enable XBRL sourcing. Both the container and the way of transmitting metadata will be standardized. There are currently two discussions ongoing. 1) Whether or not it should be possible to have a container within a container? and 2) whether or not to support both initial and subsequent update submissions? Currently both approached are possible. Progress report on CWA3 Aitor Azcoaga, convener of WG 3, provided a brief update on the work of WG 3 (CWA3). WG 3 is preparing a Roll out package for supervisors that wrap the specifications found in CWA 1 and CWA 2 in order to create economies of scale and enhance adoption by Supervisors. CWA 3 will be developed as a two part document. The first part, which will be the most comprehensive part, focuses on how national regulators can implement, extend and manage XBRL taxonomies. The second part will be a reference handbook to help reporting entities to get familiar with XBRL Work plan for 2013 The Chair invited the participants to contribute to the work of the CEN workshop on XBRL. Several online collaboration tools are used, making participation accessible to everyone that is interested. Please contact the secretariat, M. Peelen, for more information on how to participate in the work of CEN/WS XBRL. Until June 2013 the working groups will continue with the development of the deliverables. Once these are finalized they will be made available to the public for a three month review. The comments received will be used to finalize the document. The final documents will be approved by the members of the CEN/WS XBRL at the final meeting in December Dates and locations for the next meeting(s) The secretary reported that three face-to-face meetings are scheduled for Next to the face-toface meetings the working groups will meet independently to continue the work on the CWAs. These meeting will most likely take place via conference call. April (Friday 19 ) WG meetings, Dublin, Ireland, Central bank of Ireland June, Open meeting, Scandinavia

4 Minutes of the CEN/WS XBRL kick-off meeting Dec, (final) Open/Plenary meeting, Luxembourg Closing of the meeting The Chair closed the meeting at 12:53 and thanked all participants for their contributions.

5 CEN/WS XBRL Overview 17 December,

6 CEN Workshop The CEN Workshop is a flexible working platform open to the participation of any company or organisation, inside or outside Europe, for rapid elaboration of consensus documents (CWAs). 2

7 STATUS EUROPESE STANDAARDEN 3 titel presentatie

8 CEN/WS XBRL Summarized Workshop duration is 23 months 3 deliverables Public consulatation period Financial support from the EC (expert teams) 4 titel presentatie

9 CEN/WS XBRL deliverables CWA 1 Standardize harmonization topics CWA 2 Metadata container and compliance tools CWA 3 Standard regulatory roll out package for better adoption 5 titel presentatie

10 CEN WS XBRL Structure Chair Chairman Advisory Group (CAG) Secretariat CEN WS XBRL Decision-making body Project Team D Coordination across deliverables Working Group 1 CWA 1: Harmonization topics Working Group 2 CWA 2: Metadata container Working Group 3 CWA3: Standard regulatory roll-out package for better adoption Project Team A Project Team B Project Team C titel presentatie 6

11 Timeline Drafting WG review Comments resolution Public consultation Comments resolution Voting Aug Spring 2013 Jun 2013 Sep 2013 Dec Deadlines Interim report to EC incl. draft CWAs months Public consultation & Public conference Adoption of CWAs Final report to EC incl. approved CWAs Project Team input

12 CEN/WS XBRL planning Tx Date Action 1 Action 2 9 sep 12 PT kick off meeting 10 okt 12 Drafting CWAs 11 nov 12 Drafting CWAs 12 dec 12 Interim report to EC Plenary meeting 13 jan 13 Drafting CWAs WS review? 14 feb 13 Drafting CWAs WS review? 15 mrt 13 Drafting CWAs WS review? 16 apr 13 Drafting CWAs Working Group meetings 17 mei 13 Drafting CWAs 18 jun 13 Public consultation Public conference meeting 19 jul 13 Public consultation 20 aug 13 Public consultation 21 sep 13 Comment resolution 22 okt 13 Comment resolution 23 nov 13 Comment resolution 24 dec 13 Plenary meeting + Adoption of CWAs Satisfaction survey 25 jan 14 Preperation final report 26 feb 14 Final report to EC Page 8

13 More information Secretariat Maarten Peelen Netherlands Standardization institute Page 9

14 CEN/WS XBRL December 2012 CWA1 deliverables European Filing Rules 17 December, 2012 Katrin Heinze 1 CWA1

15 Objectives Standardisation of the European XBRL architecture and common instance filing rules to cover appropriately the list of harmonisation topics listed in Annex B of the CEN WS XBRL Business Plan Facilitate transparency on the harmonised reporting data across Europe increase interoperability between services and applications overcome lack of harmonisation in the use of the XBRL standards reduce the reporting burden of international acting reporting entities by providing the possiblity to standardize the reporting processes Definition of an European Data Point Methodology to represent the requirements of European reporting frameworks in a data model link the business requirements with the technical transfer format create a human readable representation of the content and relations defined in XBRL Page 2 CWA1

16 Level of Harmonisation in Europe Reporting entity Harmonised European Reporting Frameworks Data Point Model Not harmonised XBRL Data Format & XBRL Filing? Not harmonised Page 3 European Supervisor

17 Deliverables of CWA1 Official CEN Deliverables Specification document Specification document Non normative document European XBRL Architecture European Filing Rule set European Data Point Methodology Complementary deliverables (depending on time constraints) Definition of Best Practices on Tagging of cells Versioning of European taxonomies Dealing with European taxonomy extensions Conformance Suite on taxonomy syntax rules Page 4 CWA1

18 d1 Organisation of CWA1 team work Regular conference calls via powwownow.com Cooperation on documents via Wiki technology Regular CEN WS XBRL F2F meetings Page 5 CWA1

19 Slide 5 d1 Really not central or reelvant, just a detail: In case you manage to get the string "Europena Filing Rules' in red wihin thte "Brocken Glass Graphics", it would be nice, since your presentation is on European Filing Rules and less on DPM. declerck;

20 Filing rules as first deliverable of CWA1 Background for the definition of filing rules XBRL is a framework for the definition of data formats provides a high degree of flexibility for the creation of taxonomies and instance documents flexibility requires complex IT systems to react appropriately on all possible variants that the standard allows, like definition of units, accuracy of values, usage of footnotes, periods, identifiers etc. Page 6

21 European Filing Rules (EFR) Rules to be followed for the preparation and validation of instance documents in an European filing process Place additional constraints on XBRL instance document Advantages Harmonization on a technical level Enhance the interoperability of IT systems Ease of comparison of reporting data Ease the validation of instance documents Giving rules to reporting entities as guidance Harmonized rules decrease the reporting burden for reporting entities across Europe Codified rules can be automatically tested currently only with proprietary software XBRL Filing? Page 7

22 Related approaches Approach Year Status Publisher Coverage Rules on FRIS PWD 2 XII 3 XBRL 2.1 only XBRL Instances Global Filing Manual European Filing Rules 2010 Best Practices SEC, FSA Japan, IFRS XBRL Standard XBRL Instances and Taxonomies 2013 PWD 2 CEN XBRL Standard XBRL Instances European Filing Rules: part of the CWA1 deliverables of the standardization process of CEN/WS XBRL De jure standard by 2014 oriented to reporting entities preparing the filings on basis of EIOPA and EBA taxonomies Recommendations to be adopted by NSAs and European Supervisory Authorities FRIS Page 8 GFM EFL 1 Financial Reporting Instance Standards 2 Public Working Draft 3 XBRL International Inc.

23 Structure of the Deliverable Page 9 Currently 45 rules separated in two chapters Filing syntax rules Rules for the complete document to be filed Instance syntax rules Syntax rules for the instance document and its subordinated objects Contexts Facts Units Footnotes Open discussions (small selection) How to ensure validity according to XBRL Formula in huge instance files? Should it be allowed to send partial datasets? Should XML fragments in scenario be prohibited? How to define the language, accept multiple languages in one instance?

24 Modeling aspects for standardization Filing rules need to be implemented on sender and receiver side to ensure that the requirements of the filings are met FRIS and GFM define rules in natural language exclusively possible ambiguities while interpreting the rules Rules must be easily understandable by software developers Way forward by using modeling techniques for the defined constraints Current rules are based on texts and represent an informal model Formal models limit the margin of interpretation for persons with mathematical background Formal models are based on an appropriate meta model which provide formal syntax and semantic Aim: Rules should be covered to a high degree in a formal model Page 10

25 Modeling the European Filing Rules Meta model Object system modeling Model system Page 11 Object system comprises the clearly delimited real system and also its relevant environment. The object system is the XBRL instance document and the constraints defined on the preparation of XBRL instance documents. The constraints are based on the objects contained in an instance document and the relations among each other. Meta model provides model components, rules on how to combine components and the meaning (semantic) for the components and relations. UML class diagram to describe the structure of the XBRL instance by showing the classes, their attributes and possible methods. OCL (Object Constraint Language) is a formal language for specifications, which refers to an UML model to describe constraints about the objects in the model. Model system must be consistent and complete. It must reflect the structure of the object system.

26 Page 12 Draft model system for EFR

27 Collaborative work progresses in XBRL Wiki Page 13

28 How to contribute Take part in the discussions on XBRL Wiki Login request via Via Google group CEN WS XBRL CWA1 discussion Page 14

29 Next steps Non normative document on European Data Point Model Identification of its characteristics Data Point Model Describe its objects and their relations Define rules to be followed for Creating data formats Ease the understanding for business experts Supporting the implementation of interfaces Combining related reporting frameworks Creating data structures to be used in data warehouses Creation of a formal model to ease the implementation Page 15

30 Thanks for your attention Comments or questions? Page 16 CWA1

31 CEN/WS XBRL: Improving transparency in financial and business reporting CWA2 Situation Situation december 2012 Emile Bartolé 1 CWA2

32 Objectives of CWA2 Dual objective of CWA2: standardize The way of submitting instances, a container with standardized Encryption Digital signature Compression The way of transmitting the usual metadata that determine the context of an xbrl reporting instance the sender of the document contact details date and time of submission Page 2 CWA2

33 Workflow 1. Submission container Submission container Declarer Regulator 2. Feedback container Feedback container Declarer Regulator

34 Container structure Encryption Signature Zip File-1 File-n Compression / packaging: zip Signature: XAdES EPES Encryption: XML Encryption Page 4

35 Container structure Encryption Signature Zip File-1 File-n Zip File-1 File-n Zip File-1 File-n No standard naming convention applies to the files (neither to the container nor to the XBRL instances in the container) Multiple compression packages per security envelope (encryption, signature) are allowed (e.g. for a consolidated reporting for several entities of a group that requires cross verification) Page 5

36 Submission container Encryption (XML Encryption) Signature (XADES-EPES) Page 6 Package & Compress (zip) header.xml Instances instance1.xbrl instance2.xbrl instancen.xbrl Taxonomy taxonomy-file1.xml.xsd taxonomy-file2.xml.xsd taxonomy-filen.xml.xsd Multiple XBRL instance documents packed with one xml header file Header is the only file with a naming convention: header.xml ; it is located on top level of the compression package Header lists xbrl instances contained in the container Instances should always have extension.xbrl Use of folders is optional; in case they are used, all references (in header to XBRL instances; in XBRL instances to taxonomy files) must respect them. Folder names used here ( Instances, Taxonomy ) are given as examples Taxonomy files are optional (they are normally unnecessary and would only be used in case taxonomy extensions by the reporter became allowed in Europe) Authorities may define their naming convention (files, folders)

37 Feedback container Encryption (XML Encryption) Signature (XADES-EPES) Package & Compress (zip) Feedback instance1.xml instance2.xml instancen.xml One XML feedback file per XBRL instance in the original submission container Feedback files will be generated systematically, even if no errors at validation time occurred (also positive acknowledge) The XML schema for the feedback files will contain a hash code for the original file guaranteeing nonrepudiation of the submitted XBRL instances The feedback file will have the same name as the original instance it refers to (but with extension.xml instead of the original.xbrl) Folder name used here ( Feedback ) is given as an example Page 7

38 Compression Industry standard.zip compression PPNOTE.TXT Minimum 2.0 version No maximum defined by standard, but potentially defined by receiving authority Page 8 CWA2

39 Signature: XADES EPES Compliant with European Directive 1999/93/EC Built on XML digital signature (W3C). The most flexible signature supported by the directive Allows the addition of one (or more) compression package(s) to a container Must contain the signer s digital X.503 v3 certificate. Long terms validation is not needed, as signature will be validated in a limited time frame. Produces an XML output Page 9 CWA2

40 W3C XML encryption Standard W3C XML compression core/ Page 10 CWA2

41 Header approaches Decisions of the F2F end october in Madrid: Header will be a separate XML instance No integration with XBRL (no extension of or integration with any XBRL taxonomy) One header for multiple XBRL instances Support of initial & subsequent update submissions (corrections) Direct import of the core business vocabulary into the draft header taxonomy

42 Header Orientations Types of header fields Type of field Related to filing instance reports Transport related Data related Way of dealing with it Integrated into the header XML schema Not in the scope of the header taxonomy, this should be part of the submission / transport system used Not in the scope of the header taxonomy, this should be part of the data taxonomy Page 12 CWA2

43 Initial & update submissions Container (initial) File 1 File n Container (update) File 1 File n Container (update) File 1 File n Container (initial) File 1 File n t Support of initial & subsequent update submissions (corrections) Flag in header toggles between initial and update containers An authority allowing the sending of update containers is required to provide the necessary mechanisms to ensure that in spite of the possibility of the failure of content related validations on the update container itself, the combination of the latest initial container with all subsequent update containers guarantees the full respect of all content related validations as defined in the taxonomies and an adequate error handling. Container (update) File 1

44 Evolutions foreseen XML Schema for treating errors on the reception of containers Dimensional Xbrl version of header using only the model of Core Business Vocabularies? Containers containing containers?

45 Thanks for your attention Comments or questions? Page 15 CWA2

46 CEN/WS XBRL Kick off meeting CWA3 Standardized roll out package 17 December, 2012 Aitor Azcoaga 1 CWA3

47 Objectives Standardized "roll out package" that wraps the specifications as defined under previous deliverables. Standard regulatory package with all taxonomies, technical assistance, conversion mechanisms, mapping components, localization components (via XBRL jurisdictions), etc., to create economies of scale and enhance adoption between Supervisors Implementation and roll out guide with technical documentation, instructions for proper use of XBRL and a localization bridge to a national XBRL jurisdiction Page 2

48 Deliverables of CWA3 XBRL Supervisory roll out guide Oriented towards national regulators on how to implement, extend and manage XBRL taxonomies XBRL Handbook for Declarers Roll out guide or reference handbook would help XBRL prepares(reporting entities) in getting to know XBRL Page 3

49 XBRL Supervisory roll out guide How to start with XBRL from the regulator perspective Determining the level of XBRL adoption Plan to preparing the reporting models The transmission infrastructures Adapt and review the internal information systems Preparing the communication plan for reporting entities How to implement and extend taxonomies (CWA2) XBRL Standard extension Mechanism European framework background information Guideline on extensions Page 4

50 XBRL Supervisory roll out guide Architecture, methodology and best practises (CWA1) Management and maintainability Transparency Validation Harmonisation Standardization How to transmit, process and validate instances (CWA2 header and container, etc.) Page 5

51 XBRL Handbook for Declarers How to start with XBRL from the declarer's perspective XML and XBRL: Introduction to its technological building blocks XML as a markup language (Namespaces, XML Schemas, XLink, XPath, XSLT, XQuery, etc.) XBRL Introduction: Taxonomies Dimensions Formulas Instance creation and validation Reference documentation Page 6

52 Thanks for your attention Questions? Page 7 CWA2