JURSIDICTION SNAPSHOT:


Country: Luxembourg
Status: Full Jurisdiction
Jurisdiction Name : xbrl.lu
Website : http://www.xbrl.org/lu
Membership Count: 22
IFRS Adoption for Public Companies: Required for all domestic listed companies

 

REGULATORS:
Companies Registrar: Registre de Commerce et des Societes
Banking Supervisor: Central Bank of Luxembourg (Banque Centrale du Luxembourg)
Securities Regulator: Commission de surveillance du secteur financier

 

PRINCIPAL EXCHANGES:

Bourse de Luxembourg

XBRL PROJECTS OVERVIEW:

XBRL Luxembourg Development

JURISDICTION MEMBERSHIP:

Association des Banques et Banquiers Luxembourg, a.s.b.l. -(ABBL)
Association Luxembourgeoise des Fonds d'Investissements,a.s.b.l. - (ALFI)
Associations des Compagnies d'Assurances, Luxembourg asbl (ACA)
Banque Centrale du Luxembourg, Etablissement Public
CETREL S.C.
Commissariat aux Assurances - (CAA)
Commission de Surveillance du Secteur Financier, Etablissement Public - (CSSF)
Conceptware S.a r.l.
Deloitte Consulting S.ar.l.
FERNBACH-Software S.A.
Financial Communication Consult,S.ar.l - (F2C)
FRS Luxembourg, S.A.
IBM Belgium S.A. (Siege de Luxembourg)
Imprimerie Centrale S.A.
Infeurope S.A.
Institut des Reviseurs d'Entreprises, association professionnelle - (IRE)
KPMG Advisory S.ar.l.
Ordre des Experts Comptables, (OEC)
PriceWaterhouseCoopers s.a.rl.
Service Central de la Statistique des Etudes Economiques - (STATEC)
Societede la Bourse de Luxembourg S.A.
UBI Banca International S.A.

PROGRESS REPORT:

During the last 12 months – XBRL Luxembourg could achieve
most of the goals set by its founding members and by those
who joined during 2007 the association:


• Continuous development of and interaction with the
member base;
• Successful launch of the XBRL based COREP/
FINREP reporting;
• Continuous work on several new XBRL projects and
initiatives;
• Participation in the launch of XBRL Europe;
• Seeking established jurisdiction status

.
Member Base
The development of the XBRL membership is continuing
and thus the board of Directors of XBRL Luxembourg could
enrol in the beginning of 2008 three new members. Thus
the association is currently counting 22 members – public
authorities, associations and commercial companies as well.
Beside these members XBRL Luxembourg is in close contact
with several interested actors. The Luxembourg jurisdiction is
also encouraging members from the academic world such as
the newly founded University of Luxembourg and other public
research entities.


XBRL Projects
COREP / FINREP reporting
The major progress to report by the Luxembourg XBRL
jurisdiction is the successful launch in January 2008 of the
newly defined and XBRL based COREP/FINREP reporting
by the CSSF – the Luxembourg financial sector’s supervision
authority and of course the reporting banks.


XBRL Luxembourg set up a working group – the COREP/
FINREP taxonomy group - composed of representatives of
the financial sector’s supervision authority, of the local banking
community and of all major reporting software providers willing
to participate.


This working party co-chaired by the banking supervision
authority and XBRL Luxembourg could efficiently support the
banks in the understanding and implementation of the new
XBRL standard. This support has been materialised by a “User

handbook” explaining the basics of XBRL, showing possible
technical solutions and suggesting state of the art procedures
to follow.
XBRL Luxembourg together with the Luxembourg financial
sector’s supervision authority and ABBL - the Luxembourg
Banks’ Association - could recently state that the migration has
been accomplished as planned by the public authority.
Undertakings of Collective Investments


During 2007, the Luxembourg Central Bank announced
the introduction of a new reporting to be produced by nonmonetary
UCIs and modifications of the reporting to be applied
to existing monetary UCIs. These changes will come into force
on 1st January 2009.


The Luxembourg Central Bank took the strategic decision
to use XBRL as reporting language. However, due to limited
resources, still unavailable competences and the tight
implementation schedule, its has been decided together
with XBRL Luxembourg and the investment funds’ sector
represented by ALFI – the Luxembourg Investment Funds
Association - to adopt a 2 phases approach.


During the first phase the new reports will be using the XML
standard, whereas during the second phase the UCIs are
asked to implement a XBRL layer to increase the collected
data’s integrity and accuracy and allow their straight through
processing.


Established jurisdiction status
At the end of its second year of existence, XBRL Luxembourg
will seek recognition as an established jurisdiction by XBRL
International. Thus, XBRL Luxembourg’s efforts to launch
XBRL projects within its jurisdiction and its promotional effort to
establish XBRL as a de facto standard within the Luxembourg
Economy will be rewarded.


Central Balance Sheet and Companies’ Register projects
The Luxembourg State’s Office for Statistics and Economical
studies – Statec – responsible for the underlying data collection,
decided to use the XBRL standard in both projects. However,
the progress of these projects is currently depending on the
outcome of a local working group handling the normalisation of
the Luxembourg accounting plan. Progress is awaited for the
end of 2008 or the beginning of 2009.

XBRL Europe, XBRL International and XBRL jurisdictions
XBRL Europe
As an European Union Member State jurisdiction, XBRL
Luxembourg decided to join as soon as possible as voting
member XBRL Europe. It fully supports the motivations
underlying the creation of that entity: fostering the use of XBRL
standard in EU-wide projects and accelerating the harmonised
implementation of XBRL projects throughout Europe. In spite
of its limited resources, XBRL Luxembourg decided to play an
active part in the setting-up process and to contribute to the
functioning of this politically important organisation.


XBRL International and XBRL jurisdiction
XBRL Luxembourg decided to participate with its limited
resources in the various works and projects initiated by XBRL
International by encouraging its members to play an active
part. XBRL Luxembourg is continuing to liaise with foreign and
especially with neighbour XBRL jurisdictions and which are
implementing similar XBRL projects.


Continuous communication and promotion efforts
XBRL Luxembourg continued its communication and promotion
efforts by improving and fostering the use of its website, by
organising specific XBRL events and by participating in
conferences attended by specialists and decision takers as
well. XBRL Luxembourg intends to become a member of the
Luxembourg Association of open IT standards – ANSIL in the
next months.


For more information on XBRL Luxembourg contact:
Jurisdiction Chairman
Serge De Cillia
decillia@xbrl.lu
Secretary General:
Marc Hemmerling
hemmerling@xbrl.lu
Address:
XBRL Luxembourg a.s.b.l.
59, boulevard Royal
L-2449 Luxembourg
Luxembourg
Mail : write2@xbrl.lu
URL : www.xbrl.lu
Phone : +352-463660-1