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.┬áThe 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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