Eurofiling minutes

EIOPA update

EIOPA will deliver a hotfix taxonomy which addresses ao. schema locations issues (yellow flagged in the known issues list, number 123).
There may be changes to assertions, like the issues with the ISIN and custom functions flagged as ‘to be investigated’.
EIOPA aims only address and fix taxonomy issues if the taxonomy remains instance compatible.
In this occasion and for future releases, EIOPA will check with XBRL.ORG about the usage of specifications in case of doubt.

The hotfix is expected between mid and end of November.

Progress on the Pension Funds: this will include the ECB part and the full version will be expected next year.
It’s a separate published taxonomy but following the same architecture and a common dictionary.

News from Eurofiling Taxonomy Team:

abs-sequence function was created to enable the absolute value of a sequence. The group is invited to look into the mechanics in the interval-arithmetics linkbase.

The group discusses the problems that may be caused by outdated eurofiling schemas and linkbases, shipped together with ESA taxonomy releases.

Eurofiling Taxonomy Team discourages this practise and has made a page available where all Eurofiling taxonomy files are downloadable from their canonical location.

Eurofiling TT will update all of its files with a version number.

EBA update

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

2.7 posed issues with ao. assertions and some other functionalities. EBA addresses this in a hotfix release (version 2.7.0.1) which is circulating shortly.

2.8 discussion on the consideration of EBA to abandon explicit members for lists outside of its control (countries, currencies), and replace by typed members. The group discourages this approach and proposes to move these lists into the Eurofiling domain, where they can be maintained with a different release calender (ie: instantly).

Eurofiling Taxonomy Team will take appropriate action to discuss this possibility with the involved authorities.

ECB update

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

ESMA update

ESMA has conducted an informal working group which is investigating the results of the Field test in which a lot of countries/companies participated. The general feedback was very positive. Some doubts on the anchoring mechanism.
Final regulation (draft RTS) is expected to be ready at the end of the year, submitted to the EC by then. With the 3 + 3 months consultation from EP and EC it will be published at the end of Q2 2018.
Initiatives are popping up from the business side to prepare towards ESAF in various countries.
It’s not clear at this point at what time the ESMA taxonomy will be available, what/how it will link to external resources and how extensions are to be made.

SRB update

SRB is finalising its LDT taxonomy version 2.0.1 for filings in spring 2018.
includes warnings and the ignore-val mechanism

Upcoming events.

XBRL ‘Data Amplified’ in Paris 06-08.11.2017
+ related Group meetings and workshops
Nordic event in Danmark on 27.11.2017
XBRL EU day in Copenhagen 01.02.2018

EBA update

2.6 doubtful update on validation rules
– a number of assertions are not working as expected. Some countries (LU, FR, NL, PT, DE,..?) decided to deactivate on their own initiative these assertions
– EBA has blacklisted a few of them in the last weeks
– the group has circulated last month for info the lists it has from various countries

2.7 are equally doubtful, being more and more tested now.
– Eg. v4776 is still problematic in 2.7
– blacklist update is likely to be expected from EBA

The NRA’s need to escalate the problematic assertions with the IT departement of EBA.
Expert Group on Data Quality meets next week, NRAs will make the necessary communication to the Group.
eg. v4776_m is listed as doubtful in 2.6 and has the same problem in 2.7

EBA has announced to collaborate with SRB on a new “resolution taxonomy”

SRB has made a Filing Rules update, referring to the EBA filing rules with a few remarks specific for Resolution filing.

Eurofiling will include a comment in its taxonomy files with “last updated on ..”

EIOPA update

a meeting took place last week, the issues were discussed (v137, ISIN checks, schema locations, eurofiling model.xsd schema, ..) and EIOPA is considering measures to remediate.

ESMA has published a consultation about its filing manual and the ESEF format.
http://eurofiling.info/portal/call-for-volunteers-field-test-european-single-electronic-format-esef/
ESMA will publish technical aspects before the end of the year.

SRB has published the EAC taxonomy version 3.0.1 for filings in January 2018.
The LDT taxonomy will probably follow in the course of November for expected filing in May 2018.

ECB update
ECB has published the 2.7 datapoints taxonomy.

ECB organised a BIRD meeting on September 25. The BIRD project continues with a non-formal commitment agenda to develop ao. the FINREP data sets. First quarter for next year is one of updating BIRD materials.

Feedback from the XBRL FR conference: was a success and presentations are online with XBRL FR site.

Upcoming events.
http://eurofiling.info/portal/events-autumnwinter-2017/
Eurofiling 24th Workshop dedicated to TODE
SDMX conference in Ethiopia
XBRL International conference ‘Data Amplified’

AOB
update of software vendor list – will be discussed in Madrid during the TODE conference

EBA update

2.6 doubtful update on validation rules
– a number of assertions are not working as expected. Some countries (LU, FR, DE, PT, ..?) decided to deactivate or flag as doubtful on their own initiative these assertions. Feedback is awaited from the side of the EBA.
– the group will circulate for info the lists it has from various countries (FR, LU, NL, PT)

DNB plans to make formula linkbases for +/- 600 additional plausibility rules which can be added to the validation process by those who want to use them. These rules are inspired by the data quality group from ECB/EBA.

Probably this will be implemented in the course of 2018. DNB will use them in the feedback to the filers. Single instance validation, probably all of them are going to be warnings. Third parties will be happily invited to also test these rules.

Discussion on trailing and leading spaces: is this coverered or not by the XBRL or XML specifications? EBA is looking anyway at including this as should rule in the next version of its Filing Rules.

EIOPA update

2.2.0 is being tested and some schema locations seem to be missing. Flagged in Bugzilla.
Issues with LEI regular expressions, there seems to be a schema location error in the LEI taxonomy. Rule 137 may not be working as expected. The ISIN checks look partially broken. The eurofiling model.xsd schema included in the EIOPA taxonomy is not the last version. A hotfix taxonomy may be following?

ESMA update

ESMA has published a consultation about its filing manual and the ESEF format.
http://eurofiling.info/portal/call-for-volunteers-field-test-european-single-electronic-format-esef/

SRB update

SRB is in the course of finalising the EAC taxonomy version 3.0.0 for filings in January 2018.
The LDT taxonomy will probably follow after that for expected filing in May 2018. For a few banks with large instances, some assertions will likely need to be addressed in an alternative way because of a performance hit.

ECB update

Some countries will not use the Datapoints taxonomy but use the full instead, this is a possibility given by regulation.
ECB organises a BIRD meeting in September 25 for the future (include Finrep in Bird).

Upcoming events.

http://eurofiling.info/portal/events-autumnwinter-2017/
XBRL FR conférence annuelle
Eurofiling 24th Workshop dedicated to TODE
SDMX conference in Ethiopia
XBRL International conference ‘Data Amplified’

AOB

Eurofiling Foundation p.f. has been created by Notary.
Inquiry about alternative days/times to have the conf call?

EIOPA update
The PWD of the 2.2.0 taxonomy has resulted in a number of findings. Below some.
All assertions are doubled in two severance levels, this lowers performance.
Custom functions are not working properly (eg. ISIN checksum)
Table 99 is having issues, eg. with decimal item types coded with pi in stead of ii.
TV1000-1001 check every single monetary fact versus the unit and the reporting currency.
This hits the performance enormously as soon as the instance is growing.
TV5 and TV9 are similar which checks on the typed members.
EIOPA should think about improving this.
On the other hand, some old assertion problems have improved between 2.1 and 2.2.

Function on ISIN code has to be revised: it should first check the format and then the checksum and not the other way around.
Moreover, such massive check should not be triggered via assertions, but via a schema check (eg. pattern check).
It’s best to include this in the XII library. The group recommends a dialogue between EIOPA and XII.
Known issue n° 90 : sometimes there exists no collateral for some financial instruments, in which case the field is empty where it should not be empty. This is to be solved by each NCA (e.g. by asking to put ‘none’ or ‘NA’ in such a case)

EBA update
version 2.7 was released including IFRS9. Companies with a booking year <> actual year (eg. closing on 30.09) will have to continue to use the 2.6 version for some time more.
2.5 en 2.6 have some assertions with no preconditions, so they are always triggered. For some filers, they should not be triggered (eg. Portugal)

ECB update
datapoints taxonomy includes all FINREP taxonomy tables

SRB
is elaborating the next version of the EAC taxonomy, no official news yet

AOB
Eurofiling XBRL Week was a big success, thanks to all for participating and for supporting the Eurofiling Foundation.

Next meeting
Last Wednesday of July, one main topic: 2.2 official release of EIOPA

Group discusses good and better practises across Europe.

Topic about some taxonomies not actually stored on their intended URI
Suggestion: if so (and in other cases) please register online with XBRL International.
Note: Eurofiling taxonomies are stored in the Eurofiling domain.

Discussion about multilingualismof taxonomies. It’s a complex and time consuming process.
Eg. SRB has produced an 11-lingual taxonomy. EIOPA is making plans to introduce multilingualism

It would be nice if Filing rules were harmonised EU-wide.

Online Q&A resources are very useful but may be less handy if you want to query them.

Discussion about having a test system. The group thinks it would be good if the vendor members of XBRL Europe stepped in and took each a part of testing public working drafts of taxonomies before they are official.

Validation messages are in some cases reliant on the XBRL specification (eg. dimensionally invalid in base etc..) which stems in fact from the XBRL standard. A human-friendly-error-message modus could be nice.

Draft being finalised.

1) EIOPA update.

EIOPA continues to work on version 2.2.0 which will include business corrections and amendments.
The amendments in the Legal text (ITS) still not confirmed but the scope of suggested amendments is not having material changes but only the result of correcting mistakes reported to the public Q&A tool of the SII and the xbrl mailbox. Mainly correction of labels and clarifications.

The taxonomy will have a relatively big set of technical enhancements for ao. extensible enumerations, reporting for special cases and other that will be detailed in the June PWD.

PWD is scheduled to be available early June, by mid July the official taxonomy will be final for publication.

Later in the year – by first December according with the EIOPA’s public Governance of taxonomy– it will be decided If there will be a corrective release.

As published in the EIOPA website, due to budget restrictions EIOPA will have to decommission the T4U from the second half of 2017 after undertakings have conducted the first Solvency II reporting exercise. The Tool will not be updated to support the 2.2.0 or following taxonomies. EIOPA expects that market providers will be able to reuse and support the solutions developed by the T4U project and has made the tool available through an open source model.

2) EBA update
2.7 will be released incl. IFRS9. There is a small issue with filers who have their closing year not matching the calender year.
Some assertions have issues comparing sums of facts with a constant; this does not work fine with interval arithmetics.
EBA is inquiring to have a 2.6 hotfix, which will probably be released before the end of April.

3) ECB
DP taxonomy is based on EBA’s 2.6 taxonomy.
Each NCA decides to implement or not, choosing to enable only DP tables or the full tables which are also part of the taxonomy.
The group wonders if it would not be useful for ECB to set up a contact point for questions.

4) Frankfurt agenda discussion.
See 2017.eurofiling.info for more information. Registration Desk opens today.

Administrative.
Henceforth and until further notice, the SR Working Group call will take place on the last Wednesday of the month.

Next conf call:  April 26, 2017

F2F meeting in Amsterdam (see minutes)
Well attended.
Several topics were discussed:
consolidation scopes and the challenges which are caused by them,
instance generator, taxonomy generator
XBRL certification is considered counter-productive by Working Group members
Note. in the slides shared afterwards via the googlegroup mail, the “s. datapoints” (i.e.with double meaning, on slide 6) were renamed to “Musical Chair Datapoints”

EBA news
In April 2017 EBA is expected to release the taxonomy 2.7.
A known issue with some data points in 2.6 (tables C09.04) may trigger a corrective release, but it’s highly unlikely with the info we have today.
Discussion on additional validations which are today triggered by ECB and NCA’s.
EBA will include some of them in future taxonomies.

ECB news
FINREP Datapoints taxonomy will be published by ECB. Let’s monitor when that happens.
The Working Group would be delighted if the ECB owner of this taxonomy could join the monthly call.

EIOPA news
Nothing new since the last call.
The Working Group considers it would be nice if the Filing Rules were the same between EIOPA and EBA.
A Working Group member mentions that the Ad Hoc entry point is only used in Italy

XEU news  
– a permanent academic working group has been founded within XEU, with academic researchers in the lead. More info with XEU, call for volunteers to join the initiative.
– new strategy and new bylaws in XEU to be more inclusive towards countries with or without XBRL jurisdictions.

XII’s LEI validation taxonomy
Call for feedback onto XII’s LEI Taxonomy initiative before the public release.
The taxonomy package and a sample test instance can be found here:
https://xbrl.box.com/s/2b40241vtenibisxnfazxynvbq7tk1av

Upcoming events
XBRL Week: 6-7-8-9 June, 2017 :
6 Tutorials, working groups, …
7 XEU day, Academic Track, Networking Dinner
8 Eurofiling Workshop and Academic Track
9 Working groups etc.

call for speakers will follow in March
Next conf call: March 30, 2017

*** thank You for participating – people make the difference ***

• Points of attentions
  • 6 months is not enough to introduce new XBRL specifications in taxonomy after their ratification
  • EBA has introduced new labels for its filing rules : EIOPA should use labels too, and these labels must be the same than EBA’s ones
• Sub-consolidation groups
  • Concerns about the way the data can be visualized with option 4
  • Option 1/2/3 would change the key identifier of an instance (entrypoint/lei/reference date)
  • Sub-consolidation could be achieved with a defined aggregation
  • No ideal proposition, maybe a mixed solution.
• Use of Instance Generator
  • The WG members are enthusiastic to use it
  • UK taxonomy already asks this information in the form of a fact
  • An attribute ‘@settings’ could be added. Some providers have a lot of ways to generate instances
  • The filing rule is a ‘should’. Some members showed concerns about the fact that some countries interpret a ‘should’ as a ‘must’, and ask for only ‘must’ rules.
• Provider certification by XBRL International
  • Members didn’t show enthusiasm for this subject
    • XBRL is an open standard, incompatible with certification
    • Software provider could fail certification for personal/technical choices
    • Certification could take long
    • Who, how, with which cost?
    • Nevertheless, it could bring attention on XBRL
• Ideas
  • Create a processing instruction ‘taxonomy-generator’ for taxonomies on the model of the ‘instance-generator’
  • Encourage collaboration of the various entities defining their own filing rules, specifications
  • Encourage dialogue between software providers about encountered problems
  • Feedback on supervisory consultations
    • Software providers are sometimes disappointed by the return given to them by authorities, they feel like their opinion is not taken into account
    • Supervisory WorkingGroup/Eurofiling could be a good channel to express concerns and speak about problems found by members to the authorities
  • Taxonomy generators could be invited to our meetings

EBA news

EBA 2.6 was published with the following relevant features:
° Table linkbase update (2014) and
° Extensible enumerations: the data type of the existing ei-elements were switched
° 2.6 is a complete standalone (where 2.5.1 was interlinking between versions)
° Functional changes in tables are only related to SBP
° There should be no table or definition differences in all the others.
° validation rules have been revised in general
° 3 rules use the severity spec for warnings

Note: if there would somewhere be a business reference to DPM 2.6.0.1, this should be interpreted for the time being as 2.6.0 until further notice.

EBA 2.7 Exposure Draft has been released for review by stakeholder (link)
Call for volunteers to examine this version!
It’s EBA’s intention to finish taxonomie 2.7 around April

EIOPA news
° Taxonomy 2.1.0 is live and being implemented in Europe
° EIOPA will not release a corrective release 2.1.1, therefore the next version will be the 2.2.0 by 15 July 2017
° there are a few issues which are related to TV0 (check between the content template and filing indicators), which will probably need to be deactivated. More news will follow via EIOPA site in the second half of February.
° ad hoc entry point: after analysis is seems that this is not used in practice.
° on the other hand, there are some specific cases where a different combination of tables is required (for example resubmission of template S.30 and empty reports), EIOPA is analysing the options and will publish how to report it for 2.0.1 and 2.1.0 taxonomies, probably using regular entry points and not the ad-hoc entry point

ECB
° FINREP data points taxo will have 12 tables, is being finalised as an extension on EBA 2.6 (3 entry points con_gaap, ind_gaap, ind_ifrs). These 12 tables are cut-down tables on existing tables.

Initiative about questionnaire (Vincent)

XEU day: 16.02.2017, Amsterdam
XBRL Week: 6-9 June, 2017, ECB premises, Frankfurt

Next conf call: February 23, 2017