General note: below minutes are written by Eurofiling and are not official statements by the mentioned organisations. Updated 20.12.2023 after feedback from EIOPA
Eurofiling Taxonomy Architecture update
Eurofiling has published new taxonomy package version 2.0 in public working draft.
No comments received until today.
EBA update
EBA is developing release 3.4 phase1 (MREL TLAC and IRRBB amending version), according to the current plan, it will be published in February 2024.
Updates to the other frameworks will come after the publication of 3.4.phase1 (corep_frtb, corep_of, remuneration, sbp, dora, mica etc.); it is not clear yet whether they will be in 3.4 or 3.5.
There is an error in JSON files in the sample taxonomy (for revised taxonomy architecture), EBA will fix it, and republish the sample taxonomy.
EIOPA update
Comments on the Solvency II 2.8.0 taxonomy:
- There will be NO second hotfix, a workaround has been set up by EIOPA in collaboration with the (one) impacted NCA.
- Clarification: the November update was labelled as a “hotfix”. It must be noted nonetheless that some changes were made that impact the reportable facts (in the ECB add-on templates), so strictly speaking this was rather a new version. However, as there are no existing reports for this taxonomy (first reference date is end of December 2023), this should not have any impact on reporters or regulators.
- Some issues were identified with validation rules BV1034 on table S.14 and TV0
- Point 1 – problems with BV1034 and BV1288 between S.14.01 templates
- EIOPA became aware of performance issues on validations operating between S.14.01 templates. The reason behind introducing the rules was specific design of S.14.01 template. Namely, by allowing Product ID code column to be provided for multiple versions (according to pattern {ID code of product}/+/{number of version}), checking for dependencies between S.14.01 requires to extract the code form column c0010 in S.14.01.01.01 and match with values reported in {} columns in other tables of this template. Please note, that due to complexity of these relations, most of similar checks were not even introduced into XBRL but are present only in excel form. To avoid such problems in the future EIOPA will deactivate BV1034 and BV1288 and reassess key columns for S.14.01.
- Point 2 – TV0
- TV0 assertions check alignment between the Content Template and the Filing indicators. The reason we have the latter is performance of XBRL assertions which can be optimised when information about templates that are reported (and therefore used as preconditions to trigger or not the validations) is not regular XBRL facts (as in the Content Template) but a dedicated technical construct (XBRL tuple).
- Reporting entities are obliged to populate the Content Template (by means of dedicated XBRL assertions) as well as to provide information about the Filing Indicators (by means of the Filing Rules section III.3). Data collection systems of the NCAs/EIOPA shall check if reporting entities report templates that match their activities and that there are not facts for unreported templates and vice versa – they are not reporting template with no facts.
- Therefore, TV0 is not strictly necessary. And the reason it was considered to be removed was that it’s not really a business check that would be typically defined by SMEs but a technical XBRL thing, that shall be handled in the post-production of the taxonomy by its generation system (this is how it was approached in the old custom EIOPA T4S).
- Point 1 – problems with BV1034 and BV1288 between S.14.01 templates
ESMA update
no update
SRB update
The data collection has started for EAC-IND: portal is open since November 1st.
EFRAG update (sustainability)
During the event organised by EFRAG on ESRS (see EFRAG SRB Meeting 29 November 2023 – EFRAG), it was communicated that the draft taxonomy is expected in January 2024. Also that reporting of ESG data, originally set for 2025, is very likely postponed. The political support for ESRS is loud and clear, but the go-live will depend on the next Commission which starts in 2024.
EFRAG has prepared a list of datapoints (see EFRAG SRB Meeting 25 October – EFRAG, agenda item 5) for the (future) XBRL ESRS taxonomy.
Events
5-6 June 2024: Eurofiling conference hosted by the Central Bank of Ireland.
Next Eurofiling meeting is end of January 2024.
The entire Eurofiling Foundation Team wishes you a merry Christmas and a happy new year!
