Below is a brief list of Belgian, foreign and international institutions involved in drawing up, submitting and disseminating annual accounts.
Institute of Accounting Professionals and Tax Experts (IPCF-BIBF)
Article 43 of the Law of 22 April 1999 states that an "Institute of Accounting Professionals and Tax Experts" is to be set up with legal personality. The Institute is to take over the rights and obligations of the Institute of Accounting Professionals established in 1992. The head office is in the bilingual Brussels Capital Region.
The tasks of the IPCF- BIBF are:
- to oversee the training of a body of specialists qualified in accountancy and tax affairs, and to maintain a permanent organisation of those specialists with all the required guarantees concerning competence, independence and professional integrity
- to ensure that the work assigned to its members is properly carried out.
Belgian Accounting Standards Board (CNC-CBN)
The Belgian Accounting Standards Board was set up by the Royal Decree of 21 October 1975 establishing an Accounting Standards Board (decree implementing Article 13 of the Law of 17 July 1975 on business accounting). Its head office is in the Brussels-Capital district.
The tasks of the CBN-CNC are:
- to advise the government and parliament at their request or on its own initiative on matters relating to accountancy and annual accounts
- to develop the accounting doctrine and, by opinions or recommendations, to determine the legal accounting principles.
Federal public service (FPS) economy
The Federal public service Economy is responsible for parts of the financial and accounting regulations:
- corporate governance
- accounting law and company annual accounts (including questions for a refund of the supplementary charge for the late filing of annual accounts and questions for a derogation from Belgian accounting obligations)
- statutory audits of the annual accounts.
Institute of Accountants and Tax Consultants (IAB-IEC)
The Institute of Accountants and Tax Consultants is a public professional association for accountants and tax consultants, set up by the Law of 22 April 1999 on the accountancy tax consultancy professions.
- oversees the training of a body of specialists and maintains their permanent organisation
- will also monitor and adapt the organisation, with all the necessary guarantees regarding competence, independence and professional integrity
- ensures that the work assigned to its members is properly carried out.
Institute of Auditors (IBR-IRE)
All auditors, i.e. both individual auditors and firms of auditors, are registered with the Institute of Auditors, a public institution established by the Law of 22 July 1953.
The object of the IBR-IRE is:
- to oversee the training of specialists and to provide a permanent body of specialists qualified to perform the function of auditor, with all the requirements concerning competence, independence and professional integrity
- to ensure that the work assigned to its members is properly carried out
On 22 November 2004, a platform was created at the headquarters of the National Bank of Belgium to encourage the use in Belgium of the "eXtensible Business Reporting Language" (XBRL) as an instrument for standardising and optimising the exchange of financial data. The Belgian XBRL platform is in the form of a non-profit organisation, and was set up on the initiative of eight bodies closely involved with financial reporting.
The primary aims of XBRL Belgium are:
- to encourage and support the use of XBRL in Belgium as an open, technical standard for the simpler and more efficient compilation, exchange and processing of financial and business data
- to develop, make available and maintain the modified taxonomies necessary for that purpose.
STATEC: l'Institut national de la statistique et des études économiques du Grand-Duché du Luxembourg
European Committee of Central Balance-Sheet Data Offices
The European Committee of Central Balance-Sheet Data Offices is an informal organisation comprising representatives of the central balance sheet offices or similar institutions in the various European countries.
The object of the ECCBSO is to improve the analysis of the data of non-financial corporate enterprises by:
- exchanging information
- coordinating processing methods
- carrying out joint projects.
European Commission - IAS/IFRS- standards and interpretations
This European Commission website mainly contains information on the status of the IFRS standards as regards their approval in the European Union. It also contains some documents relating to the application and interpretation of the standards.
Eurostat - Accounting and Statistics
The introduction of the IFRS standards will have an impact in various statistical fields such as national accounts, balance of payments, and monetary and banking statistics. In 2000 Eurostat therefore initiated a project on the subject of "Accounting and Statistics".
The main aims of this project are:
- to ensure that Eurostat and the European Statistical System are ready for all the changes in statistical data resulting from the introduction of the IFRS standards in 2005
- to ensure that Eurostat and the National Statistical Institutes take advantage of the opportunity to encourage the use of accounting data, in order to limit the reporting obligations for businesses
- to monitor future developments concerning the IFRS standards and to give timely notice of their potential impact on statistics
- to ensure that statisticians use all available channels for influencing future changes in the IFRS standards, in order to protect their own interests.
The IFRS Foundation is an independent body.
The main objectives of the IFRS Foundation are:
- to develop a single set of globally accepted financial reporting standards
- to promote the use and rigorous application of those standards
- to take account of the financial reporting needs of emerging economies and small and medium-sized enterprises (SMEs)
- to bring about convergence of national accounting standards and IFRS standards.
XBRL Europe was set up in June 2008 on the initiative of XBRL International and a number of European jurisdictions as an international non-profit organisation based in Brussels under Belgian law.
XBRL Europe aims:
- to foster cooperation between XBRL projects in Europe and between European countries, in order to identify and harmonise best practices
- to establish contact and consultation with European organisations and European authorities (European Commission, European Parliament, European Central Bank, etc.) in order to promote knowledge of XBRL
- to attract new members and to support the establishment of new jurisdictions in Europe, in collaboration with the XBRL International Membership Development Committee.
XBRL International (XII)
XBRL International is a not-for-profit consortium of more than 600 businesses and institutions which work jointly to develop the XBRL language and which actively promote and support its use.
- owns the intellectual property consisting of the XBRL specifications and the organisation’s other operational products
- develops and maintains the XBRL specifications
- promotes acceptance of the XBRL standard.