15^th XBRL EU Day & 21^st Eurofiling Workshop

XBRL week in Madrid

Celebrating 10 years of Eurofiling!

Madrid, 1^st to 3^rd June 2015

Hosted by Business Register and Bank of Spain

Presentations available







The Spanish Business Register is also hosting the
18^th European Commerce Register's Forum, 3-5 June

RELEVANT NEWS

24 April 2015. Design Considerations EBA Multicurrency reporting.
This is the first in a series of documents dedicated to update all concerned parties on EBA's future taxonomy design considerations.
The aim is to notify CA's and vendors in advance of a possible change to the EBA's taxonomy architecture and give them the chance to prepare their systems if necessary.

10 February 2015. EBA publishes new version of EBA XBRL Filing Rules.
Changes to the Filing Rules document were agreed on in the XBRL Subgroup and incorporated in order to facilitate the latest reporting requirements. The substantial changes are summarised below. Please see Filing Rules document in the latest version for more information. Due to the addition of business items that have to be reported in several different units within the same instance an explanatory note to Filing Rule 3.1 was required. To give NCA's and vendors enough time to implement a solution to multicurrency reporting the agreement was to work with decimals for the problematic monetary values. With the latest taxonomy set 2.3 (first reference date 30.06.2015) it is still obligatory for all monetary items to be of the same unit (see rule 3.1). Be aware that this might change in the future. In order to ensure completeness of instances reported the requirement for filing indicators has been extended accordingly with business requirements to report negative filing indicators if applicable. Rule 1.6 was amended to explain the cases where negative filing indicators are requested.

8 July 2014. EBA publishes new XBRL taxonomy for remittance of supervisory reporting as of 30 September 2014 It presents the data items, business concepts, relations, visualisations and validation rules described by the EBA Data Point Model (DPM) contained in the ITS on supervisory reporting, including the amendments relating to asset encumbrance, forbearance and non-performing exposures. The taxonomy proposed by the EBA will lead to greater efficiency in and convergence of supervisory practices across Members States.

June 2014. CEN WS XBRL deliverables approved and made public as European Standards and included among the list of 220 European CEN Standards.
The main objective of the European Committee of Standardization (CEN), Workshop ON XBRL (CEN WS XBRL "Improving transparency in financial reporting") is to standardise the usage of XBRL within the European and National Supervisory Authorities community. Visit also the CEN WS XBRL wiki working space. The final deliverables were approved on 2013-12-11 at the XBRL week in Luxembourg.

24 June, 19 May, 16 April 2014. EBA issues revised list of ITS validation rules The European Banking Authority (EBA) issued a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, which also includes several rules which have been deactivated. National authorities throughout the EU are informed that data submitted in accordance with these Implementing Technical Standards (ITS) should not be validated against the set of deactivated rules.

14 April 2014. Deadline for EBA's Consultation on XBRL Taxonomy (v2.1) . related to remittance of supervisory data, which incorporates additional reporting requirements for asset encumbrance, non-performing exposures and forbearance. See the responses, of which with XBRL relevance are Banco de España, CoreFiling Ltd and Deutsche Bank.

10 March 2014. Deadline for EIOPA's Technical Public Consultation. about a Proof of Concept for MD Open Tables included in the new version of the Solvency II data modelling and XBRL taxonomy of the Guideline on Submission of Information. Note that the design is still under consideration. e-mail: xbrl@eiopa.europa.eu

13 February 2014. The XBRL Europe initiative on promoting XBRL as European Identified Standard (based on REGULATION (EU) No 1025/2012) was presented into the European Multi-Stakeholders Platform on ICT Standardisation (MSP-ICT) meeting. This XBRL Europe initiative has been also presented to the CEN eBusiness Coordination Group, EBA XBRL Group, and other stakeholders.

11 December 2013. CEN Workshop on XBRL: Final deliverables approved at the XBRL week in Luxembourg. The deliverables are now on due procedure to be approved and published by the European Committee for Standardization (CEN)

2 December 2013. EBA publishes final XBRL taxonomy for remittance of supervisory reporting by competent regulatory authorities.
The taxonomy defines a representation for data collection under the reporting requirements related to own funds, financial information, losses stemming from lending collateralised by immovable property, large exposures, leverage ratio and liquidity ratios. It presents the data items, business concepts, relations, visualisations and validation rules described by the EBA Data Point Model. e-mail: eba-xbrl@eba.europa.eu

8 November 2013. EIOPA: Data modelling and XBRL taxonomy design that were used to support the implementation of the Guideline on Submission of Information to National Competent Authorities.
Note that the principles, rules and design approaches followed are still under consideration and are subject to further changes.

19 September 2013. Consultation on the XBRL Taxonomy related to the EBA final draft Implementing Technical Standards on Supervisory Reporting Requirements.
The European Banking Authority (EBA) launched today a consultation on XBRL Taxonomy for second level supervisory reporting. This consultation document, which is based on the EBA's final draft Implementing Technical Standards (ITS) and the related Data Point Model(s) (DPM), aims at ensuring that the data that national competent authorities collect from credit institutions and investment firms is transmitted to the EBA in a uniform and consistent manner.
See how to open an EBA XBRL taxonomy/instance with Open Source tools

10 July 2013. Comments on draft CEN Workshop Agreements on XBRL published The comments were received during the public review, closed 9^th October.
The working community is delivering a number of bricks to improve best practices and interoperability for reporting domains, such as Banking and Insurance Supervision in Europe. The number and origins of comments are a clear proxy for the European Commission of the interest and acceptance among the community. Final plenary session endorsing deliverables to be held on December 11, Luxembourg.

27 June 2013. CRD IV and CRR Directives published in the Official Journal of the EU. The European Union's legislative package known as "CRD IV", covering prudential rules for banks, building societies and investment firms, was formally published, introducing standardised EU regulatory reporting - referred to as COREP and FINREP. CRD IV is intended to implement the Basel III agreement in the EU. The bulk of the rules contained in the legislation will apply from 1 January 2014.

18 March 2013. EBA consultation on DPM till 13 May, Consultation on the Data Point Model related to the Technical Standards on Supervisory Reporting Requirements for Liquidity Coverage and Stable Funding [...] in particular on what regards the semantic content of the DPM, i.e. the proposed categorisation of the data points/template cells, which should adequately and unequivocally reflect the meaning of the business concepts found on the underlying regulations and templates.

15 March 2013. EIOPA and the World Bank sign agreement to develop global insurance sector, [...] cooperation on activities, such as seminars, providing speakers for events as well as thethe exchange of knowledge, technical papers and best practices. Note: this include XBRL, DPM and other materials.

11-14 December 2012. XBRL week in Frankfurt, hosted by the Bundesbank. Presentations and photos have been made public.

19 October 2012. EIOPA's webinar presenting the Solvency II DPM Annotated Templates and slides of the webinar.

28 September 2012. EIOPA. Solvency II DPM Annotated Templates and Proof of Concept of XBRL taxonomy

13 September 2012. EBA workshop on technical standards on supervisory reporting requirements See description and instructions for DPM use at www.eurofiling.info/minutes/2012/08/30/

1 June 2012. Answers on IT/XBRL to the EBA's public consultation paper on supervisory reporting requirements for institutions CP50. What cost implications would arise if the use of XBRL taxonomies would be a mandatory requirement in Europe for the submission of ITS-related data to competent authorities?

29 May - 1 June 2012. XBRL week in Madrid Hosted by the Bank of Spain and Spanish Business Register. Organized by XBRL Europe and Eurofiling. Presentations, pictures and webinars available!

12 January 2012. COREP Taxonomy Version 1.4.1. This is the production version of the COREP CRD III Taxonomy, dated 2011-12-31, published 2012-01-07, available for the XBRL community. More information.

09 January 2012. RECEX: Really Easy Converter from Excel to XBRL has been published at OpenFiling website. This is an Excel Visual Basic program, converting flat files into XBRL instance documents, for demo purposes and simple data entry, customizable for different XBRL taxonomies. RECEX includes examples about Solvency II and FINREP tables.

20 June 2011. EXGEN: Data Point Modeler This Open Source tool has been developed in order to facilitate creation of taxonomies according to the Data Points Model in MS Excel format More information.

13 June 2011. Open Competition on IT Architectures for XBRL Open Source. XBRL Spain is looking for IT Architectural proposals suitable to be potentially developed as Open Source deliverables by way of Public Fundraising. Five awards of 1,000 Euros each and a public recognition of excellence are awaiting the winners on September 9th, via a live webinar held in the First Conference on Financial Reporting in the 21st Century.

12 June 2011. XBRL proof of concept release. Full dimensional FINREP 2012 taxonomy available for proof of concept. More information.

1 January 2011. Harmonising the use of the XBRL for prudential reporting: Statement of the European Banking Authority: We recommend the use of XBRL as it will lead to greater harmonization of IT formats with the adoption of XBRL taxonomies. More information on XBRL and the COREP and FINREP taxonomies are available from http://www.eurofiling.info/index.html

About EBA: The European Banking Authority was established by Regulation (EC) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010. The EBA has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS).

23 Abril 2010. Initial approval of architecture and strategy for the 2012 FINREP taxonomy
Please, follow the development works of the brand new 2012 FINREP taxonomy.
More information here.

22 October 2009. Harmonising the use of the XBRL for prudential reporting
In January 2007, the Commission launched the Action Programme on reducing administrative burdens in the European Union in order to measure administrative costs arising from legislation in the EU and reduce administrative burdens by 25% by 2012. On this page you will find more information about the background to the programme, the objectives and timeline, the fast track actions being undertaken, the baseline measurement, and the EU Standard Cost Model. In the follow-up of the report on financial supervision (de Larosiere report - February 2009), most of the ideas concluded by de Larosiere are endorsed (i.e. separate authorities for securities, banking and insurance), but we can also find some new elements. The system is to be based on high supervisory standards, applied equivalently, fairly and consistently; to all market actors. The current situation was characterised by enhanceable cooperation and information exchange. The new system will overcome these difficulties creating a strong Community network. More information here.

REFERENCE DOCUMENTS:

A) Administrative burden reduction

B) Action Programme for Reducing Administrative Burdens in the EU. Sectoral Reduction Plans and 2009 Actions
Businesses, and notably those which are active in several Member States, would benefit from such a harmonization and extension of the scope of XBRL based reporting. (see page 50)

C) Detailed Recommendation on the Financial Services Priority Area. Harmonise the use of XBRL for prudential reporting
XBRL TECHNOLOGY APPLIED TO FURTHER REPORTING REQUIREMENTS: IMPACT, INVESTMENT COSTS, COMPLEXITY
See: Kurt Cogghe - Administrative Burden measurement program

27 May 2009. The European Commission proposes two new European bodies: the European System of Financial Supervisors and the European Systemic Risk Council
In the follow-up of the report on financial supervision (de Larosiere report - February 2009), most of the ideas concluded by de Larosiere are endorsed (i.e. separate authorities for securities, banking and insurance), but we can also find some new elements. The system is to be based on high supervisory standards, applied equivalently, fairly and consistently; to all market actors. The current situation was characterised by enhanceable cooperation and information exchange. The new system will overcome these difficulties creating a strong Community network.

The new regulatory Authorities will have defined powers, greater authority, will develop binding technical standards on the basis of criteria which will be specified in Community legislation, will ensure a balanced flow of information between home and host authorities, common supervisory culture and consistent supervisory practices, will be a last resort option in case of disagreement between national supervisors, will develop common training programmes, promote the use of delegation of tasks and responsibilities from one national supervisory authority to the other, will aggregate all relevant micro-prudential information from national supervisors, set-up a central European database. The information will be available for the relevant authorities in colleges of supervisors and forwarded to the Risk Council

The Commission welcomes reactions from stakeholders by July 15, 2009, and will come forward with proposals in autumn. Full text here.

Our mission is to deliver the XBRL initial taxonomy for COmmon solvency ratio REPorting framework, for credit institutions and investment firms under the future European Union capital requirements regime.

The adoption of a common technology protocol based on XML/XBRL language, which will allow taking full advantage of the data model's functionality, is recommended in the consultation paper.

The choice of IT application for implementing the framework will be a matter of national discretion. However, CEBS considers XML and/or XBRL to be an appropriate tool for implementing a European standardised reporting system, and recommends its use.