The main EU policies driving the concept of harmonizing the business data and identifying XBRL as the only available, royalty-free, quality, global standard. The Barroso Commission, on its outset, decided to provide a meaningful follow-up on the Simplification initiative , by targeting the 25% administrative burden reduction for businesses. A specialized HLG chaired by Mr Stoiberg was created. FEE’s former President, Mr Jacques Potdevin was one of the Group’s members. Also the MS used various opportunities to contribute to this initiative, providing policy initiatives and their expertise enriching the EU approach. The financial crisis , looming since early 2008, provided new challenges the EU institutions were expected to confront: the global and European supervisory structure, market transparency and confidence. Other institutions made significant contributions towards forging a common view: the Council and the Parliament . Now we are all breathlessly watching the next moves of the de Larosiere Group, and subsequently the G20 recommendations as regards the anti-crisis measures to follow.
Fee Xbrl Webcast Piotr February 17, 2009
XBRL driving forces XBRL Simplification Crisis Stoiberg De Larosiere G20 EU Council EP COM MS
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>
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>
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>
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>
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>