2019.11.27 minutes

ESMA update
ESMA is planning the publication of the ESEF 2019 taxonomy before the end of the year, after notification by the EC in the OJEU.
Eurofiling received an open source contribution from XBRL Spain to enrich the 2017 taxonomy with missing label roles.
Material is available op opensource.info

Further, a simple generation tool to generate an ESEF file from Excel and/or Word documents is made by Ignacio Boixo and Javi Mora which will be soon made public on opensource.info. This tool is useful for simple use cases and learning purposes.

ESMA emphasizes that issuers are only compliant with the regulation if the publication to the public (eg. on their website) is the same as the xHTML document they send to their OAM and if any additional publication to the public (e.g. in PDF) is consistent in terms of content with the xHTML document.

In the wake of the ESEF, European Investors Community is looking into standardising some concepts of interest to investors.

SRB update
Contributions 5.1.1 taxonomy is installed and NRAs can start testing. End of January is the
Resolution data are collected on taxonomy 4.0.3, which includes all reports such as critical functions and
SRB has opened a Q&A section for any party to raise questions (https://srb.europa.eu/en/content/qa)
Note: 2.9 is used for less significant institutions

EBA update
Taxonomy 2.9.1 is released in November, concerns COREP and FINREP. These taxonomies are updated after discovery of number of issues with ao. grey cells.
January 2020: an update will follow with only updated validation rules on COREP and FINREP.
EBA is elaborating 2.10 which will be released in two phases:
Phase 1 in Feb (Funding Plans, Remuneration and Fraudulent Payments)
Phase 2 in May (SBP, RES, FR Trading Book)

EIOPA update
EIOPA has published updates on the 2.4 taxonomy and pension funds. More info on https://eiopa.europa.eu/Pages/Supervision/Insurance/Data-Point-Model-and-XBRL.aspx

ECB
no update

Upcoming events
– UN Climate Change Conference in Madrid, December under the presidency of Chile.
The question is raised how to move towards a reporting framework which is adopted and maybe even imposed at some point.
A volunteer network is being set up to explore the possibilities which will be picked up during the UN Climate Change Conference on December 9.

– XBRL France conference in Paris in December

Next call in January 2020. Wish you a merry Xmas and happy New Year!

Posted in Uncategorized | Leave a comment

2019.10.30 minutes

SRB update :

SRF data collection; as from November 4, 2019, SRB will open its portal for testing by NRAs of the SRF-EAC reporting.

Resolution reporting: taxonomy 4.0.3 is published alongside documentation on SRB website.

EBA : no update

 

ECB : no update

 

EIOPA :

Next Monday a publication will be done of a hotfix to the SII taxonomy 2.4.0 which a fix on 30-40 already pre-existing validation rules.

No changes to tables or entry points.

Tender is concluded and EIOPA is in the contracting phase.

 

ESMA :

Translations of taxonomies is an open topic.

 

Other evolutions.

Feedback from the Data Amplified Conference in Shanghai, October 2019: the Eurofiling news channel received by accident a draft report from one participant.

Eurofiling kindly asks all unintended recipients to delete the mail and attachment.

Next events.

See www.eurofiling.info

Global Blockchain event (versus European Financial Transparency Gateway) in Málaga in 11-13 November 2019

48th WCARS Continuous Auditing and Reporting  event at Banco de España, Madrid in April 23-24 2020

In 2020 the Eurofiling conference will be organised again, the location is not final yet.

Next call scheduled for 27 November 2019 10h30 (technical details, cfr. http://minutes.eurofiling.info/facility/)

Posted in Uncategorized | Leave a comment

Minutes September 25, 2019

EBA update

EBA 2.9

Corrective release 2.9.1 planned for November 2019 covering the COREP and FINREP frameworks.

Hotfix release 2.9.1.1 planned for January 2020 containing new and improved validation rules.

Applicability dates:

FINREP9        06/2020

SBP RM         01/2020

SBP CR         12/2019

SBP IMV        09/2019

EBA 2.10

Expected to be released in 2 phases, similar to 2.9, in February and April of 2020.

EBA 3.0

Almost all frameworks will be updated in this release.

To be released in 2020, probably in Q3.

Call for participation

EBA will send a call for participation to the member states to work together on improving data collection and data modelling.

For improving data collection xBRL-CSV will be discussed.

ECB update

Not discussed.

EIOPA update

EIOPA is reviewing the current approach of the taxonomy, for instance the way the taxonomy schedule, the files structure and the way the validation is done. OIM-CSV is part of the review. This will lead to a consultation on the outcomes of that review in November and a Meet-the-Market in the fall of 2019 or early 2020.

Another legislative public consultation in 2019 will be held on the regulation regarding Pan European Pension Products.

The outcome of the tender on XBRL services will be made public in the coming weeks.

A potential technical issue has be found by a software vendor in the labels used for the new members that EIOPA has added to prepare for UK post Brexit. An email will be send to EIOPA with the details.

ESMA update

ESMA is waiting on EC’s translations of the labels which will be included in the taxonomy files for the 2019 ESEF taxonomy. Those are expected before the end of the year.

SRB update

SRF taxonomy version 5.1 is published on https://srb.europa.eu/en/content/2020-ex-ante-contributions in line with the new requirements, including also the Bulgarian language.

LDR taxonomy version 4.0 is expected to be published around the end of the month, based on EBA 2.9.0.1 RES framework.

Other topics raised.

Discussion on the role of and need for various open source initiatives.

One central question raised is how and if there will be a validation service organised by Europe to testify if ESEF declarations are valid or not against the XBRL standard.

At this moment there are no plans to centrally organise this, each OAM will need to address the topic.

European Commission is updating the rolling plan on standardisation of ICT.

Events

XII: Data Amplified in October in Shanghai

XBRL EU: event 14 November in London about ESEF

XBRL ES: event in Spanish at end of November about ESEF

Posted in Uncategorized | Leave a comment

Minutes August 28, 2019

► EBA update

Haizhen explains details about the published 2.9 phase 2 taxonomy by EBA. This release also includes some fixes on the phase 1 taxonomy (Resolution and COREP). In January 2020 an update will follow covering only validation rules.

► ECB update

ECB is starting its preparations to extend from the 2.9 phase taxonomy its FINREP DataPoints taxonomy.

► EIOPA update

The final SII taxonomy v 2.4.0 has been published on July 15 as scheduled. Applicability date is 31.12.2019

EIOPA meanwhile starts a consultation on the technical formats and will conduct a meet-the-market session further this year. More details will follow.

► ESMA update

ESMA has shared information with the group in writing.

Further, members of the group are interested in experiences from national implementations and more precisely who is active in making extension taxonomies.

► SRB update

For Liability Data, Critical Functions, FMI and CIR: a draft taxonomy based on the first EBA 2.9.0 taxonomy is published on the website of SRB. The final taxonomy based on EBA 2.9.0.1 (hotfix) is under preparation and will be published before the end of September.

For Single Resolution Fund the draft taxonomy is shared with NRAs in closed circle, the final taxonomy is expected to be made public soon.

► Upcoming events

XBRL Conference in Shangai in autumn.

Posted in Uncategorized | Leave a comment

Minutes June 26, 2019

Call was attended by 21 people from 8 countries.

► EBA update

EBA will check the information on availability and starting dates of the 2.9 frameworks listed in the presentation given at the Eurofiling conference and update them if necessary.

EBA 2.9.2 containing SPB and Finrep will (most likely) be available from 9 August 2019 with a review version send to NCA’s around 22 July 2019.

2.9.2 SBP IMV will be applicable from reference date 26 September 2019.

A replacement for Owen Jones has been found: Haizhen Chen will join as of July 1st.

EBA would like to start soon to discuss the 3.0 technical format evolutions as explained during the Eurofiling conference and welcomes the community to share experiences.

► ECB no specific update

► EIOPA update

Insurers:

The final SII taxonomy version 2.4.0 will be ready by 15 July 2019 and will be applicable from 31 December 2019.

Exceptions may apply for undertakings with a fiscal year different from the calendar year.

Feedback on 2.4.0 is welcomed by EIOPA until the end of this month.

Pension funds:

No update is scheduled. The current taxonomy 2.3.0 remains in effect.

Next major release will be version 2.5.0.

New regulation ‘Pan European Pension Products’ will trigger new reporting obligations in about two years’ time.

► ESMA no specific update

► SRB update

Two data collection systems in place:

  1. Liability Data, Critical Functions, Financial Market Infrastructure and Commission Implementation Regulation: taxonomy will be ready in September. A draft will be shared beforehand, expected mid July 2019.
  2. SRF data to calculate the contributions by the banks to the resolution fund. The taxonomy is scheduled for publication at the end of July.

The CMT taxonomy mentioned in the slides used at the Eurofiling conference is an internal taxonomy that described data shared between NRA’s and the SRB.

This data will be transferred through the portal using either an Excel or XBRL document based on this taxonomy.

► (Upcoming) events

The slides used to support the presentations at the Eurofiling conference are uploaded to the website.

Please visit http://2019.eurofiling.info/mon-17, http://2019.eurofiling.info/tue-18 or http://2019.eurofiling.info/wed-19 and click on the name of the session to download them as PDF document.

XBRL conference in Shanghai https://www.dataamplified.org/ 22 – 24 October 2019.

► next call

Next call will on 28 August 2019 on 10:30 AMS time.

No call in July due to summer holidays.

► conference call numbers

It has been brought to our attention (thank you Carlos) that the conference call number for France was incorrect.

That has been corrected on the website.

If any participant notices a wrong number on http://minutes.eurofiling.info/facility/, please inform us so we can update the website and either correct or remove the incorrect number.

Posted in Uncategorized | Leave a comment

Minutes May 29, 2019

Standard agenda:
• Roundtable on EBA, ECB, EIOPA, ESMA, SRB taxonomies and reporting requirements.

• around the implementation of the EBA taxonomy
EBA 2.9.0.0 phase 1 taxonomy has been published on May 28. It contains the RES and COREP frameworks and the intention for this partial publication is to enable stakeholders to start implementing and testing already these frameworks.
BdE is programming a new release of DPMA to match this taxonomy, but also where ao. validation rules can be copied between owners keeping the link and reference to the original and not doing a hard copy.

• around the Finrep datapoints taxonomy of ECB
ECB: no particular update

• around the implementation of the EIOPA taxonomy
EIOPA: no particular update

• around the planned implementation of EBA’s RES and SRB’s LDR taxonomy
SRB is elaborating its resolution taxonomy based on the freshly published 2.9.0.0 taxonomy of EBA.

• around the roadmap of ESMA on iXBRL / ESEF
ESMA: no particular update

• Upcoming events
Eurofiling Conference in Frankfurt. Don’t forget to register.

Posted in Uncategorized | Leave a comment

Minutes April 24, 2019

EBA update

Taxonomy 2.9 is being produced and reviewed.
Expected releases:

  • Phase 1 in a few weeks with COREP and RES reporting
  • Phase 2 towards end of June with FINREP and other reporting

The phase 2 release will also include a complete taxonomy with all frameworks (“full version”) next to packages with only the changed frameworks.

SBP will probably be provided separately to enable parties to implement that framework first as is needed already in October.

The dictionaries to be used ‘in the end’ will be the ones from the phase 2 release. There will be no specific different number for the dictionaries in the 2nd phase release; or at best 2.9.0.1.

Taxonomy 2.8: a 2.8.1 hotfix was discussed in the past but it’s not going to be produced.

DPM Architect news
Banco de España is working on a new release of the DPM Architect application that is enhanced to reflect the architectural changes made in the 2.9 version of the EBA taxonomy.

ECB update

ECB announced that there is no news on its taxonomies.

ESMA update

Publication of the ESEF in the OJEU is expected in June.
ESMA updates its RTS and taxonomy soon with the latest version of the IFRS taxonomy published in March 2019.

Issuers will then be able to use in 2020 this updated IFRS version.

The taxonomy is expected to be released after the endorsement of the RTS and the official translations by the EC. Probably around the year-end.

It is observed by the industry that the IFRS taxonomy labels in some languages are overruled by the European official translations. During the Eurofiling conference this topic will be discussed in detail on Monday morning.

EIOPA update

Very few changes so far. End of May the technical logs of the pension funds taxonomy will be updated.

Still on track for the draft release of SII in June.

SRB update

For the 2020 cycle, the  data collection will be an extension of the 2.9 taxonomy published by the EBA (Phase I).

For LDR new templates T10 and T11 will be included in this extension for additional data points required by SRB, besides entry points needed by SRB.

The extension is planned publication around September.

There may be an update of the SRB dictionaries.

Events update

– XEU meeting in month of May: no update

– Eurofiling Conference, June 17-18-19 at ECB premises in Frankfurt.

Agenda is gradually being filled online.

Please do not forget to register via http://2019.eurofiling.info : impossible to enter the ECB if not pre-registered and accepted.

Conference call numbers

Please inform us (info@eurofiling.info) of any local phone numbers listed at http://minutes.eurofiling.info/facility/ that aren’t working.

Next call

Wednesday 29th May 2019 10:30 – 11:30 AMS time zone.

Posted in Uncategorized | Leave a comment

Minutes March 27, 2019

27 March 2019 call is opened at 10h30 by Paul Hulst.

Roundtable on EBA, ECB, EIOPA, ESMA, SRB taxonomies and reporting requirements.

around the implementation of the EBA taxonomy

EBA has shared an internal working draft of the 2.9 taxonomy with NCA’s.

Comments on this version:

  • New datatype trueitemType is introduced that results in problems at the processing and/or BI-systems of some NCA’s.

A second hotfix is under consideration by EBA for 2.8.1. Most noteworthy is the change of the datatype for metric pi554 from decimalitemType to percentitemType.

Banco de España is investigating the changes that are necessary to DPM Architect to make it capable of handling these new versions.

around the Finrep data points taxonomy of ECB

A new version of the Finrep Data Points taxonomy is planned by the ECB to accommodate updates of the regulation.

Publication of the taxonomy depends on the availability of the EBA 2.9 taxonomy (Finrep framework) and the publication of the regulation itself. Given those dependencies it will most likely be after the summer of 2019.

First reference data for this new version is to be set, a likely date is 31/03/2020.

around the implementation of the EIOPA taxonomy

No update from EIOPA.

around the roadmap of ESMA on iXBRL / ESEF

A new version of the taxonomy is published by ESMA.

Noteworthy about this new version are placeholders for labels and formula’s.

around the planned implementation of EBA’s RES and SRB’s LDR taxonomy

SRB shares the update:

    • Data collection for the Liability Data Report for 2019 is underway.
      Severity of some validation rules have been changes by SRB from error to warning. SRB has shared information on this with the NRAs. SRB couldn’t publish information on the public website.
      SRB is looking into communication about these kind of changes for future releases.
    • SRF taxonomy is probably ready by the end of July 2019. It contains only small changes when compared to the current version, primarily validation rules.
      Collection of the report is planned for November 2019.
    • LDR taxonomy 2020 will again be an extension of the EBA taxonomy (i.e. 2.9). Extension necessary to provide more entry points.
      LDR taxonomy is scheduled for publication in September of 2019.
    • Critical Functions Information and Financial Market Information + all Z-templates will be collected in XBRL in 2020.

upcoming events

23rd XBRL Europe Day in Paris on 28 – 29 May in Paris.

Eurofiling event is on track, 17-18-19 June at ECB in Frankfurt.

See http://2019.eurofiling.info/ for more info.

Call is closed at 11h10

Next call is on Wednesday 24 April 2019.

Posted in Uncategorized | Leave a comment

Minutes February 27, 2019

Roundtable on EBA, ECB, EIOPA, ESMA, SRB taxonomies and reporting requirements.

around the implementation of the EBA taxonomy

EBA explains on 2.9 taxonomy

    • released in two parts:
      • first part in April / May containing COREP, LCR and Resolution frameworks
      • second part in June / July containing FINREP, AE and SBP frameworks. A new framework will be added for remuneration data.
      • Dictionary will be updated in both parts.
    • 2.9 Resolution will contains both an CON and IND entry point.
    • 2.9 Supervisory Benchmarking Portfolios: the dropdown lists for instruments and portfolios are still managed outside the taxonomy because these lists are not final from a legal point of view.
    • 2.9 Renumeration: first reference date for submission of this data using the taxonomy is under discussion. Uncertain if this taxonomy will be used before 2021.

EBA is studying CRR2 and considering the impact on the EBA taxonomy (to become v2.10). EBA is considering adapting the technical setup of the taxonomy as well.

The approach to updating validation rules is ongoing. There is no other mechanism today than publishing a hotfix to the taxonomy to achieve this.

around the Finrep datapoints taxonomy of ECB

No update from the ECB.

around the implementation of the EIOPA taxonomy

EIOPA explains that the publication of 2.4 will as usual in June-July, but there is a risk of a small delay this year.

Public consultation for the 2020 review for Solvency II is ongoing, feedback from the industry is appreciated.

around the roadmap of ESMA on iXBRL / ESEF

No update from ESMA.

around the planned implementation of EBA’s RES and SRB’s LDR taxonomy

SRB shares the update:

    • Data collection for the contribution for 2020 is being prepared as we speak.
      SRF taxonomy is probably ready by the end of July 2019. It contains only small changes when compared to the current version.
    • Resolution reporting for 2020, SRB collaborates with EBA.
      LDR taxonomy will again be an extension of the EBA taxonomy. Extension necessary to provide more entry points and cover some information that is not part of the EBA mandate.
      LDR taxonomy is scheduled for publication in September of 2019.
    • CF/FMI + all Z-templates will be collected in XBRL in 2020.

Upcoming events

Eurofiling event is being prepared, 17-18-19 June at ECB.

Keynote speakers confirmed from EBA and SRB addressing the future on data collection.

AOB

Public consultation about environmental impact in the industry. This looks like a good case for structured information.

 

call is closed at 11h00

next call is on Wednesday 27 March 2019.

Posted in Uncategorized | Leave a comment

Minutes January 30, 2019

Meeting minutes

Group is discussing various topics:

around EBA taxonomy

  • EBA comments to be working on the 2.9 release. Probably will be released in 2 large chunks, due to different dates the legislation becomes active. The way consolidation levels are implemented is likely to be the same as in previous versions of the EBA taxonomy. Proposals from different parties for improvements are still under review.
  • EBA is also working on an improved way of validation rules, messages and the way to update such rules.
    EBA is also looking into adding explanations, comments or footnotes in reports.  The tricky part will be to enforce that comments should not overrule the fact values. As these enhancements are under discussion in the various groups of the EBA a data for implementation isn’t known yet.
  • 2.8 reporting has started and is in progress.

around ECB taxonomy

  • Finrep datapoints taxonomy: nothing new to report on the current datapoints taxonomy.

around EIOPA taxonomy

  • EIOPA will update in the coming weeks the public website with the 2019 taxonomy milestones. Currently expected:
    • Solvency 2 update for 2.4.0 with relatively minor changes in the business and XBRL architecture sides.
      Using version 2 of the enumerations specification, that will allow a reported fact to contain multiple values from a list, is considered for use.
    • For Pension Funds. If there are not major issues EIOPA does plan not to publish the 2.4.0 for PF. Using therefore the current published 2.3.0 PF will be used for the 2019Q3 till 2020Q3 ref. dates reporting. And the 2.5.0 to be realised in for 2020Q4 ref. dates onwards.
  • EIOPA most probably will launch a public tender for DPM and XBRL services in the coming 4-6 weeks.
  • EIOPA will ask the all involved parties for suggestions on improving the reporting process. A mail on this is already shared with the Eurofiling community.

around ESMA on iXBRL / ESEF

  • Since the last call, the European Commission has endorsed the ESEF regulation, we are now in a period where comments are still possible (http://eurofiling.info/portal/esef-green-light-on-endorsement-of-the-rts/)
  • Taxonomy package will be isued in the next few months. The IFRS taxonomy 2017 is referenced herein.  An update to reference the 2019 version is under consideration.
  • Note: the translations in the publication of the EU is not related to the translations in the IFRS taxonomy.
  • Hence, the official EU tranlations will be included in the taxonomy.
  • Caveat: translations may be even slightly different between one member state and another.

around SRB SRF & LDR, relation to the EBA’s RES taxonomy

  • It’s observed that the ‘Excel list of validations’ features confusing numbers for validation rules. This is communicated to the SRB. Further it’s stated that the LDT and RES taxonomies are currently being used across the EU for various purposes.

around upcoming events

  • XBRL EU day in Rome in February 7 & 8
  • Eurofiling event, June 17-18-19 at the premises of the ECB (http://2019.eurofiling.info/) Early registration is recommended as seats are limited. Early booking of travel and accommodation is recommended as well since other events at the same time will make them scarce and expensive.

AOB

  • The Municipalities initiative from XBRL US with the state of Florida is discussed

 

Adjourned at 11h15. Next call on Wednesday 28 February 2019.

For future conference call details, please visit http://minutes.eurofiling.info/facility/

 

Posted in Uncategorized | Leave a comment