2022.10.26 minutes

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.

Please be aware that registration closes on December 2nd 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

Posted in Uncategorized | Leave a comment

2022.09.28 minutes

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

EIOPA update

EIOPA will have a hotfix in November on the 2.7.0 release. This will mainly focus on validations. Currently we only have a small set of corrections but we are still receiving feedback.

By the end of January they plan to publish the 2.8.0 version including the validations. Based on the feedback received so far, some technical amendments will be made to the taxonomy (e.g. renaming of templates S.36.03 and .04). Other feedback received that cannot be address will need to be included in the list of known issues and solved in the 2.9.0 update.

SRB update

The portal for SRF-reporting will open in November and close at the end of January 2023.

The Resolution taxonomy was published on September 27th, being an extension of the EBA 3.2 taxonomy.

The extension covers SRB entrypoints (LDR, CFR, FMIR and CIR) and improvements to the validation rules.

The Filing Rules document has also been updated for this reporting cycle.

The taxonomy, sample instances, the Filing Rules manual and an Excel document listing and explaining the changes to the validation rules can be retrieved from the SRB website https://www.srb.europa.eu/en/content/2023-resolution-reporting.

EBA update

EBA expects to publish 3.2.phase3 on Friday 30 September 2022.

It contains a new version of the framework renumeration. This new version contains new modules to collect data on gender pay gap and high ratios between variable and fixed renumeration.

This release also contains fixes for errors found in the validation rules of the COREP and FINREP frameworks.

Also, the metadata provided for xBRL-CSV reporting has been updated.

EBA is working on a new architecture for the XBRL taxonomies provided in order to (1) simply the structure and (2) implement the new capabilities coming from DPM Refit.

ECB update

ECB will publish SFRDP taxonomy version 5.1 soon (end of September or early October), as an extension of EBA 3.2 FINREP.

Testing at the ECB is done, the taxonomy is shared with the NCA’s for testing as well, no issues are reported.

Following EBA this taxonomy will not contain different entrypoints for different consolidation levels or accounting systems.

ESMA update

No update.

Events

Eurofiling is planning a 2-day conference in Madrid for Tuesday 13 and Wednesday 14 December.

The agenda for Tuesday 13 is finalized, filled with DPM Refit topics, including hands-on sessions on report and validation rules modelling.

The agenda for Wednesday 14 will contain mainly ESEF related topics, more info to follow asap.

On Thursday 15 December the Spanish Business Registries organizes a session on ESEF in Spanish.

See https://2022.eurofiling.info/

Posted in Uncategorized | Leave a comment

2022.08.31 minutes

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

EIOPA update

EIOPA published versions 2.7.0 and 2.8.0 in July. Version 2.8.0 doesn’t have validation rules, these will be added in Q1 of 2023.

For Pensions, no significant changes are expected for 2.8.0 -any such changes will then be made in release 2.9.0.

EIOPA is currently reviewing the comments received during the public consultation period that ended in June this year.

EBA update

EBA has produced 3.2.phase3 IWD1 (only remuneration updates) for xBRL subgroup review until 1 September, the final package will be published at the end of September.

ECB update

ECB has created SFRDP taxonomy version 5.1 as an extension of EBA 3.2 FINREP.

Following EBA this taxonomy will not contain different entrypoints for different consolidation levels or accounting systems.

The draft version will be shared with NCAs soon for testing. The final version is expected to be published at the end of the month September.

SRB update

The SRF taxonomy to be used for the 2023 cycle (version 8.0.2) is published in July. A taxonomy package containing all versions of the SRF taxonomy is provided as well.

The ResRep taxonomy is currently being developed, as an extension of the EBA 3.2 taxonomy. It will use the same datapoints as the EBA taxonomy; only modules and validations are added.

Just like ECB, SRB follows the approach of the EBA and won’t include the consolidation level in the entrypoint.

ESMA update

Draft ESEF RTS and taxonomy was adopted and published in June. In August, ESMA updated the ESEF reporting manual to provide guidance, among others, about marking up the notes to the IFRS consolidated financial statements using the block-tagging approach.

The manual contains a new section providing guidance to market participants on ESMA’s expectations on how to perform such block-tagging – for example, what elements from the taxonomy are to be used, what level of granularity on tagging the information is expected etc.

https://www.esma.europa.eu/press-news/esma-news/esma-updates-european-single-electronic-format-reporting-manual

Questions or comments can be raised to esef@esma.europa.eu

The group discusses in the call various aspects (eg. because of a limitation of the XML model); some aspects need to be addressed by XBRL International.

Events

Eurofiling 27th Workshop will be hosted by the Banco de Espana and Business Registers on November 2 (afternoon), 3 (whole day) and 4 (morning).

The organisation committee is being composed and more specifically, the agenda needs work. Main themes will be ESEF, DPM Refit, ESG, etc.

See https://2022.eurofiling.info/

XII is preparing the Data Amplified conference, planned for December.

Posted in Uncategorized | Leave a comment

2022.06.29 minutes

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

EBA update

Taxonomy 3.2:

Taxonomy 3.2 phase 2 was published beginning of June.

Taxonomy 3.2 phase 3 is being prepared; it will contain 4 modules on Remuneration: new modules for payment ratios are added.

The reporting population is extended to the Investment Firms.

The current plan is to publish the taxonomy in September, an internal working draft is expected to be circulated to NCA’s for testing by the end of July.

Entity types

Following the removal of the consolidation level from the entry point, the EBA is extending the current types of entity types (individual, consolidated and liquidity sub group) to include types for data aggregated to the country or regulator level.

The codes to be used will be defined in a new version of the EBA Filing Rules (5.2) which will be published soon.

The impact on reporting institutions is expected to minimal.

EIOPA update

EIOPA is processing the feedback received on the public working drafts for the 2.7 and 2.8 taxonomies.

Publication of the final version of the 2.7 taxonomy is expected to take place around 15 July. Version 2.8 without validation rules will follow at the end of July and the final version of 2.8 that includes validation rules will be publicly available in January of 2023.

SRB update

SRF taxonomy: internal tests are completed. Publication of the taxonomy (v8.x) is expected in July.

LDR taxonomy: ResRep v7.x will be built as an extension of EBA 3.2 and is expected to be published in September.

It will contain 4 entry points. SRB will use the same entity identification as foreseen by EBA but with a few additional possibilities because SRB has more types. (e.g. individual, individual other, consolidated, CON.POE)

One table will be extended to disallow a handful of datapoints which are open for reporting in the EBA RESOL framework.

ECB update

ECB is progressing with the SFRDP version 5.1 as an extension of the EBA FINREP taxonomy as usual. The new EBA approach on entity identification is also applied. The publication is expected for end of September.

ESMA update

ESMA is working on updating the ESEF reporting manual. in particular, as explained during the XBRL conference, we are working on providing guidance on block tagging the notes.

Events

The Eurofilling online event on DPM Refit held on June 22th was a big success: 218 people attended. All presentations and video recordings are available on 2022.eurofiling.info

The OpenFiling assembly following the DPM Refit session was also successful. An eurofiling.wiki is created for best practises and topics of interest.

A face-2-face Eurofiling conference is being planned for after the summer, very likely end of October or November. The formalities are being started.

XBRL Netherlands organises an online event on 30/06 on who does what in the XBRL community; more information can be found in the XBRL newsletter or on Eurofiling website.

Any other business

There is no call in July, next call is at the last Wednesday in August.

Posted in Uncategorized | Leave a comment

2022.05.25 minutes

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

ESMA update

Following the update of the IFRS taxonomy on 24 March, ESMA is currently working on amending the ESEF RTS to be published asap and submit it to the European Commission to launch the EU approval process.

EBA update

EBA 3.2.p2 is expected to be published on or around June 3rd.

This release contains many frameworks as they needed to be updated to implement the removal of the consolidation level from the entrypoint.
The number of content changes is limited.

EBA 3.2 phase 3 will contain a significantly modified version of the Renumeration framework to accommodate reporting by investment firms as well.

More details on the identification of the reporting institution will be provided at the next call in June.

During the Eurofiling meeting on June 22, EBA will present the new taxonomy architecture in view of the DPM Refit approach.

One of the changes will be a technique to version hierarchies and enumerations.

EBA 3.2 contains a new “non-empty string” type; this type will be imposed from 30.06.2022 with the first IF reporting. As is part of dictionary, this restriction is placed also on submissions for other frameworks and on all resubmissions.

ECB update

ECB is working on a new version of SFRDP begin an extension of the EBA FINREP taxonomy as usual. More info on the publication timeline in the next call.

EIOPA update

EIOPA is expected to publish the public working draft for 2.7.0 which includes Solvency 2, IORP and PEPP at the beginning of June.

Around the same time, the second public working draft nr.2 for 2.8 is also expected, which includes elements stemming from the big review of Solvency II. This version will not include changes for IORP or PEPP, because they are covered by the 2.7 taxonomy.

SRB update

Regarding preparation for SRF 2023: taxonomy v8.x will be published in the course of July. ResRep v7.x will be built as an extension of EBA 3.2 expected to be published in September.

Events

June 7: XBRL Switzerland: session on mandatory climate reporting

June 13 – 14: 30th XBRL Europe conference in Paris

June 22: EBA/EIOPA/Eurofiling webinar on the Data Point Model methodology and its evolution to the DPM Refit.

More info on next events are mentioned on the https://eurofiling.info/portal/events/.

A hands-on Eurofiling conference is being planned for after the summer

Posted in Uncategorized | Leave a comment

2022.04.27 minutes

Note: below minutes are written by Eurofiling and are not official statements by the participants or their organisations.

EBA update
Taxonomy 3.2 phase 2 IWD1 has been distributed internally for review. Some minor comments have been reported.
According to the current plan, the BoS will receive the package for approval on 21.05.
Publication of the taxonomy 3.2 phase 2 is expected around June 10.
EBA 3.2 phase 3 will be published in September with only the REM framework.

ECB update
no update at this moment

EIOPA update
The consultation on IOPS reporting has been launched, the period lasts for 12 weeks until July 18.
Other consultations are running on the Solvency 2 package. In June, the second working drafts on 2.7 and 2.8 are expected to be published.
The taxonomy-meets-the-market webinar on April 6 received very positive feedback.

ESMA update
no update at this moment

SRB update
Regarding preparation for SRF 2023: taxonomy v8.x will be published in the course of July. ResRep v7.x will be built as an extension of EBA 3.2 , expected to be published in September.

AOB
Next events are mentioned on the https://eurofiling.info/portal/events/
The Eurofiling CEN described DPM was raised to the standard ISO 5116
Sustainability taxonomy of SASB (Sustainability Accounting Standards Board)

Posted in Uncategorized | Leave a comment

2022.03.30 minutes

EBA update

Release 3.2.phase 1 is published on 10 March 2022.

Also published on 10 March is small validation rules package. This taxonomy package updates the severity class (ERROR or WARNING) for a limited number of validation rules.

For this information EBA uses a special page on the website: Small validation rules packages | European Banking Authority (europa.eu).

EBA is currently working on 3.2.phase 2. It contains content updates for SBP, RES and FP frameworks. It also contains new modules for frameworks FINREP, COVID19, MREL, Notification and PAY without references to consolidation level (con/ind) and accounting system (ifrs/gaap) in the entrypoint.  An internal working draft version is planned to be shared with NCA’s for testing towards the end of April. Publication is planned for early June.

After 3.2.phase2 EBA will start work on phase3 which will contain an update for framework Renumeration. Publication is planned for September.

EBA is also working on the DPM Refit project, which will have an impact on the Eurofiling Taxonomy Architecture.

EIOPA update

At the end of February the first working draft of release 2.7.0 was published containing the reporting requirements for Solvency II, IORP and PEPP.

On June 1st a second working draft of release 2.7.0 is expected that will contain update to the reporting requirements and the validation rules.

In the beginning of April a first working draft of release 2.8.0 will be published, that reflects the big review of the reporting requirements.

A second working draft of 2.8.0 containing improvements to the structure is planned for the end of July or early August.

A third release scheduled for early 2023 will contain the validation rules for 2.8.0.

EIOPA will organise a taxonomy-meets-the-market webinar on April 6, register via the following link: https://www.eiopa.europa.eu/content/event-registration-form_en

ECB update

No developments compared to what was stated last month.

SRB update

Regarding preparation for SRF 2023: taxonomy v8.x will be published in the course of July. No big changes expected.

ResRep v7.x will be built as an extension of 3.2, with 4 modules (LDT, CFR, CIR and FMI) which is expected to be published in September.

People interested in the slides used at the last SRB ICT Network can contact Jean-Philippe Bohy at Jean-Philippe.BOHY[at]srb.europa.eu.

ESMA

The ESEF Regulatory Technical Standards for 2022 was adopted by the European Parliament and subsequently published in the Official Journal on 7 March.
This means that the ESEF 2022 taxonomy can be used for filing as it enters into force on 27 March.

IASB has recently published the IFRS 2022 taxonomy on 24 March. ESMA is analysing the new version and considering amendments to the RTS and ESEF taxonomy.

The 2021 ESEF conformance suite and filing rules are available on the ESMA website.  Feedback on these documents is appreciated and will be used by ESMA to further improve them.

Events

EIOPA meet the market on April 6.

XBRL-EU conference in Paris on June 13 and 14.

AOB

XBRL International has developed data quality rules for ESEF reporting using the XULE language (not XBRL Formula).

Posted in Uncategorized | Leave a comment

2022.02.23 minutes

Eurofiling taxonomy update

Eurofiling has updated the Eurofiling taxonomy that is used in many DPM-style taxonomies like those from EBA, ECB, EIOPA, SRB and many national authorities to fix an error found in the current release (v1.1).

The error was introduced when changes were made to accommodate the new xBRL-CSV syntax.

The new version (1.2) contains henceforth two pivot variables which can be used to force XBRL processors to evaluate assertions for which no other fact variables were found than the Filing Indicators:

  • pivot-var: is restored in the original state to maintain backwards compatibility and further use when processing the xBRL-XML syntax
  • pivot-var-fi: this new variable is added to allow processing of XBRL reports in the xBRL-CSV syntax

For a taxonomy which wants to allow processing both the xBRL-XML and the xBRL-CSV syntax in parallel, assertions which need the pivot variable must point to both variables.

The new files can be downloaded from the Eurofiling website: https://www.eurofiling.info/taxonomypackage/1.2/TP-Eurofiling1.2.zip.

The individual files can be found at: https://eurofiling.info/portal/eurofiling-taxonomy-architecture-url-map/.

Eurofiling recommends to upgrade your XBRL systems to the most recent package.

EBA update

EBA will use the new pivot-var structure from Eurofiling.

EBA taxonomy 3.2 will be released in 3 parts.

EBA 3.2.p1 will be published in March containing update to frameworks COREP, IF,AE and GSII.

EBA 3.2.p2 will be published in June / July containing all other frameworks besides REM.

EBA 3.2.p3 will be published in September containing the REM framework, because of the legal timeline.

 

EBA 3.2 uses a new datatype that prohibits empty typed members.

 

EBA may provide a solely technical update to EBA 3.1 and EBA 3.0 to address updates to severity level of validation rules.

 

ECB update

The ECB will start work on a new version of the supervisory financial reporting data points (SFRDP) once the EBA 3.2.pe (FINREP) is published.

ECB will follow the approach of the EBA with regards to recording of the consolidation level.

 

ESMA update

ESMA will start work on a new release of the ESEF taxonomy once the IFRS update is available (expected in March 2022).

The formal approval (and publication in the Official Journal) of the 2021 ESEF Regulatory Technical Standard (RTS)  – containing the 2021 ESEF taxonomy – is still pending. The European Parliament’s scrutiny period on the ESEF RTS ends at the end of the month. Afterwards, the 2021 ESEF RTS needs to be published in the Official Journal and will enter into force 20 days after publication.

Therefore institutions that need to publish their Annual Financial Reports must use the 2020 ESEF taxonomy version, which is based on 2020 IFRS taxonomy.

Following adoption of the “Holding Foreign Companies Accountable Act” (HFCAA) introducing requirements regarding the identification of auditors, The SEC is requiring filers to use the 2021 version of the IFRS taxonomy due to compatibility reasons with the updated Document and Entity Information (DEI) Taxonomy. Otherwise, their filings will get suspended.

This might force organisations that are dual listed (EU/US) to create two versions of the statements: one for EU using the 2020 ESEF (and 2020 IFRS taxonomy) and another for the US using the 2021 IFRS taxonomy.

EIOPA update

No update.

SRB update

No update.

Events

22/23 March: BIS Innovation Hub gathering.

26 April: sustainability summit in London (by invitation only).

 

Posted in Uncategorized | Leave a comment

2022.01.26 minutes

EBA update

No update.

ECB update

ECB is waiting for the EBA 3.2 taxonomy to create its extension on FINREP.

The ECB will follow the approach of EBA regarding consolidation level.

ESMA update

The ESEF regulation adopted in November of 2021 is currently undergoing review by the European Parliament.

Approval is expected by March of 2022.

That means institutions that file their Annual Financial Reports before approval and enter into force of the new ESEF Regulation must use the 2020 version of the ESEF taxonomy.

ESMA is following the IFRS work on the adoption of the IFRS 2022 taxonomy to be ready to incorporate the updates into the 2022 version of the ESEF taxonomy.

ESMA will look into a question by an participant regarding deprecated concepts in the IFRS.

EIOPA update

EIOPA’S Taxonomy releases calendar is being updated in our website this week to include the following:

  • 7.0 time schedule (limited amendments foreseen)
    • 28 February 22: S2, PF, PEPP PR and PEPP KID Taxonomy 2.7.0 PWD1
    • 01 June 22: S2, PF, PEPP PR and PEPP KID Taxonomy 2.7.0 PWD2
    • 15 July 22: S2, PF, PEPP Prudential and PEPP KID Taxonomy 2.7.0
    • 2 November 22: Insurance S2, Pension Funds, PEPP Prudential and PEPP KID Taxonomy 2.7.0 hotfix
  • 8.0 time schedule (big review SII, PF amendments and timeline of review still under discussion)
    • 01 April 22 – S2 Taxonomy 2.8.0 PWD1
    • 01 June 22 – S2 Taxonomy 2.8.0 PWD2
    • 01 August (tentative) – S2 Taxonomy 2.8.0 PWD3
    • January 23 – S2, PF, PEPP Prudential and PEPP KID Taxonomy 2.8.0
    • March 23 – S2, PF, PEPP Prudential and PEPP KID Taxonomy 2.8.0 Hotfix

SRB update

No change since the last update shared in November 2021.

That means that:

  • SRF collection will be over by 31 January 2022.
  • The SRF 2023 cycle taxonomy will be published in July 2022.
  • ResRep collection will start in March 2022.
  • The ResRep 2023 cycle taxonomy will be based on top of EBA3.2

Events

EU Open Source Policy Summit on 4 February 2022 (Brussels and online).

This year’s agenda will be packed with discussions on the most burning digital policy questions and will put open source in a broader European and global technological context.

More info on https://eurofiling.info/portal/

Any other business

XBRL Europe White Paper INTERCONNECTIVITY ENABLED THROUGH XBRL.

Feedback is requested on this white paper by the XBRL Europe ESG/Sustainability working group until 15 February 2022.

The open source XBRL application Arelle has become the property of Workiva.

Press release of Workiva on the acquisition: Workiva Inc. – Workiva Inc. Reinforces Its Global XBRL Leadership Commitment With Acquisition of the Arelle® XBRL® Validation Platform

 

Posted in Uncategorized | Leave a comment

2021.11.24 minutes

SRB update

ResRep is published end of September, available on the public website. End of October, a new version of the taxonomy package was published to add some missing files from XBRL.org. The portal will open in March 2022.

The SRF taxonomy was published at the end of July. The portal is open and some templates are already received.

The problems in the 2021 version of CIR encountered by some software application have been addressed in the 2022 release.

SRB will follow the EBA in removing the consolidation level from the entry points and use the same approach as EBA to include it in the reporting subject.

EBA update

Taxonomy 3.1 (current);

– no changes to formula severity class expected, therefore no micro taxonomy will be released in December 2021.

Taxonomy 3.2 is being developed:

– phase 1: original planning to publish in December will shift into January/February (COREP AE IF GSII frameworks).

– phase 2: all other frameworks are included to remove the CON and IND component in the entry point and include xBRL-CSV metadata. Expected in May 2022.

– phase 3: contains REM framework, phase added because the ITS/GL will be only available in June 2022. Expected towards September 2022. First reference date is December 2022, to be received by EBA in August of 2023.

The TFERF (Task Force on Evolving the Reporting Format) is reopened after last year’s first edition which resulted in the decision to move to the OIM.

This second edition will focus on the formula validation aspects when using the xBRL-CSV format.

EBA has published a new version of the filing rules in line with new specifications applying as from December 2022.

EIOPA update

The SII taxonomy hotfix was published on November 3 to fix some validation rules.

EIOPA is reconsidering when to implement the changes coming from the big review for SII.

Those big amendments might be implemented in version 2.8.0, making 2.7.0 a regular release.

Publication of 2.8.0 would come with 2.7.0 in July of 2022 which would give the industry 18 months to prepare.

For pensions, the amendments to the reporting package would need to be implemented at the earliest in 2.8.0. Discussions are currently ongoing on the content of the reporting.

PEPP will be integrated in the Solvency II and Pensions reporting as well as a standalone report. All will be included in 2.7.0 and a first PWD can be expected around the end of March.

EIOPA is looking into the benefits of the xBRL-CSV format in collaboration with the other ESA’s and the NCA’s.

ECB update

The ECB will follow the EBA in removing the consolidation level from the taxonomy.

ESMA: no update

Events

Eurofiling organizes a virtual event on December 7th.

Topics:

  • Traditional end of year celebration celebration ceremony, honouring with an Eurofiling award Anna Sciortino for the successful ESEF work.
  • ESEF opportunities
  • Openfiling.org is updated with new open source material on eg. mapping balance sheet information and how to consume ESEF publications in XBRL.
  • XBRL International repository of ESEF filings
  • Sustainability reporting
  • ISO standard for Data Point Modelling
  • New xBRL specifications at Recommendation level.

XBRL Spain will organize a face-to-face event in Spanish on the 14th of December on similar topics.

Next call

Next call in January, no call in December as usual.

Merry Christmas days!

Posted in Uncategorized | Leave a comment