SRB update
ResRep is published end of September, available on the public website. End of October, a new version of the taxonomy package was published to add some missing files from XBRL.org. The portal will open in March 2022.
The SRF taxonomy was published at the end of July. The portal is open and some templates are already received.
The problems in the 2021 version of CIR encountered by some software application have been addressed in the 2022 release.
SRB will follow the EBA in removing the consolidation level from the entry points and use the same approach as EBA to include it in the reporting subject.
EBA update
Taxonomy 3.1 (current);
– no changes to formula severity class expected, therefore no micro taxonomy will be released in December 2021.
Taxonomy 3.2 is being developed:
– phase 1: original planning to publish in December will shift into January/February (COREP AE IF GSII frameworks).
– phase 2: all other frameworks are included to remove the CON and IND component in the entry point and include xBRL-CSV metadata. Expected in May 2022.
– phase 3: contains REM framework, phase added because the ITS/GL will be only available in June 2022. Expected towards September 2022. First reference date is December 2022, to be received by EBA in August of 2023.
The TFERF (Task Force on Evolving the Reporting Format) is reopened after last year’s first edition which resulted in the decision to move to the OIM.
This second edition will focus on the formula validation aspects when using the xBRL-CSV format.
EBA has published a new version of the filing rules in line with new specifications applying as from December 2022.
EIOPA update
The SII taxonomy hotfix was published on November 3 to fix some validation rules.
EIOPA is reconsidering when to implement the changes coming from the big review for SII.
Those big amendments might be implemented in version 2.8.0, making 2.7.0 a regular release.
Publication of 2.8.0 would come with 2.7.0 in July of 2022 which would give the industry 18 months to prepare.
For pensions, the amendments to the reporting package would need to be implemented at the earliest in 2.8.0. Discussions are currently ongoing on the content of the reporting.
PEPP will be integrated in the Solvency II and Pensions reporting as well as a standalone report. All will be included in 2.7.0 and a first PWD can be expected around the end of March.
EIOPA is looking into the benefits of the xBRL-CSV format in collaboration with the other ESA’s and the NCA’s.
ECB update
The ECB will follow the EBA in removing the consolidation level from the taxonomy.
ESMA: no update
Events
Eurofiling organizes a virtual event on December 7th.
Topics:
- Traditional end of year celebration celebration ceremony, honouring with an Eurofiling award Anna Sciortino for the successful ESEF work.
- ESEF opportunities
- Openfiling.org is updated with new open source material on eg. mapping balance sheet information and how to consume ESEF publications in XBRL.
- XBRL International repository of ESEF filings
- Sustainability reporting
- ISO standard for Data Point Modelling
- New xBRL specifications at Recommendation level.
XBRL Spain will organize a face-to-face event in Spanish on the 14th of December on similar topics.
Next call
Next call in January, no call in December as usual.
Merry Christmas days!
