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Eurofiling: financial reporting based on XBRL

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Description

About Eurofiling

The Eurofiling project is an open joint initiative of the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) in collaboration with XBRL Europe, as well as stakeholders, banks, solutions providers, academy and individuals. The collaborative network collaborates in the development of the technical specifications of the reporting frameworks (COREP, FINREP and Solvency II). Being a community of experts, Eurofiling helps generating an applicable methodology for the taxonomies along with public testing and improvements to be made to the data formats. XBRL Europe also collaborates with national Business Registers in the European xEBR Taxonomy.

The use of XBRL is recommended for financial reporting. XBRL is an XML general-purpose language for business reporting. Regulatory supervisors, such as the EBA, EIOPA, and Business Registers usually create an XBRL taxonomy for their regulatory reporting requirements that defines the specific data elements that are used for individual items of data (such as "net profit"), their attributes and their interrelationships.

Usage

The European Banking Authority (EBA) (formerly Committee of European Banking Supervisors), the European Insurance and Occupational Pensions Authority (EIOPA) and XBRL Europe maintain four specifications for financial reporting:

  • COREP: The European Banking Authority (EBA) Common Reporting Framework (COREP) is the common solvency ratio reporting framework for credit institutions and investment firms under EU capital requirements regime. The COREP Framework is initially based on the Recasted European Directives 2000/12/CE (Directive 2006/48/EC) and 93/6/EEC (Directive 2006/49/EC) released in July 2004 and currently in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012.
  • FINREP: The European Banking Authority (EBA) Financial Reporting Framework (FINREP) is designed for credit institutions that use IAS/IFRS for their published financial statements and that have to provide similar information in the periodic prudential reports they are required to submit to their supervisory authorities. FINREP is designed in compliance with the international financial reporting standards (IAS/IFRS) or the Capital Requirements Directive 2006/48/EC and currently in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012.
  • Solvency II: Solvency II is a project by EIOPA concerning the establishment of the European insurance and reinsurance undertakings. In 2009, the Council of the European Union and the European Parliament have approved the Solvency II Directive, which is scheduled for application as of 1 January 2016.
  • XBRL Europe Business Registers: The national Business Registers collect the annual accounts and related information of each company in the country. Common concepts and tags described in the XBRL Europe Business Register (xEBR) Taxonomy contribute to the harmonisation of financial statements and company identification in order to be interoperable. Contrary to the Eurofiling initiatives, where the specifications are imposed by law at the European level, XBRL Europe has a bottom-up approach, where specifications are created as needed by the countries. The xEBR Working Group works at ensuring the interoperability between the countries.

In 2013, the European Banking Authority published a draft concerning the implementation of uniform reporting requirements covering the FINREP and COREP guidelines, the Implementing Technical Standards

On 26 July 2013 the EBA published final draft Implementing Technical Standards (ITS) on supervisory reporting, in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (colloquially known as Capital Requirements Regulation or CRR). (…)

As the final draft ITS on supervisory reporting will become part of the single rulebook with the particular aim of specifying uniform prudential reporting requirements, the implementation of the reporting requirements imposed on credit institutions and investment firms shall be based on uniform technical specifications of a granular level of detail”.

These ITS will cover reporting of own-funds and capital requirements (currently under the COREP Guidelines), reporting of financial information (currently under the FINREP Guidelines) and reporting on large exposures (currently under the COREP Large Exposures Guidelines)”.

 

About 10 commercial tools are available implementing the XBRL Taxonomies. The Openfiling provides additional open-source artefacts.

e-Document engineering method

  • Methodology: the Data Point Model Methodology is formalized under the CEN Workshop on XBRL, and used to define the COREP, FINREP and Solvency II XBRL taxonomies. A DataPointModel defines structures of data describing the characteristics of the information exchanged in the context of supervisory reporting processes. A DataPointModel consists of a dictionary of business concepts and their properties, which are represented in tables and corresponding textual explanation. To reflect the defined structures in a machine-readable form, it can be accompanied by an XBRL taxonomy.
  • Library of data elements: Data Point Models are published for COREP 2.0.0, FINREP 2.0.0 and Solvency II. Identified common elements are published in Eurofiling repository.
  • The naming and design rules: the XBRL Taxonomies follow the naming and design rules of the XBRL specification.
  • e-Document engineering tools: the tools used to produce XBRL Taxonomies are either commercial tools as well as Supervisory developed tools.
  • Representation techniques: the formats are defined as XBRL taxonomies, consisting of XML Schemas and XBRL linkbases.

Themes

Finance

Interoperability SolutionsHide more information

In December 2013, the European Banking Authority (EBA) published the XBRL taxonomy 2.0.1 for remittance of data under the Implementing Technical Standards (ITS) on supervisory reporting.

The COREP-Taxonomy provides an XBRL representation of the European Banking Authority (EBA) Common Reporting Framework.

The FINREP-Taxonomy provides an XBRL representation of the European Banking Authority (EBA) Financial Reporting Framework.

Metadata

Type: Repository
Owner:
Metadata upload module: Manual
Geographic coverage: European Union
Date created: 5 Feb 2014 - 10:59
Date last modification: 6 Feb 2014 - 11:29
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