Webinar on the XBRL community: who does what?
Would you like to know more about the ambitions and tasks of XBRL International? Would you like to get an insight into the activities of XBRL Europe? And hear what XBRL Netherlands is doing? Then register for the webinar on Thursday 30 June from 2 to 3:30 p.m., a webinar about the XBRL community at global, European and Dutch level.
22 June 09:30-11:35 CEST. The Data Point Model methodology and its evolution to the DPM Refit. From the EBA and the EIOPA in a seminar organized by the Eurofiling Foundation.
EBA and EIOPA decided to join efforts in a common initiative (DPM Refit) to review the DPM methodology to enable a complete convergence in the way of defining and communicating regulatory reporting requirements.
This common initiative has reached the second relevant milestone and we would like to invite you to a join seminar on the morning of Wednesday 22 June 2022 to present the main aspects of the DPM and its evolution with the Refit project.
More details at eurofiling.info/portal/events
The European Banking Federation (EBF), European Association of Public Banks (EAPB), European Association of Co-operative Banks (EACB) and the European Savings and Retail Banking Group (ESBG) co-organise a virtual half-day workshop to discuss on supervisory reporting and the role of technology.
EBA will comment on the cost of compliance study and a few use cases will be discussed, after which potential RegTech and FinTech approaches are debated, in view of lowering the cost of compliance.
When? 18 February 2022, 09h30 – 12h45
Where? online via MS Teams
More information and registration
ESMA has released on December 10th the publication of the ESEF Taxonomy 2021 here.
The Eurofiling Foundation published on December 14th the ESEF Illustrated Taxonomy 2021. It is a document displayed in Excel the ESEF Taxonomy’s content. The IFRS Foundation describes the Illustrated Taxonomy concept here.
The author is Javier Mora, CTO of XBRL Spain. Eurofiling Board Member.
The publication is hosted by the Association Openfiling, among other Open Source resources. See the details here.
Please note that issuers will be able to use the 2021 taxonomy to fulfil the ESEF obligations only when the updated ESEF regulation will have entered into force following the completion of the legislative process (approximately in March 2022).
It is a great pleasure to share with you that our joint Eurofiling Community development – the Data Point Model methodology – is now officially an ISO standard number 5116. To find out more please check: ISO 5116-1:2021 ISO 5116-2:2021 ISO 5116-3:2021
The DPM is as of 2021 in use across the entire EU, UK, South Africa, Moldova, Israel and several other jurisdictions. It enables data understanding across banking, insurance, investment firms and other verticals of our economy.
While it is impossible to list all the Colleagues who have contributed to this effort, one thing is certain: it represents a truly collaborative and extremely important consensus between regulators, private sector and vendors that builds transparency, trust, and usability into our economic ecosystem. Looking forward to work with you on the evolution of the DPM. See the attached invitation for details.
See the original documents here (developed in the CEN workshop for XBRL) and a list of 121 references to DPM here
ESEF today, ESG tomorrow
Eurofiling event, 11th March. Video & slides published at 2021.eurofiling.info
Other events:
Data Amplified, 14-16 April 2021. Noon to 5pm UTC each day. Registration open.
27th XBRL Europe Digital week – 27-29 April 2021 – SAVE THE DATE
See full results of the past Eurofiling survey. Many thanks to all the respondents!
Eurofiling Carvings: The new awards in the Eurofiling Hall-Of-Fame are for Luc Dufresne as Founder Eurofiling President, Derek De Brandt as Founder Eurofiling Director, and Elina Koskentalo for her tireless work in Europe and Finland.
Elina Koskentalo and Javier Mora are welcomed as new Board Members as well as Ignacio Boixo as new President of the Board.
Luc Dufresne and Derek De Brandt step-back from the Eurofiling Foundation Board, while being recognised as Honorary President and Honorary Director.
See details and video on the Eurofiling Celebration of Hope event on December 17.
The European Securities and Markets Authority (ESMA) has published today the ESEF Conformance Suite to facilitate implementation of the ESEF Regulation.
The Conformance Suite builds on the rules and guidance set out by the ESEF Regulation and the ESEF Reporting Manual. It consists of 157 XBRL report packages, grouped into 60 tests, packaged in a zip file. It is accompanied by an Excel file which describes the rules and guidelines and the test cases, together with the expected error codes in case of incompliance. For each identified rule and guideline there is at least one valid and one invalid test case.
UK: New digital tool enables easier energy and carbon reporting
The Streamlined Energy and Carbon Reporting (SECR) taxonomy allows businesses to report their energy and carbon data when they file digital accounts with Companies House. The taxonomy has been developed by the Financial Reporting Council (FRC) in collaboration with Companies House and the Department of Business, Energy and Industrial Strategy (BEIS) and enables businesses to report information in XBRL format. Many companies already submit accounts using XBRL, but this is the first time it has been utilised to capture environmental data in annual reports.
20 February 2020. The Commission has today launched a public consultation on the review of the Non-Financial Reporting Directive (NFRD). This Directive requires certain large companies to include a non-financial statement (e.g. on environmental or social issues) as part of their annual public reporting obligations.
Valdis Dombrovskis, Executive Vice-President, said, “Tackling climate change has implications across the board, including on corporate reporting. Our transformation to a carbon-neutral economy means that people need more information from the companies they are investing in. As things stand today, there is currently a sustainability reporting gap that is hampering progress towards a sustainable financial system. The needs of investors for corporate sustainability information are growing faster than any improvements in company reporting. ”
CONSULTATION DOCUMENT: REVIEW OF THE NON-FINANCIAL REPORTING DIRECTIVE
5. DIGITISATION The EU has introduced a structured data standard, the European Single Electronic Format (ESEF) under the Transparency Directive. With effect from 1 January 2020 listed companies in the EU shall report their annual financial reports in XHTML (audited financial statements, management report and issuer’s responsibility statements). Additionally, if the consolidated financial statements are prepared in IFRS, the XHTML document should also be tagged using iXBRL elements specified in the ESEF taxonomy. This allows the information to be machine-readable.
06 February 2020. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published its Strategy on Sustainable Finance. Steven Maijoor, Chair, said: The financial markets are at a point of change with investor preferences shifting towards green and socially responsible products, and with sustainability factors increasingly affecting the risks, returns and value of investments.
The strategy sets out how ESMA will place sustainability at the core of its activities by embedding Environmental, Social, and Governance (ESG) factors in its work. (Page 4) The enhanced regulatory framework increases, through a single set of standards, transparency obligations and enhancement of due diligence processes on financial markets participants in relation to ESG. It should ensure that the risk of “greenwashing” is reduced and that investors are informed about, and can compare, the ESG credentials of their investments.
Eurofiling is an open joint initiative collaborating with the EBA, ECB, EIOPA, ESMA and many other stakeholders in the regulatory space.