Minutes, November 24, 2016

EIOPA update

- license will be soon updated to 1.3, will be more relaxed in favour of the taxo user
- schedule will be updated in the first week of December
- 2.1.0 will probably not need a corrective version probably, so no 2.1.1 planned
- probably an update on list of issues and validation list will follow
- adaptive release 2.2.0 will be made in spring 2017:
° bus rules and some changes on templates
° scheduled to be published in July with usual consultation round
- more info on 2.2.0 in a next conf call
- T4U will no longer be supported after June 2017, the tool is equipped with as final version 2.1.0

EBA update
- 2.6 is probably released to the public in the next few weeks. It’s making use of the extensible enumations spec
- 2.7 some new technicalities are being discussed internally at EBA. It will be impacted by IFRS9.

ECB
- an XEU working group is dedicated to Anacredit with on its wishlist proposing a EU standard
- at this moment nobody is using XBRL for this reporting, but experiments are ongoing with variants from the OIM

Feedback from Singapore
- 250 attendants, of which may known EU-faces, but mainly Asian attendants
- interesting sessions, also on blockchain and artificial intelligence
- regulators were sharing their experience, in general everything is going well, happy with the choice for XBRL.
Alessandro Bonara from ECB was there also sharing statistical info on the ECB implementation

Feedback from XII, standards board:
updating ext.enum spec (in the next weeks) to acommodate lists of items
update to table linkbase spec, more relevant for Asian taxonomies – minor changes
update to OIM, working draft on JSON spec and representation in a CSV-like format
update to formula spec to work with eg. subsets, also update in the formula syntax (‘easier to read, easier to write’)

Feedback from xbrl.es’ successfull conference, November 17:
110 registrations, speeches from XEU Chairman B. Tesniere, ECB F. Laurent
presentation available on xbrl.es

Upcoming events:
XBRL France conference 05.12.2016
XEU day: 17.02.2017, Amsterdam
XBRL Week 2017: 5-6-7 June, 2017, Frankfurt. will have an academic track, if enough papers are available. Centralize the contacts via Ignacio Boixo

Next conf call: January 26, 2017

MERRY X-MAS and HAPPY NEW YEAR !

sneeuwlandschapje

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Minutes October 27, 2016

EBA

2.6 and 2.7 feedback from meeting about draft taxonomies

2.6 spilling assertions and variables related to grey cells are being fixed
new features: upgrade to new table linkbase spec and severity spec and warnings
a warning does not mean that there is not a problem, but the instance is not rejected and may have to be fixed anyway afterwards.

The accommodation of different levels of consolidation are being studied :
1° add dimension members, or start using the segment element
2° include conso info in the entity identifier value (which is the simpliest way)
3° use element in taxonomy to represent consolidation information
WG SUB level should take the lead so that the technical solution can be elaborated.

Discussions are ongoing to change more frequently the assertions. Solutions are being studied. Difficulty : changing taxonomy files means updating systems everywhere.
The group agrees that the approach would be best aligned between EBA and EIOPA.

Question on the processing of filing indicators with attribute “filed=false” in EBA filings.
Different NSA’s have different views on filing indicators, which is explained in EBA EFR 1.6

Example of Luxemburg’s view on filing indicators:

https://www.cssf.lu/fileadmin/files/Reporting_legal/Recueil_banques/Identification_rep_requirements_checks_2nd_level_completeness_031016.xlsx

Central EBA page with taxonomies:

http://www.eba.europa.eu/regulation-and-policy/supervisory-reporting/implementing-technical-standard-on-supervisory-reporting-data-point-model-

EIOPA 2.1.0
no news

ECB – AnaCredit
no news

ESMA
no news

XBRL Int’l group on LEI with GLEIF.

Next meetings: XBRL FR has meeting on December 5, Singapore conference

Next call 24.11

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Minutes September 29, 2016

Group discussion on timelines of EBA, EIOPA taxonomies.

Feedback from XEU working group on AnaCredit, which has elaborated and discussed with ECB stakeholders a proof-of-concept taxonomy for AnaCredit.

 

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Minutes August 25, 2016

The group has been discussing the current status of the EBA and EIOPA taxonomies. Some issues have been detected and reported.

1) EIOPA: the announced hotfix taxonomy is not yet available at this date

2) EBA SBP for 2016:
- collection of SBP_IMV data is with taxonomy 2.4
- collection of SBP data is with taxonomy 2.5

3) ESMA closed the XBRL expert hiring procedure last week.

4) ECB: Anacredit is being studied in the task force which has been set up in XEU

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Minutes July 28, 2016

1. Feed-back from the XBRL Week in Frankfurt (1st and 2Nd June 2016)

This event had a large audience (50 sessions with ~200 participants from 30 countries). Presentations here

Some important messages were :

  • The need for convergence of financial reportings in Europe – see project FDS (Financial Data Standardization), in the context of REFIT (REGulatory FITness).
  • A new type of individual data reporting ANACREDIT, for the time being not using XBRL.
  • The efforts to enhance data quality.
  • The introduction of best practices, for example, a taxonomy lifecycle in EIOPA (Governance of Taxonomy Releases and Schedule 2016).

2. EIOPA taxonomies

Version V2.1.0 of the Solvency II taxonomy was published on 15th July (after meeting: a hot-fix version allowing a data that was erroneously forbidden will be published soon).

A licence has been introduced with taxonomy version 2.1.0. This licence seems to transfer the IPR of any organization developing an extension to EIOPA, which provides then limited rights to the extension developer.

Aitor Azcoaga stated that, without any licence, the licence applicable to the contents of the EIOPA Web site would apply, and that this licence was very restrictive. EIOPA is open to discussion and encourage to the interested parties to send questions and suggestions. This discussion has already started and will last some weeks.

3. EBA taxonomies

A draft release of the V2.6 CRR taxonomy should be available very soon. The production release is planned for end October.

This version should include official versions of the Table Linkbase (Recommendation) as well as Extensible Enumerations.

4. ECB taxonomies

The ECB should publish a “DataPoints” taxonomy, with data from 10 templates of FINREP. The first reference date of this taxonomy would be End Q2 2016, a first draft should be available in October and the production version published in December.

5. ANACREDIT

A task force of the Supervisory Reporting working group is working on this reporting, working on a taxonomy and a POC showing the adequation of XBRL technology. Contact me if you want to be part of this task force.

6. ESMA

The European Securities and Markets Authority is seeking a “Seconded National Expert” (SNE) with a profile in XBRL for its Investors and Issuers Department, which is part of a wider Corporate Reporting Team. (link)

7. SRB (Single Resolution Board)

The SRB will develop XBRL taxonomies. The first taxonomy will be dedicated to information needed to compute the contribution of target finnacial institutions to the SRB. Future taxonomies will be devoted to reporting.

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Presentations of the XBRL WEEK in Frankfurt, 2016.

XEU Day, Eurofiling and Academic Track. Hosted by the ECB. June 1-2, 2016.
Except stated otherwise, the presentations are solely the responsibility of the authors.

DAY TIME DESCRIPTION
WEEK 2016 AGENDA
June 1 09h15 JM Israel MMSR.pdf
June 1 09h40 AWellerXBRLEUROPEFrankfurt.pdf
June 1 10h05 EIOPA update Patrick Hoedjes.pdf
June 1 10h50 BrunoTesniereXBRLWEEKFrankfurt.pdf
June 1 11h00 ThomasVerdinxEBRWGXBRLWEEKFrankfurt.pdf
June 1 11h10 Update on the IFRS Taxonomy June 2016.pdf
June 1 11h30 German Company Register XBRL EV_010616.pdf
June 1 11h50 Bas Groenveld SBR update.pdf
June 1 12h10 SR Working Group update.pdf
June 1 13h45 Standards in market infrastructures.pdf
June 1 14h05 Data Quality validation rules and XBRL.pdf
June 1 14h25 ManuelOrtega.pdf
June 1 14h45 IFRS_9_Beerbaum_Piechocki.pdf
June 1 15h25 MichalPiechocki_FrankfurtGroup.pdf
June 1 15h45 XBRL in Asia.pdf
June 1 16h05 XII UPDATE.pdf
June 1 16h25 BPB UPDATE XBRL EUROPE FRA.pdf
June 1 16h50 GillesMaguetXBRLWEEKFrankfurt.pdf
June 2 09h15 Juan Alberto ECB Supervisory Reporting.pdf
June 2 09h55 Karla McKenna interconnected standards.pdf
June 2 10h05 Stephan Wolf GLEIF.pdf
June 2 10h30 Integration of DPM Architect with BBDD.pdf
June 2 10h40 Owen Jones – EBA release plan and future.pdf
June 2 10h50 SMEsFinancialReportSpainEasyXBRLOpenSource.pdf
June 2 11h15 EIOPA update for Eurofiling.pdf
June 2 11h15 Maria Mora- AECA – Integrated Suite.pdf
June 2 14h00 Central_Bank_Ireland_NST_Presentation.pdf
June 2 14h00 Panel_BPB_ESFS_R1.00.pdf
June 2 14h30 AnaCredit JMIsrael.pdf
June 2 14h30 EDI in the Dutch insurance industry.pdf
June 2 15h00 BoE Eurofiling – Not published.pdf
June 2 15h00 FDS Project Presentation.pdf
June 2 15h00 Paul Staal ING.pdf
June 2 15h50 EIF_DS_xBRL_final_IB.pdf
June 2 16h15 EWF_Ukraine FinSector_fv.pdf
June 2 16h35 Maria Mora- CDP-TFCD presentation.pdf
June 3 16h15 TUTORIALS.pdf

ACADEMIC TRACK

AUTHOR/S DESCRIPTION
Zabihollah Rezaee, University of Memphis 1_Integration of Sustainability Performance Reporting And XBRL
Kamaleddin Yaghoobirafi, Shahid Beheshti University 2_On the optimization of XBRL Taxonomies Architecture from Semantic Interoperability perspective
Tahereh Monzavi, Alzahra University 3_Semantic Interoperability in Business Reporting: A Case Study of XBRL adoption in Iran Capital Market
Nicola Castellano, University of Macerata 4_Investigating the determinants of XBRL Disclosure
Maryam Heidari, Univ. Freiberg 5_Analytical Support of Financial Footnotes: A Qualitative Research Proposing Text Mining Approach
Meiling Liu, Shanghai National Accounting Institute 6_How To Train Stakeholders On XBRL Technology, Experiences Of XBRL China
Christian Beelitz, University of Freiberg 7_The evolution of requirements on XBRL – A shift from data exchange to data integration
Andreas Harth, Karlsruhe Institute of Technology 8_Towards Real-Time Calculation of Financial Indexes using XBRL and Linked Data
Ignacio Boixo, CEN workshop on XBRL 9_Transaction, supervision and disclosure: standardizing a continuum
Dirk Beerbaum, University of Surrey Business School 10_Towards an XBRL-enabled Corporate Governance Reporting Taxonomy. Empirical study of NYSE-listed Financial Institutions
Matthias Goeken, University of the Bundesbank 11_Data Quality and Governance Issues to Bring the XBRL-Idea to Life
Sascha Martin, University of Freiberg 12_Information added value in the credit scoring with XBRL
Pierre Teller, University of Nice Sophia-Antipolis 13_The Determinants of Voluntary Disclosure in XBRL Financial Statements
Ignacio Santos, Carlos III University of Madrid. 14_Mapping between the formulas XBRL and the Multidimensional Data Model.
Eduardo González, Association for Computing Machinery 15_XBRL validation logs analysis and clasification with Automation Cockpit using supervised learning methods
Herm Fisher, Paul Warren, XBRL Standards Board 16_XBRL Open Information Model
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Minutes May 26, 2016

1) The conference call was dominated by the situation of T4U and its impact on the market place.

Nearly 20 companies have registered themselves onto Eurofiling, as valid market alternative to T4U.

The group has heard that EIOPA is willing to launch a survey on commercial tools for undertakings, as decided in the ITDC; the survey is probably being similar to the Eurofiling one (http://eurofiling.info/portal/xbrl-solutions/).

2) Frankfurt week

The group discusses about different panels and meetings

  • taxonomy life cycle?
  • various issue with hotfixes?
  • when to implement new specifications?
  • error handling and feedback?
  • quid json?

3) Taxonomies update
The group discusses the latest news on EBA taxonomies (2.4.1.1) and EIOPA’s imminent taxonomy release (2.1.0)
 

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Minutes April 28, 2016

1) EBA

EBA taxonomy version 2.4.1 is about to be updated with small tweeks to a few validation rules – instance compatible
This version is to be used for three months (Sep-Oct-Nov)
EBA version 2.5.0 will similarly be updated soon with equally a few minor tweeks to validation rules – instance compatible

The group discusses experiences with national differences in the actual adoption of a new taxonomy version (or fix) because the decision to deploy any taxonomy is a national one.
In some countries it may occur that assertions are or are not deactivated in the same way as in EBA’s official validation rules list.

This topic will be discussed during the Frankfurt days.
2) ECB

Discussion on AnaCredit.
At this moment, ECB has not (yet) proposed a pan-European technical standard to collect AnaCredit data.
It needs to be said that the collection channel (European System of Central Banks) is different from the one we are used to (Supervision) for COREP and FINREP data.
Therefore, the top-down approach is different.
The group discusses the observations so far:
-          ECB has not taken a decision on the standardisation of this topic
-          Meanwhile, ECB is being influenced by individual parties to choose another path away from XBRL
-          AnaCredit is aiming to collect data volumes which are larger than the ones we are used to.
-          XBRL as a standard has already solved the large volume” challenge in different ways. In the world, several data collection systems exist with XBRL and with large data volumes: size doesn’t matter.
-          The question is more: what level of upfront validation and openness hereof does ECB want to reinforce? Data can be sourced in many ways.
-          XBRL as a standard is solving a lot of the traditional garbage-in-garbage-out challenge.
-          XBRL opens in a standard way to all stakeholders involved the validation rules applied.
-          It may also be worthwhile to look at overlapping data definitions and cross-checks with existing EBA (and EIOPA?) taxonomies. The business case to converge to one standard to reduce burden for reporting institutions could emerge in such a case.
-          “The use of enumerations reduces the size of instance documents”.
-          Is there an implication on ISO2022?

The group suggests to discuss this in Frankfurt and involve XII in the discussion.

3) EIOPA

EIOPA will deactivate 8 more assertions in v2.0.1 in the next period.

Draft taxonomy 2.1.0 will be released during the XBRL week in Frankfurt.

  • This taxonomy will use the assertion severity specification which is newly released by XII, this is to facilitate plausibility checks and trigger ‘warnings’.
  • Vendors should prepare the implementation of the assertion severity specification.

EIOPA has announced to provide maximum one corrective release per year and one adaptive release per year.

The group elaborates on T4U as a distortion of the solutions market.

Altough EIOPA is expressing intentions to “want to stop the development and support of T4U”, small parties and consulting companies are pressing for continued support as they wish to continue to avail themselves of free software and support.

The group argues that this situation distorts the market for commercial solutions: “free software paid by the European tax payer” rather than “an open source development”. This empedes the working of the open market to develop competitive solutions.

All parties in the group have experienced the loss of opportunities due to the availability of the free T4U software.
The major beneficiaries are consulting companies who are able to sell services around free software and therefore have a competitive advantage.

From a technical perspective, the published version of the open source code is missing a vital part which makes the open source version only usable for the current taxonomy and not the future ones. The missing part is only available to an inner circle.

Hence, few people from the group have expressed the desire to participate to EIOPA’s T4U meet the market event.

However, EIOPA’s wish to decommission T4U can be reinforced by the awareness of the existing market solutions.

Therefore, Eurofiling proposes to generate a factual assessment of commercially available software by creating a list of companies that “offer solutions to deal with Solvency II and XBRL”
It is hoped that this list will demonstrate to EIOPA the real nature of the solutions (still) in the market today and restore the balance.

4) National Specific Templates

The group noted that a number of NCAs are using XBRL to collect additional local data

The approaches adopted are not coordinated and do not necessarily follow EBA or EIOPA architectures

Countries include – France, Belgium and Ireland

5) XBRL week in Frankfurt

Explanation on the different days during the XBRL week in Frankfurt. 5 days of meetings.

Don’t forget to register via the link (https://eurofiling.typeform.com/to/wZeSWy)

Warm recommendation to participate also to the Networking Dinner which will take place in a tower frequently occupied by ECB with a quality caterer.

Next call is scheduled for May 26, 2016.

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Minutes March 24, 2016

1) EBA update
2.4.1 is to be used as from September
2.4 is not going to be used because it was incomplete

It’s unclear what NCA’s will do : some seem to wait for a publication in the OJ. The decision to move to 2.4.1 is a national one.

2.4.1 is a patch release on mostly validation rules.

2.5 taxonomy will probably go in production in December.

Roadmap: IFRS9 is foreseen for first quarter of 2018, probably incorporated in 2.7 or later

2) ECB

FINREP IND will for 2016-06 be based on the taxonomy in the 2.3.2 package

3) EIOPA update

Taxonomy update:
An error occurs in the 2.0.1 taxonomy with missing ECB validation rules.
EIOPA is not providing a taxonomy fix, but it has updated the free software T4U.

This is bad news for all tool vendors who not only have to compete against a free software made by the Authority but also now can’t compete because they can’t update their tools to the latest version without using the T4U themselves…

Comments by the working group on Tool4U:
- the open source code published by EIOPA on github is only usable for taxonomy 2.0.1 and not for new taxonomies hereafter
- some of the code is not open source and is only available to the developers of the code
- without this piece of code the open source version of Tool4U cannot be used by other developers after version 2.0.1
- xbrl tool vendors hope that EIOPA will leave the market do its work without providing competitive advantages to the developers of the Tool4U code.

4) XBRL week in Frankfurt (http://www.xbrleurope.org/component/content/article/78-latest-news/140-xbrl-week-in-frankfurt-2016)
Explanation on the different days during the XBRL week in Frankfurt.
Don’t forget to register via the link (https://eurofiling.typeform.com/to/wZeSWy)

 

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Minutes November 26, 2015

1) EBA

The 2.4 taxonomy will not be used before end of May 2016
The group discusses the European implementations of CRDIV : each country has taken measures to deal with level 1 reporting.
Eg. Spain has an elaborated series of DPM based taxonomies.

Eurofiling has a page with the results of an EBA survey on http://www.eurofiling.info/corepTaxonomy/corep_taxonomy_in_europe.shtml

2) EIOPA

EIOPA is also going to start using a calendar such as EBA. For S2_2.0.1, the first remittance date is 20.05.2016.
EIOPA plans to have one corrective version per year and one adaptive version at the end of a year
We can expect the next release around Feb/March 2016

Technical issues with 2.0.1:
Julien has spotted problems with assertions linking to the balance sheet / assets: assertions with nilled typed dimensions have problems. Julien has communicated an alternative solution to EIOPA.
A quickfix could be that EIOPA alters the filing rule which states that you have to put ‘nil’ into ‘NA’, then the problem will not occur.
Julien also detected that validation performance degrades as soon as the number of facts increase, due to large numbers of xpath queries.

T4U is not yet able to work with the 2.0.1 taxonomy. EIOPA will probably release the tool next year, apparently for the last time.

Daniel asks about moderately/highly dimensional. From a data collection point of view, the taxonomy is moderately dimensional but has many dimensions. The taxonomy also holds a highly dimensional section for documentation purposes.

3) ECB

In September, EIOPA released ECB add-ons for reporting to insurance supervisors. Daniel asks if the alignment is also existing for the Banking Sector. The group discusses the fact that for the banking sector, with euro-zone and non-euro zone, the data collection domains are vast and more complex, and has different legacies which will probably take a while before getting harmonised (if ever).
Having said this, ECB has announced during the S2 conference in Paris that ECB considers harmonising nontheless some parts and that XBRL is being looked at.

ECB is doing additional checks (plausibility checks / non blocking rules) which are not officially available, not in any taxonomy nor any other official formal way. Some NCA’s in the Euro zone have shared an Excel overview with their filing institutions.

Next call is 28.01.2016 unless something new happens which urges a talk session.

sneeuwlandschapje

 Merry Christmas and a happy new year !
.Derek.

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