2023.01.25 minutes

General note: below minutes are written by Eurofiling and are not official statements by the mentioned organisations.

ECB update

ECB expects not to publish an update to the SFRDP taxonomy in 2023 because there are no changes expected for the EBA FINREP taxonomy which the basis for the SFRDP taxonomy.

SRB update

SRF: SRF 8.0.2 was published in July . Recently a hotfix was published rectifying some labels used in rendering. Data collection is ongoing.

The next SRF taxonomy will be published in July of 2023 for the cycle of 2024.

ResRep: The taxonomy was published in September, being an extension of EBA 3.2.

On collection: the portal will be opened in March.

The next taxonomy will be based on EBA 3.3. Once available, SRB will study the need for a taxonomy extension. The taxonomy is expected to be published in September 2023 for the cycle of 2024.

ESMA update

Taxonomy and conformance suite was published, and the adoption of the amendment was finalized in December 2022, so the taxonomy and conformance suite for the 2022 reporting can be officially used.

For 2023, taxonomy works are ongoing. SFTR taxonomy based on EFRAG taxonomy and amendments following IFRS 2023 are in the pipeline. The first experiences with block tagging will be analysed and might lead to improvements in the taxonomy.

EIOPA update

An update of deactivations of validation rules was recently published.

EIOPA is finalizing the 2.8 release of the taxonomy. A new public working draft, in which the validation rules are added, will be published at the end of January or beginning of February.

The official release of 2.8 is expected for March of 2023 and a hotfix (if needed) in July of this year.

On pensions: changes to the reporting package are under discussion – this will be part of taxonomy 2.9.0. This taxonomy will be gradually released, the go-live dates are yet to be confirmed.

EIOPA organizes a “meet the market event” to clarify the content of the new taxonomy, the revised output files, and a view on the validations. The session will end with a presentation on future developments.

EBA update

A discussion took place on the structure used by EBA for xBRL-CSV reporting. The xBRL-CSV metadata that accompanies the taxonomy contains information. If reporting needs to be done in xBRL-CSV, then XBRL report creation software needs to be adapted.

EBA is working on a new taxonomy architecture that implements DPM Refit. Feedback is being asked from NCAs, a public consultation will follow thereafter.
On taxonomies: EBA release 3.3 will consist of 2 phases. Phase 1 will be published in May, a.o. containing frameworks are included: IPU, Pillar 3, MREL-TLAC. Phase 2 is expected to contain a new version of the SBP framework

Other topics

EFRAG is working on a taxonomy for sustainability reporting, based on ESRS regulation. This standard will be applicable to more than 50.000 companies in Europe.

This taxonomy will be using typed dimensions to avoid requiring reporters to create an extension.

Events update

8 February 2023: EIOPA organizes an online Meet the market event. More information on https://www.eiopa.europa.eu/media/event/workshop-taxonomy-meets-market

13 & 14 June 2023: 28th Eurofiling Workshop is organized Face-to-Face at the premises of the European Central Bank in Frankfurt

16 & 17 October 2023: Data Amplified conference of XBRL International, organized in Zurich

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