Eurofiling minutes

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

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

23^rd 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.

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.

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/

Agenda

• Roundtable on EBA, ECB, EIOPA, ESMA, SRB taxonomies and reporting requirements.
  • implementation of the EBA 2.8.1.1 taxonomy
  • Finrep datapoints taxonomy of ECB
  • EIOPA 2.3.0_hotfix taxonomy
  • planned implementation of EBA’s RES and SRB’s LDR taxonomy
  • roadmap of ESMA on iXBRL / ESEF
  • …
• XBRL conference in Dubai
• Upcoming events
• AOB

EBA feedback

2.9 will be in bits and pieces, various consultations from the business side. No precise date yet on the first delivery, but it will be early in 2019.

Question on the consolidation levels matter: the technical solution is not decided yet, this is probably decided soon in the EUCLID project and will take effect in the 2.9 taxonomy.

ECB feedback

The SFRDP taxonomy was updated to version 3.0.0.1. see https://www.bankingsupervision.europa.eu/banking/approach/reporting/html/index.en.html

EIOPA feedback

The 2.3.0 hotfix was published in November, a number of validation rules were rewritten.

ESMA

The draft RTS is ready but the formal endorsement by the European Commission is expected later this year, after which the publication in the OJEU is expected in spring 2019.

Discussions are ongoing with EC on audit requirements on ESEF. It’s likely that the EC will publish an opinion based on existing legislation. This opinion is probably expected in spring 2019.

An interesting idea has been brought forward about – in the future – comparing the ESEF files issued by banks with their FINREP submissions to supervisors. In 2009 an analysis was made and at that moment around 14 concepts were a 100% match in F_01.01.

More information (from 2009) is available in : http://eurofiling.info/finrepTaxonomy/taxonomy/finrep-ifrs_interrelationship.zip

A question on extensions: ESMA does not limit the number of extensions, but extensions need to be made by using the anchoring principle.

SRB update

No changes this month

EBA Resolution reporting

For 2019, the EBA taxonomy entry point is not used in some countries, it’s not clear who will use this entry point.

Dubai Amplified Conference feedback:

– little attendance from European Supervisors

– discussions mostly about SEC or IFRS-style taxonomies

– ideas about calculation linkbase version 2, useful primarily for SEC/IFRS-style taxonomies

– interesting views from ECB (CASPER project) on data collection

– iXBRL (= a type of XHTML) was discussed and demos took place

– combining certificates and XBRL to provide guarantees to the public where data originates from, hasn’t been changed and/or has been audited by an accountant

– some sessions on new tech like blockchain, data mining, AI to retrieve information, etc.

– presentations can be found here: Presentations

AOB

XBRL US and the state of Florida are preparing a taxonomy for municipalities; XBRL Spain is helping with experience from the ESEF preparations. See more information on http://openfiling.info

Upcoming events:

– Eurofiling conference: mid June 2019 at the ECB in Frankfurt.
Topics include: tutorials, working groups, European supervisory taxonomies, future of digital reporting, machine learning.

– XBRL EU winter day: 7&8 February 2019 in Rome. Agenda to be published.

Next conference call 

30 January 2018 – 10h30 : Merry Christmas and a happy New Year !

<!– start 10h30 – end 11h30 – attendants: 20; thank you for participating –>

EBA

• Consultation is open on the 2.9 taxonomy.
  Please read and provide comment on it if applicable, for instance on the new, modular, approach and the numbering of those modules.
• A few observations on 2.8.1.1 :
  – SBP entry point has a few problems, some columns are absent in the taxonomy.
  – CHN currency is present in the table linkbase, but not in the definition linkbase.

SRB

• Published a new version (3.0.2) of Liability Data Report, which is an extension of the EBA 2.8.1.1 taxonomy. The extension consists of 4 entry points, which import EBA 2.8.1.1 tables and validation rules, and SRB-specific additional validation rules
• all guidance and technical format for filing to SRB (by NRAs) are published on the SRB site (https://srb.europa.eu/en/content/liability-data-report)
• links to old taxonomies are not crystal clear; suggestion is made to publish them in one place
• SRB is working with EBA to include additional information needed by SRB for CF and FMI reports in the upcoming EBA 2.9 taxonomy.
• the SRF taxonomy remains a taxonomy of SRB

ECB

• Published a new version (3.0.0) of the supervisory financial reporting data points (SFRDP) taxonomy, which is also an extension of the EBA 2.8.1.1 taxonomy.
• Extension contains new tables covering only the relevant data points and validation rules. Basicly, the new tables are cut-down versions of EBA tables.
• no changes in dictionaries<

EIOPA

• Insurance Solvency 2
  • 2.3.0 hotfix is going to be e published the next Monday 5 November.
  • About 200 new validations were included in 2.3.0. Several been now corrected in the 2.3.0 hotfix. However only validations are updated within the hotfix and not other changes are made.
  • The big “S2 review” project has started. Timelines to be defined but is expected to take between 2 and 5 years till have impact in taxonomy.
• Pension Funds:
  • 2.3.0 final version to be published next Monday 5 November applying from Q3 2019 reference date.
  • PF has the same architecture than S2 and a common DPM dictionary. However is published as separated packages for S2 and PF.
  • Project has some relevant difference respect S2. Less templates but about 150K reporting entities and part of aggregated reporting to the EIOPA.
  • Taxonomy includes also the ECB PF reporting requirements (ECB add ons) similarly to S2 . Some technical instructions combining the EIOPA and ECB requirements in a single document to help the users of the unified taxonomy are been prepared.

ESMA

• XBRL Int. is working on guidance for anchoring linkroles. A working group note on this is expected for the end of 2018.
• OpenFiling has published solutions (http://www.openfiling.info/ixbrl/)
• interesting new use case for Blockchain: iXBRL file with non-repudation, see http://www.openfiling.info/
• Open Webinar, see the video record (https://youtu.be/oTHVjCZW9Ss) and the presentation slides (http://www.openfiling.info/wp-content/upLoads/data/XBRLchainWebinar20181029.pptx)

General

• XBRL Int. is working on new version of the Table Linkbase specification that would allow a taxonomy autor to define the “grey cells” that are not to be reported.

EBA 2.8 taxonomy
People are looking at the recently published taxonomy; it’s very useful to learn about new reporting features and mechanics. A few issues were detected which will lead to a new version.
New formula error message syntax, issue with custom formula which needs fixing. It’s not always doing what it is expected to do. XII Formula Working Group has provided feedback to EBA. The full set is not compiling in some processors. This feedback is also shared with the working group.
DPM2.8 also contains a RES which is partially differently in terms of modeling.
It has an impact on the volume of some instances, with a performance hit on validation.

EIOPA – no news

SRB
A discussion follows on the reporting frameworks. It’s uncertain if the reporting frameworks overlap or not with the EBA RES framework. The only certainty we have is that the reporting instructions for entities are communicated by the NRAs themselves.

Note from XII: OIM is targeting a PR for the core specs and the JSON specs for the end of May (Warsaw), while the CSV version is still in PWD status.
It’s the objective to enable instances in another syntax than XML.

ECB – no update

ESMA – no update

Eurofiling taxonomies: Paul will help with the setting up of this and the link to XII (thanks!).

Next event: Eurofiling XBRL Week in Warsaw, cfr. http://eurofiling.info/2018/
Since this event is on the last Wednesday of the month, there will be no Group call in May.

EBA update

0- caveat: the “2.6.0.1 patch” must also be applied on the 2.7.0.1 taxonomy !

1- we need an official viewpoint from EBA about table C.66.01 : in what currency do the reporters express the amount in case of multi-currency ? The taxonomy and filing rules seem to suggest for table C.66.01 (in contradiction to other tables in the same report) that you report converted amounts into the reporting currency, while the taxonomy facilitates both scenarios. For a business user it’s almost invisible to see that you declare in XBRL a figure as being reported in the reporting currency.

2- in taxonomy 2.7, an enumeration on ALMM table C.67 is incomplete, it has 6 members and should have 8 according to the documentation. This *may* lead to a hotfix 2.7.0.2, it’s in discussion in EBA’s Yammer. More information in two weeks, once 2.8 goes out for BoS approval; until then, EBA has no time for this issue.

3- it is mentioned that several datapoints are identical in its aspects where they not always can be identical. This is being debated since some years now.

EIOPA update

Not much news for the moment. The group wonders if and how EIOPA will address multilingualism in its future taxonomy. Adding 20 languages will cause the taxonomy size to blow beyond proportion. The group suggests to look into the Taxonomy Package to achieve it.

SRB update

EBA has been drafting a taxonomy on resolution; will it replace the SRB taxonomy? No clarity at this moment, let’s wait for more news.

ECB update

A new version of the FINREP Data points taxonomy is published, following Finrep 2.7 IFRS9. Some countries do not use it, they impose the standard FINREP taxonomies or small institutions are not subjected to IFRS9 so they still use Finrep Datapoint 1.0 (based on Finrep 2.6).

It’s been published on 15 February : https://www.bankingsupervision.europa.eu/banking/approach/reporting/html/index.en.html

ESMA update

Openfiling will publish soon a new version of an open source inline XBRL converter which can address the simplest ESEF use cases. Made by Ignacio Boixo and Javi Mora.

We are awaiting the endorsement of the ESMA RTS by the European institutions before it has legal ground. This may take some months, more news to come.

Propositions are being made to add a supervision responsibility to ESMA. More news to come in this area.

Eurofiling taxonomies: Bank of Spain will send the latest version of its params.xsd to publish on the Eurofiling domain.

Warsaw: the suggested dates in the last week of May are possible for all the members present in the call. Some members ask to watch over not overlapping some working groups.

Next conf call is on Wednesday March 28.

Meeting is held live in Copenhagen. Dial facility was not working properly.

EIOPA update

EIOPA has delivered a hot-fix taxonomy on 24 November (see mail [Eurofiling 1275]). If no error is detected before 7 December, this version will be stored in the “canonical location” and used for production.

For the time being, no corrective version V2.2.1 is planned.

The hotfix no longer use the draft LEI taxonomy provided by XBRL International, but functions located at the URL http://eiopa.europa.eu/eu/xbrl/func/lei-check.xml

The assertion BV137 which caused problems (issue 126) has been rewritten to avoid using absolute values (the Eurofiling abs-sequence function is no longer used).

One participant mentioned that the change of the type of NB typed dimension domain, from integer to string causes problem. The dictionary should stay stable.

A draft version of the Pension Funds taxonomy has been published. The first reference date should be end 2018 but the first year may be considered as a preparatory period.

EBA update

2.6 “doubtful” assertions still not 100% addressed on EBA’s blacklist.

A hotfix 2.7.0.1 has been published by EBA.

ECB update

ECB is reviewing its DP taxonomy as an extension on the 2.7 taxonomy.

ESMA update

The ESMA taxonomy has not yet be published.

SRB Update

One participant stated that the date used in the context is the deadline date for the reporting, not the reference date (end of the period described). This is different from other reportings and should be confirmed.

Upcoming events.

XBRL Europe day in Copenhagen 01.02.2018

Eurofiling XBRL Week in May/June 2018