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2.2 ECB Taxonomy project - final results

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					Taxonomy of the financial modules of
 Structural Business Statistics (SBS)


     A. Sánchez, J-M Israël, V. Damia
           Luxembourg - 14 April 2010
Contents


• Introduction
• Taxonomy of the financial modules of SBS
• Mapping to external sources
• Conclusions




                                             2
Intro - Reporting burden in Europe




                                     3
Intro - Background info

• TF AS decided in 2007 to carry on a joint Eurostat-ECB
  DG Statistics project to elaborate a simplified common
  taxonomy for the reporting of key variables of SMEs
• SBS and STS were considered the most appropriate
  statistics for this purpose:
   – SBS is defined by Regulation 295/2008
   – SBS collects fin. info from companies belonging to different sectors of
     activity (modules)

• ECB worked with the fin. modules of SBS

• The results from previous XBRL statistical projects by
  Eurostat have been taken into consideration


                                                                               4
Intro – Task description


• For each module
   – Comprehensive list of elements  taxonomy
   – Mapping exercise to external reporting frameworks
• Spreadsheets which would allow the creation of an
  XBRL taxonomy




                                                         5
Taxonomy – Summary table




                           6
    Taxonomy – Main conclusions

•    A taxonomy can help regulators to better assess
     the reporting burden of a set of statistics
     1. The modules for pension funds and credit institutions are
        quite detailed, but overall manageable
     2. The module for insurance corporations is very large and
        detailed, because
        •   All items are split by activity: life, non-life, composite (often split in
            life and non-life), reinsurance
        •   Too exhaustive breakdowns: Gross premiums written by country
            and by CPA product (around 1500 items)



                                                                                         7
Mapping – External sources considered




                                        8
Mapping – Task description

•   SBS item mapped to the external source only when the
    content is the same
    –   often, same name # same content
    –   often, different name = same content
•   Mapping between SBS and external sources can be ..




                                                           9
Mapping – Credit institutions: results




                                         10
Mapping – Pension funds: results




                                   11
Mapping – Insurance Corporations: results




                                        12
Mapping – Main conclusions

Low results
    mapping to statistical sources (BSI and ICPF network) due to
     methodological and framework differences
    mapping to IFRS since the IFRS taxonomy does not include
    adaptations by sectors of activity

Very positive results
    mapping to FINREP – further work in this area

Two interesting projects for insurance corporations
    CEIOPS and IFRS templates for insurance contracts


                                                                    13
Mapping – Main conclusions

Two ideas to be kept in mind

   There is room for further convergence
    between SBS and supervisory reporting
     FINREP & CEIOPS templates

   Taxonomies are useful tools for regulators
    when assessing the reporting burden.




                                                 14

				
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