15th XBRL EU Day & 21st Eurofiling Workshop
XBRL week in Madrid Celebrating 10 years of Eurofiling! Madrid, 1st to 3rd June 2015 Hosted by Business Register and Bank of Spain Presentations available ![]() The Spanish Business Register is also hosting the 18th European Commerce Register's Forum, 3-5 June
RELEVANT NEWS ![]() 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. ![]() 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. ![]() ![]() 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. ![]() ![]() ![]() ![]() ![]() ![]() 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 ![]() Note that the principles, rules and design approaches followed are still under consideration and are subject to further changes. ![]() 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 ![]() 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. ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() 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). ![]() Please, follow the development works of the brand new 2012 FINREP taxonomy. More information here.
![]() 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 |
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![]() 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. |
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COREP XBRL Project
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Extract:
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CEBS. COREP CP04 - January 2005 |
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FINREP XBRL Project
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CEBS. FINREP Guidelines on Financial Reporting. December 2005 |