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SBP XBRL website is dedicated to the promotion of the XBRL standard in the presentation of financial statements of the international banking center of Panama.

The management of systematic and technological financial reporting languages is a global trend.

In line with its 2010 – 2014 Strategic Plan, and in order to ensure the efficiency and security of financial transactions and the monetary system, the Superintendency of Banks of Panama (SBP) has “implementing international standards to create a regulatory and supervisory environment that will guarantee the transparency, reliability and security of the Banking Center” among its objectives.

In this sense, the Superintendency of Banks of Panama remains at the forefront in the field of information technology and joins the efforts of major financial markets and countries such as Spain, Brazil, Argentina, Chile, Peru, and Paraguay in fostering the systematic growth of information processing capacity using new technologies for exchanging, submitting and publishing financial information.

This objective redefines how this industry’s business services are provided to the banking community and the world, adapting their processes to the XBRL (eXtensible Business Reporting Language)international standard and thereby permitting the reduction of discrepancies in the information held by the regulator and the regulated parties, and providing domestic and international users a better interpretation of financial concepts.

XBRL is a language for the electronic exchange of data over the Internet. It was developed to provide a common format using a taxonomy for financial reporting from any organization. It brings great benefits in the more efficient, accurate and reliable preparation, analysis and presentation of information. The taxonomy is the structure of a data model with financial content, adapted to International Financial Reporting Standards (IFRS) and national regulations.

For the implementation of the XBRL project, the SBP has created a structure composed of professionals from the business and technology sectors.. This team of professionals promotes, disseminates and implements the changes required to ensure the benefits of accounting and technology standardization. Through Rule 6-2012 we amended the provisions on technical accounting standards applicable to banks established in Panama, using only the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) for the preparation of accounting records and the submittal of financial statements. There are exceptions for specific accounting issues on prudential standards that are outside the scope of the IFRS.

We are in a globalized world requiring technological standardization that enables utility and comparability of information in any language or currency. The Panamanian banking community provides detailed information on its financial statements to the regulator electronically, facilitating the adoption of technologies aligned to the XBRL international standard.

With the launch of the XBRL project, the transparency and reliability of Panama’s Financial Center is safeguarded, eliminating quality of information barriers to the flow of capital. This provides a vital competitive advantage in an increasingly globalized market and facilitates the process of consolidating information from multinational groups and assessing risk properly.