Eurofiling minutes

work in progress.

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

ECB update

No update.

ESMA update

The ESEF reporting manual is updated: fixing errors and additional guidance on block tagging. Publication is expected in early September.

Editor note as of 10 September 2023: the document is published: ESMA32-60-254 rev ESEF Reporting Manual (europa.eu).

SRB update

No update.

EIOPA update

Pensions taxonomy: final release 2.9 was published in July; a hotfix update is scheduled for next summer.

FICO taxonomy: also published in July, hotfix scheduled for November of this year.

Solvency taxonomy: a hotfix for release 2.8 is scheduled for the end of September 2023 incorporating changes resulting from the extensive feedback from industry. Not all issues raised are implemented, some address the ITS and therefore can’t be included in a hotfix.

EIOPA will continue the discussion on xBRL-CSV with the NCA’s in September.

Questions and answers for EIOPA:

1. Will the Hotfix contain changes only to validations or also data points?

While, Hotfix focuses on validations, it will also consist of ECB add-on amendments this time. So no changes to modelling on EIOPA defined DP are considered right now, but on the ECB add-ons, yes.

• They cannot find the unified DPM in the published 2.8.0. Why?

The removal of unified DPM database was intentional. As the 2.8.0 release covers only Solvency II the unified database would consist only of Solvency II. Similar case applied for 2.9.0 Pension Funds and 2.8.1 FICOD. Therefore, during the discussion about the scope of these releases it was decided to remove the unified DPM Database from the list of deliverables due to the different publication dates of these releases. In theory we could include testing and creation of DPM unified database (Solvency II, Pension Funds, PEPP Prudential and FICOD) but it would mean the Hotfix of 2.8.0, the final of 2.9.0 (before hotfix), and final of 2.8.1 FICOD (before Hotfix).

EBA update

No update.

A question was raised on the availability of EBA taxonomy 3.3 phase 3 (IRRBB).

Expected in October. To be confirmed by EBA.

Sustainability taxonomies

IASB has published a draft taxonomy for sustainability information.

Comments are welcome until the 20^th of September.

The European Commission has endorsed the regulatory framework for sustainability reporting.

Events

• XBRL Int. Data Amplified in Zurich Switzerland on 16 and 17 October 2023.
• EIOPA organises an event in Frankfurt on 21 November, see EIOPA Conference 2023: Hidden risks and new horizons (europa.eu).
  Editor note: as of 10 September only virtual attendance possible.
• Eurofiling conference will be held in early June of 2024, see the Eurofiling website for up to date information.

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

EBA update

3.3 phase 1 was published beginning of June.

3.3 phase 2 was sent to the subgroups and is expected to be published mid-July.

EIOPA update

• EIOPA is now finalising the 2.9.0 Pension Funds release, to be published on 15 July 2023 and the 2.8.1 FICOD release, to be published on 31 July 2023.

• Many questions were received on the 2.8.0 S2 insurance release (based on the new ITS on reporting). The answers to the questions are continuously being published on the dedicated web page on Q&A on regulation: Q&A on regulation (europa.eu). The 2.8.0 Hotfix will be published on 30 September 2023.

• EIOPA and EBA published the main package regarding the DPM 2.0 project (DPM Refit) on 13 June 2023: Supervisory reporting – DPM and XBRL (europa.eu).

EIOPA aims to apply the DPM 2.0 from taxonomy 2.10.0 (expected for 2026) onwards.

• EIOPA is about to set up a Task Force for working on the OIM-CSV reporting option.

ESMA update

ESEF

ESMA is updating the ESEF reporting manual and including additional guidance.

Suggestions for improvements are very welcome: please send to esef@esma.europa.eu.

ESAP

Agreement at the European Council (COREPER) is imminent. Voting by the European Parliament is expected for November with publication expected soon thereafter. Implementation by ESMA next year.

Editor note: for more information on ESAP, please see the presentation given by ESMA at the Eurofiling conference mid-June.

ECB update

A new, hot fix, version of SFRDP is about to be published. It includes changes to the validation rules, similar to the changes made by EBA.

The datapoints themselves are not touched: the new version is instance compatible with the previous version.

SRB update

SRB is currently working on the SRF-EAC taxonomy for the 2024 cycle:

• Updating the labels from 2023 to 2024 (from a technical perspective)
• introducing more data points; and
• a new disclosure column in every table.

Publication is expected at the end of July.

SRB has also started work on the ResRep taxonomy. It will be an extension of the EBA 3.2 taxonomy as the EBA 3.3 taxonomy has not update for resolution

Publication is expected at the end of September.

Sustainability taxonomies

The consultation by the EC on ESG reporting is ongoing, leading to an update to ESRS framework.

EFRAG will create another taxonomy implementing the changes. It is expected in Q4 of 2023.

ISSB has published documentation on S1 and S2. A taxonomy implementation is expected for July of 2023. A public consultation is scheduled for July to September.

Events

The past Eurofiling conference 2023 organised at the European Central Bank in Frankfurt was a success.

Presentations and recordings can be found at the conference website: 28th Eurofiling – ECB, Frankfurt, 13 – 14 June 2023.

First next event is Data Amplified organised by XBRL International in Zürich mid-October. XII is asking for contributions for the agenda.

Eurofiling conference 2024 is scheduled for mid-June 2024. The Eurofiling Board will announce the location at the end of September.

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

SRB update

The SRF taxonomy is being prepared for the 2024 cycle. This is the module which allows the SRB to calculate the contributions from the banks.

The update is expected to be published in July.

The RES taxonomy will be made available in September. It will again be an extension of the EBA 3.2 taxonomy, providing different modules and validation rules improvements.

The tables are not expected to change.

ECB update

ECB expects to publish a hotfix to the FINREP datapoints taxonomy in early June, with improvements in the validation (eg. interval arithmetics). These improvements mirror the changes made by EBA.

EIOPA update

EIOPA will publish the public working draft of the FICOD Taxonomy on 1 June. It is a standalone (not integrated) cross-sectoral version to be used for reporting of insurance-led financial conglomerates to the national coordinators (EIOPA will not collect the data). There’s no legal basis for the mandatory use of this taxonomy, but it is assumed that NCAs will use it once published. The final version of FICOD is expected to be published at the end of July. The application date is 31 December 2023 with first reporting in 2024.

Currently also available for comments is the public working draft of the 2.9.0 Pension Funds Taxonomy (IORP) until mid-June. The final version of 2.9.0 is expected to be published in mid-July.

EIOPA is starting discussions with NCAs on the application of the xBRL-CSV format in June as well.

EBA update

No update.

ESRS update

EFRAG is almost ready to publish a taxonomy for public consultation.

It is a large taxonomy: it contains over 200 templates. These templates are described using the presentation linkbase, not the table linkbase.

The taxonomy using typed dimensions, in order to minimize the need for extensions made by filers, making the reporting process as easy as possible for over 50.000 organisations that are expected to be reporting.

This release will not contain validation rules expressed in XBRL Formula.

ESMA update

No ESEF taxonomy update in 2023.

The 2023 update to the IFRS taxonomy will be incorporated in the ESEF 2024 taxonomy.

Events update

• 28^th Eurofiling conference will be held on 13 and 14 June in Frankfurt.

Agenda is almost complete:

Block 1: Future of digital statistical reporting

Block 2: Supervisory technologies innovations

Block 3: Towards green, sustainable finance

Block 4: Building consensus through policies, data, and technology.

In addition to these topics two special sessions will be held: on Tuesday, a rapid-fire demonstration of innovative solutions and on Wednesday EBA and EIOPA will present their plans going forward and discuss them with the attendees.

Please check 28th Eurofiling – ECB, Frankfurt, 13 – 14 June 2023 for the latest information.

Registration is required and must be completed before 8 June!

• XBRL Asia Roundtable from 24 till 27 July in Tokio, Japan.
• XBRL International Data Amplified on 16 and 17 October in Zurich, Switzerland.

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

EBA update

The planning for taxonomy 3.3 is to publish in several phases.

A discussion is held on the additional checks, implemented by the ECB. These are separate from the EBA taxonomy due to a difference in legal scope of application.

ECB update

ECB will publish an update to the SFRDP taxonomy version 5.1 based on FINREP published by EBA.

SRB update

no update

EIOPA update

EIOPA is finalising the Pension funds 2.9.0 taxonomy. An internal working draft will be shared with members next week and EIOPA plans to publish the public working draft on 15 May for consultation.

Working meetings with members are started regarding the use of CSV files, though it will not be mandatory for EIOPA, but additional option.

The new XBRL architecture derived from the DPM Refit project will be published soon.

ESMA update

ESMA published the activity report that includes a section on the application of ESEF and what NCQs has been receiving on the 2021 financial reports. The results were quite good.

A discussion is held on the Sustainability taxonomy and related aspects. EFRAG is finalising a first draft ERSF taxonomy.

Events update

1) XBRL Europe is organising a face to face event in Rome 22-23 May, more information at http://www.xbrleurope.org/

2) Eurofiling Workshop at ECB in Frankfurt, 13-14 June: please do not forget to register! Limited seats.

Event website and registration: https://2023.eurofiling.info/registration

A rapid fire session is included to allow innovative solutions to present themselves.

3) XBRL International conference in October (Data Amplified).

AOB

XBRL International is working on a draft taxonomy for currencies and countries.

Eurofiling colleagues have looked at the first ideas and it is observed that this taxonomy will – if used – likely be extended because besides countries, also regions and other geographical clusters are needed for various types of reporting.

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

EBA update

Release 3.3 will be delivered in 3 phases.

A draft for 3.3.p1 will be sent to NCA’s for review at the end of the month. Publication is expected for early May. It will contain 3 new frameworks: Pillar 3, ESG and Intermediate Parent Undertaking. Phase 2 will contain a new version of framework SBP and be available in July. Phase 3 will contain a new version of framework MREL/TLAC and be available in October.

EBA and EIOPA have developed a new architecture for taxonomies implementing DPM Refit.

This new architecture has been reviewed by the EBA XBRL SubGroup.

A public review is planned for April. The document will be accompanied by a sample taxonomy and report.

The first use of the new architecture is planned for release 3.4, but might be delayed to release 4.0.

XBRL International has given an update to the EBA XBRL SubGroup and IT Sounding Board on the development of new specifications of Formula.

Those developments are in line with the plans outlined by EBA to switch completely to xBRL-CSV as of reference period December 2025.

A discussion was held on pros and cons of the structure of the xBRL-CSV files that EBA uses.

A participant mentioned that the Bank & Insurance Working Group of XBRL EU is investigating a new, more performant and more readable way to formulate validation rules.

ECB update

No update

SRB update

Update received via email: there is no specific news from SRB on the taxonomy part. See previous minutes for the planned release dates this year.

EIOPA update

The hotfix for release 2.8 of Solvency II will be published in September.

The extensive feedback received from the public on the Pension Funds taxonomy will be incorporated in release 2.9 of that taxonomy expected for mid July.

EIOPA is currently reviewing the proposed XBRL taxonomy architecture (see also the EBA remarks) in the ITDC.

The new architecture will be implemented starting from the 2025 reporting cycle.

ESMA update

No update.

Other topics

EFRAG will publish the ESRS taxonomy in the 2^nd half of April with illustrated examples of reports.

Events

• XBRL Europ conference in Rome, Italy on 22 and 23 May 2023.
• 28^th Eurofiling Workshop in Frankfurt, Germany hosted by the European Central Bank on 13 and 14 June 2023
• XBRL Int. Data Amplified in Zurich Switzerland on 16 and 17 October 2023.

See the Eurofiling website for up to date information.

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

EBA update

EBA is working on release 3.3.phase1 which it plans to publish in May.

ECB update

No developments to discuss. As previously mentioned there will not be a release of the SFRDP taxonomy as there are no changes in FINREP.

SRB update

The SRB is preparing the SRF 2024 collection. As every year, the taxonomy will be shared by the end of July 2023 for a collection starting in Nov 2023.

The SRB will do an extension on top of EBA3.3 for Resolution Reporting. The taxonomy will be ready (as each year) by the end of Sep 2023. The collection will start on 1 March 2024.

EIOPA update

Technical difficulties prohibited EIOPA from attending.

They have sent the following information to include in the minutes:

• As EIOPA started to use a commercial tool for taxonomy production and it affected the output files, EIOPA organised first an information session for NCA experts after the publication of the Internal Working Draft of 2.8.0 on 26 January 2023 and held a Taxonomy-meets-the-market public event on 8 February 2023 where the differences in the output files were presented (over 600 registered participants including NCA experts). We received very useful feedback that we are now incorporating in the final release of the 2.8.0 taxonomy.
• EIOPA published a communication file about the upcoming technical and business changes up until 2026 on its dedicated webpage for Supervisory reporting – DPM and XBRL to allow the market to anticipate and to adapt to these changes. We are explaining in the document what business and technical changes we are introducing, what consequences this will have and when they will be introduced. The foreseen changes in a nutshell are:
  • The use of a commercial tool for taxonomy production
  • the DPM Refit and DPM Studio initiatives that we are working on together with EBA. The latter will replace the commercial tool in due course.

• Currently we work on the following releases:
  • Publication of 7.1 release is necessary to include the reflection of Croatia entering the Eurozone and should be used as of reference date 01/06/2023.
  • 8.0 release only for Insurance: it includes the ITS amendment due the SII Review. Final release will be published on 17 March 2023 and the 2.8.0 Hotfix, if needed, latest in July 2023. (Application date end of 2023)
  • 8.1: FICOD shall be treated as a completely separate framework (same as S2, PF, PEPP PR, PEPP KID) and will be published as a standalone package in July 2023. (Application date: end of 2023)
  • 9.0: Revised Decision on IORPs Reporting. Final version will be published in July 2023 (Application date: January 2025)

ESMA update

ESMA is planning the integration of the soon (March?) to be released IFRS 2023 taxonomy in the ESEF taxonomy.

ESMA is also looking at the integration of the European Sustainability Reporting Standards.

More information will follow.

Events

• XBRL Europe conference in Rome, Italy on 22 and 23 May 2023.
• 28^th Eurofiling Workshop in Frankfurt, Germany hosted by the European Central Bank on 13 and 14 June 2023
• XBRL Int. Data Amplified in Zurich Switzerland on 16 and 17 October 2023.

See the Eurofiling website for up to date information.

Other topics

EFRAG is developing a taxonomy for ESG data with the help of an external party. A public consultation release is expected for April of 2023 as stated in the original tender document.

The taxonomy will be developed in a such a way that extensions are not required for reports based upon it. This means that typed dimensions will be employed.

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

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

EBA update

No news.

SRB update

Please note that SRB was not discussed during the call. The following remarks are from the email sent by SRB directly after the call.

SRF_8.0.2 taxonomy hotfix published on SRB public website on 3rd Nov 2022: https://www.srb.europa.eu/en/content/2023-srf-levies-ex-ante-contributions

It contains an update version of the taxonomy version 8.0.2, a taxonomy package for a complete set of taxonomies used from 2016 onwards, SRF filing rules document, SRF validation rules document and an example of a report that complies to all validation rules.

There is also a DPM Access database provided to NRA’s. Please note that the SRB does not provide support on this DPM and that in case of discrepancy, the taxonomy package is the single source of truth.

RES_7.0.2 taxonomy published on SRB public website on 26th Sep 2022: www.srb.europa.eu/en/content/2023-resolution-reporting, being an extension of the EBA 3.2 taxonomy.

It contains a taxonomy package for the 7.0.2 version (for 2023 cycle), ResRep filing rules document, ResRep validation rules document and an example of a report that complies to all validation rules.

EIOPA update

A hotfix to the Solvency II taxonomy 2.7 is foreseen by the end of next week, only validations are impacted.

ECB update

No update from ECB: SFRDP taxonomy 5.1 has been published as extension of the EBA 3.2 FINREP taxonomy.

The topic of treatment of precision in the ECB EGDQ rules was discussed.

ESMA update

ESMA is updating the taxonomy and conformance suite. The target date for finishing the work is the end of December 2022.

Events update

Eurofiling 27th Workshop will be hosted by the Banco de España and Business Registers on December 13 & 14. The agenda focuses on DPM Refit, ESEF and ESG reporting. There is also a special session for regulators.

For more information visit https://2022.eurofiling.info/.

Please be aware that registration for physical attendance has closed, registration for virtual attendance is still open.

Other events:

7 December – XBRL Int. – online – Data Amplified

9 December – XBRL Int. – online – Members Day

Next call is on 25 January 2023.

Merry Christmas and a happy new year!

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

EBA update

Phase 3 of 3.2 was published.

Next release 3.3 is from now on in preparation.

SRB update

The SRF8.0.2 published in July 2022 will be slightly amended to correct some labels.

XBRL instance created with the July taxonomy will therefore still be valid, but to show the correct rendering the hotfix would be needed.

The hotfix will be published early November 2022 and will correct the rendering (i.e. right label).

Same schema, same taxonomy version, same datapoint, only label changes.

EIOPA update

A hotfix to the Solvency II taxonomy 2.7 is foreseen by the end of next week, only validations are impacted.

ECB update

SFRDP taxonomy 5.1 has been published as extension of the EBA 3.2 FINREP taxonomy, alongside additional documentation.

ESMA update

No update

Events update

/!\ Face-to-face upcoming event, see site:  https://2022.eurofiling.info/

Eurofiling 27th Workshop will be hosted by the Banco de España and Business Registers on December 13 & 14.

• The program for Tuesday 13 focuses on DPM Refit
• The program for Wednesday 14 targets ESEF, ESG and XBRL.
• There will also be a track open to regulators only on Monday 12.
• Networking dinner is foreseen on Tuesdat 13 in the evening
• For more information visit https://2022.eurofiling.info/
• To register go to https://eurofiling.typeform.com/to/L6UMyQcK

Please be aware that registration closes on December 2^nd COB !

Other events

8 November – FRC UK – online – Structured digital reporting, improving quality and usability

15 November – XBRL EU – online – Block tagging and the way forward

7 December – XBRL Int. – online – Data Amplified

9 December – XBRL Int. – online – Members Day