Merged IFRS, Securities and Markets and Usability Working Groups
Face to face meeting, June 3, 2015, Madrid
This was an informal meeting in view of the small number of participants.
1. Pierre Hamon informed the group of the merger of the two working groups IFRS-SAM and Usability. We have to find a name for the new group and a charter.
2. Participants wished to know what is expected from the WG and the nature of works.
3. We shared and discussed ideas:
Bas would like that a framework for extensions be defined as it is expected that SBR will move towards an IFRS based taxonomy for listed companies and also would like to allow extensions of present taxonomies within that framework. It would be preferable that the framework be harmonized with ESMA requirements for 2020.
Bertrand proposed to prepare for the end of the year a cartography of IFRS reports in Belgium to arrive at a list of commonly used elements in these reports.
3. We expressed the opinion that this group will have an added value only if the users are present and share what the expectations are.
In conclusion, we decided that for the time being, the activity will be reduced to sharing ideas and work done in different countries until we know better what ESMA has in mind and how we could contribute.
Join IFRS, Securities and Markets and Usability Working Groups
Face to face meeting, November 26, 2014
A face to face meeting of IFRS SAM and USABILITY WG was held in Brussels at the XBRL Europe day on November 26, 2014.
The meeting was an open discussion around three questions:
– What data do analysts need?
– Is IFRS data sufficient?
– What « normalization » is necessary?
We also tried to define the agenda for the workgroups for the year to come.
Majors axes were discussed and are proposed as possible subjects for the workgroup:
– Try to get input on what XBRL data would be most needed by analysts with the hints that the press release data may be an interesting starting point for a successful XBRL reporting exercise. How much data in these releases match IFRS taxonomy elements. What would be a good taxonomy extension to cover other data?
– The other axe would be to investigate the ways annual accounts taxonomies are implemented: extensible or not extensible? If extensible, pros and cons of the ways filing rules regulate extensions with the idea of proposing best practices in extensing taxonomies while keeping a good level of comparability (which is the major concern of ESMA).
The group members are invited to provide feedback on their ideas on the subjects and to submit their contribution to the workgroup.
IFRS, Securities and Markets Working Group
>White Paper Meetings
The work group worked in 2013 -2014 on a draft white paper titled « XBRL as enabler – improving cross border access to information in European Securities Markets » the purpose of which was to assist ESMA in furthering XBRL as the single electronic format in Europe.
XBRL Europe decided not to publish the white paper. Some of the content was used in a document officially released in July 2014 by XBRL Europe and XBRL International answering direct questions raised by ESMA. The document is titled: » Answers to questions raised by ESMA on eXtensible Business Reporting Language XBRL) and is availble here