ERICA Working Group
The Working Group primarily focuses on the impact of the International Financial Reporting Standards (IFRS), issued by the IASB, on the accountancy of non financial corporations and their effects on the European central balance sheet data offices´ databases and questionnaires, trying to assess both potential opportunities and risks. To that end, the group has developed IFRS-compliant standard formats (using for that purpose the IFRS Taxonomy defined by the IASB-XBRL Team) and created the ERICA (European Records of IFRS Consolidated Accounts) database. This database includes around 1.000 non-financial groups listed of the participating countries (Austria, Belgium, France, Italy, Germany, Greece, Portugal and Spain).
The ERICA WG and Central Balance-sheets Offices (CBSO) databases has three main fields of actuation:
- Assessment of IFRS implementation and its impact in CBSO databases;
- Description of CBSO databases, creation of common standard formats from IFRS standards and development of common European Consolidated Accounts databases;
- Monitor the usefulness of XBRL as a tool to reduce the reporting burden and other projects as Integrated Reporting.
The group is composed by representatives from:
- Banca d’Italia
- Banco de España
- Banco de Portugal (vice-chair)
- Bank of Greece
- Banque de France
- Banque Nationale de Belgique - Nationale Bank van België (chair)
- Cerved Group spa - Centrale dei Bilanci
- Central Bank of the Republic of Turkey
- Deutsche Bundesbank
- European Central Bank
- Oesterreichische Nationalbank
- IASB-XBRL Team takes part in the WG as observer.
The documents presented at the last to the ECCBSO plenary meeting are available in the Publications page.
You may find more information on documentations, publications and data at the BACH and ERICA website.