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Fee Xbrl Webcast Piotr February 17, 2009

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European Commission\'s Piotr Madziar presentation at the European Federation of Accountants (FEE) on February 17, 2009

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Fee Xbrl Webcast Piotr February 17, 2009

  1. 1. XBRL driving forces XBRL Simplification Crisis Stoiberg De Larosiere G20 EU Council EP COM MS
  2. 2. Simplification <ul><li>Stoiberg Group in July 2008: Commission to promote e-gov and identify best practices in IT use, EU can contribute to inter- and multi-national initiatives, encourages Commission (and MS) to consider “ pull model – once only ” </li></ul><ul><li>EP resolution of 21 May 2008: calls on Commission to encourage MS to harmonize the classification of financial information , promotes the use of new technology as XBRL </li></ul><ul><li>Council meeting of 7 November: common standards between financial centres, more transparent and comprehensive information systems , reformed multilateral surveillance </li></ul>
  3. 3. Crisis <ul><li>de Larosiere Group , to accelerate reform of supervision, converge supervisory practices, manage cross-border and cross-sectoral risks , report on 25 February </li></ul><ul><li>EC 26 January 2009 package , strengthening supervisory committees and standard setting bodies with 36,2 M EUR financial support , need to further strengthen transparency , additional regulatory reforms may be needed according to Mr de Larosiere recommendations </li></ul>
  4. 4. G20 <ul><li>EC Recovery Communication of 26 November 2008 (endorsed by the Council on 11-12 Dec), to reduce admin burdens , boost confidence and facilitate investment , 5B EUR for broadband (100% by 2010, redirect EIB and state aids to R&D , innovation and ICT , MS to act by fiscal incentives, grants, subsidies , work with the US . </li></ul><ul><li>EC Communication of April 2009 , ? </li></ul>
  5. 5. Remaining Questions <ul><li>Future global arrangements </li></ul><ul><li>US – IFRS </li></ul><ul><li>EU regulators – collages, OAMs, use of EU funding </li></ul><ul><li>EU issuers – economic benefit, global competition </li></ul>
  6. 6. Shift is: <ul><li>Inevitable – internationally driven, EU stakeholders committed to the change, no real alternative to XBRL </li></ul><ul><li>Boosting professional excellence and recognition </li></ul><ul><li>Promotes quality </li></ul>
  7. 7. Contacts <ul><li>Questions? </li></ul><ul><li>Contact: </li></ul><ul><li>Piotr Madziar </li></ul><ul><li>+32-(0)2-2950869 </li></ul><ul><li>[email_address] </li></ul>

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