Eurofiling minutes

call in progress

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

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 27^th, 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/

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.

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.