COREP/FINREP XBRL Project

RELEVANT NEWS

12 January 2012. COREP Taxonomy Version 1.4.1. This is the production version of the COREP CRD III Taxonomy, dated 2011-12-31, published 2012-01-07, available for the XBRL community. More information.

09 January 2012. RECEX: Really Easy Converter from Excel to XBRL has been published at OpenFiling website. This is an Excel Visual Basic program, converting flat files into XBRL instance documents, for demo purposes and simple data entry, customizable for different XBRL taxonomies. RECEX includes examples about Solvency II and FINREP tables.

20 June 2011. XBRL Excel Add In. This tool has been developed in order to facilitate creation of BSI-MIR taxonomy out of DPS (Excel). More information.

13 June 2011. Open Competition on IT Architectures for XBRL Open Source. XBRL Spain is looking for IT Architectural proposals suitable to be potentially developed as Open Source deliverables by way of Public Fundraising. Five awards of 1,000 Euros each and a public recognition of excellence are awaiting the winners on September 9th, via a live webinar held in the First Conference on Financial Reporting in the 21st Century.

12 June 2011. XBRL proof of concept release. Full dimensional FINREP 2012 taxonomy available for proof of concept. More information.

1 January 2011. Harmonising the use of the XBRL for prudential reporting: Statement of the European Banking Authority: We recommend the use of XBRL as it will lead to greater harmonization of IT formats with the adoption of XBRL taxonomies. More information on XBRL and the COREP and FINREP taxonomies are available from http://www.eurofiling.info/index.html

About EBA: The European Banking Authority was established by Regulation (EC) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010. The EBA has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS).

23 Abril 2010. Initial approval of architecture and strategy for the 2012 FINREP taxonomy
Please, follow the development works of the brand new 2012 FINREP taxonomy.
More information here.

22 October 2009. Harmonising the use of the XBRL for prudential reporting
In January 2007, the Commission launched the Action Programme on reducing administrative burdens in the European Union in order to measure administrative costs arising from legislation in the EU and reduce administrative burdens by 25% by 2012. On this page you will find more information about the background to the programme, the objectives and timeline, the fast track actions being undertaken, the baseline measurement, and the EU Standard Cost Model. In the follow-up of the report on financial supervision (de Larosiere report - February 2009), most of the ideas concluded by de Larosiere are endorsed (i.e. separate authorities for securities, banking and insurance), but we can also find some new elements. The system is to be based on high supervisory standards, applied equivalently, fairly and consistently; to all market actors. The current situation was characterised by enhanceable cooperation and information exchange. The new system will overcome these difficulties creating a strong Community network. More information here.

REFERENCE DOCUMENTS:

A) Administrative burden reduction

B) Action Programme for Reducing Administrative Burdens in the EU. Sectoral Reduction Plans and 2009 Actions
Businesses, and notably those which are active in several Member States, would benefit from such a harmonization and extension of the scope of XBRL based reporting. (see page 50)

C) Detailed Recommendation on the Financial Services Priority Area. Harmonise the use of XBRL for prudential reporting
XBRL TECHNOLOGY APPLIED TO FURTHER REPORTING REQUIREMENTS: IMPACT, INVESTMENT COSTS, COMPLEXITY
See: Kurt Cogghe - Administrative Burden measurement program

27 May 2009. The European Commission proposes two new European bodies: the European System of Financial Supervisors and the European Systemic Risk Council
In the follow-up of the report on financial supervision (de Larosiere report - February 2009), most of the ideas concluded by de Larosiere are endorsed (i.e. separate authorities for securities, banking and insurance), but we can also find some new elements. The system is to be based on high supervisory standards, applied equivalently, fairly and consistently; to all market actors. The current situation was characterised by enhanceable cooperation and information exchange. The new system will overcome these difficulties creating a strong Community network.

The new regulatory Authorities will have defined powers, greater authority, will develop binding technical standards on the basis of criteria which will be specified in Community legislation, will ensure a balanced flow of information between home and host authorities, common supervisory culture and consistent supervisory practices, will be a last resort option in case of disagreement between national supervisors, will develop common training programmes, promote the use of delegation of tasks and responsibilities from one national supervisory authority to the other, will aggregate all relevant micro-prudential information from national supervisors, set-up a central European database. The information will be available for the relevant authorities in colleges of supervisors and forwarded to the Risk Council

The Commission welcomes reactions from stakeholders by July 15, 2009, and will come forward with proposals in autumn. Full text here.

Our mission is to deliver the XBRL initial taxonomy for COmmon solvency ratio REPorting framework, for credit institutions and investment firms under the future European Union capital requirements regime.

Extract:

The adoption of a common technology protocol based on XML/XBRL language, which will allow taking full advantage of the data model's functionality, is recommended in the consultation paper.

CEBS also intends to provide a complete XML/XBRL coding and taxonomy for the reporting of the solvency ratio.

The choice of IT application for implementing the framework will be a matter of national discretion. However, CEBS considers XML and/or XBRL to be an appropriate tool for implementing a European standardised reporting system, and recommends its use.

CEBS. COREP CP04 - January 2005

FINancial REPorting 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.

National supervisory authorities are free to decide on the technical aspects involved in implementing the framework. CEBS considers, however, that XBRL 4 can be a helpful tool in constructing a standardised European reporting system. CEBS will develop an XBRL taxonomy, which will be made available without cost to national authorities and supervised credit institutions.

CEBS. FINREP Guidelines on Financial Reporting. December 2005

	RELEVANT NEWS 12 January 2012. COREP Taxonomy Version 1.4.1. This is the production version of the COREP CRD III Taxonomy, dated 2011-12-31, published 2012-01-07, available for the XBRL community. More information. 09 January 2012. RECEX: Really Easy Converter from Excel to XBRL has been published at OpenFiling website. This is an Excel Visual Basic program, converting flat files into XBRL instance documents, for demo purposes and simple data entry, customizable for different XBRL taxonomies. RECEX includes examples about Solvency II and FINREP tables. 20 June 2011. XBRL Excel Add In. This tool has been developed in order to facilitate creation of BSI-MIR taxonomy out of DPS (Excel). More information. 13 June 2011. Open Competition on IT Architectures for XBRL Open Source. XBRL Spain is looking for IT Architectural proposals suitable to be potentially developed as Open Source deliverables by way of Public Fundraising. Five awards of 1,000 Euros each and a public recognition of excellence are awaiting the winners on September 9th, via a live webinar held in the First Conference on Financial Reporting in the 21st Century. 12 June 2011. XBRL proof of concept release. Full dimensional FINREP 2012 taxonomy available for proof of concept. More information. 1 January 2011. Harmonising the use of the XBRL for prudential reporting: Statement of the European Banking Authority: We recommend the use of XBRL as it will lead to greater harmonization of IT formats with the adoption of XBRL taxonomies. More information on XBRL and the COREP and FINREP taxonomies are available from http://www.eurofiling.info/index.html About EBA: The European Banking Authority was established by Regulation (EC) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010. The EBA has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS). 23 Abril 2010. Initial approval of architecture and strategy for the 2012 FINREP taxonomy Please, follow the development works of the brand new 2012 FINREP taxonomy. More information here. 22 October 2009. Harmonising the use of the XBRL for prudential reporting In January 2007, the Commission launched the Action Programme on reducing administrative burdens in the European Union in order to measure administrative costs arising from legislation in the EU and reduce administrative burdens by 25% by 2012. On this page you will find more information about the background to the programme, the objectives and timeline, the fast track actions being undertaken, the baseline measurement, and the EU Standard Cost Model. In the follow-up of the report on financial supervision (de Larosiere report - February 2009), most of the ideas concluded by de Larosiere are endorsed (i.e. separate authorities for securities, banking and insurance), but we can also find some new elements. The system is to be based on high supervisory standards, applied equivalently, fairly and consistently; to all market actors. The current situation was characterised by enhanceable cooperation and information exchange. The new system will overcome these difficulties creating a strong Community network. More information here. REFERENCE DOCUMENTS: A) Administrative burden reduction B) Action Programme for Reducing Administrative Burdens in the EU. Sectoral Reduction Plans and 2009 Actions Businesses, and notably those which are active in several Member States, would benefit from such a harmonization and extension of the scope of XBRL based reporting. (see page 50) C) Detailed Recommendation on the Financial Services Priority Area. Harmonise the use of XBRL for prudential reporting XBRL TECHNOLOGY APPLIED TO FURTHER REPORTING REQUIREMENTS: IMPACT, INVESTMENT COSTS, COMPLEXITY See: Kurt Cogghe - Administrative Burden measurement program
	27 May 2009. The European Commission proposes two new European bodies: the European System of Financial Supervisors and the European Systemic Risk Council In the follow-up of the report on financial supervision (de Larosiere report - February 2009), most of the ideas concluded by de Larosiere are endorsed (i.e. separate authorities for securities, banking and insurance), but we can also find some new elements. The system is to be based on high supervisory standards, applied equivalently, fairly and consistently; to all market actors. The current situation was characterised by enhanceable cooperation and information exchange. The new system will overcome these difficulties creating a strong Community network. The new regulatory Authorities will have defined powers, greater authority, will develop binding technical standards on the basis of criteria which will be specified in Community legislation, will ensure a balanced flow of information between home and host authorities, common supervisory culture and consistent supervisory practices, will be a last resort option in case of disagreement between national supervisors, will develop common training programmes, promote the use of delegation of tasks and responsibilities from one national supervisory authority to the other, will aggregate all relevant micro-prudential information from national supervisors, set-up a central European database. The information will be available for the relevant authorities in colleges of supervisors and forwarded to the Risk Council The Commission welcomes reactions from stakeholders by July 15, 2009, and will come forward with proposals in autumn. Full text here.
	COREP XBRL Project Our mission is to deliver the XBRL initial taxonomy for COmmon solvency ratio REPorting framework, for credit institutions and investment firms under the future European Union capital requirements regime.
	Extract: The adoption of a common technology protocol based on XML/XBRL language, which will allow taking full advantage of the data model's functionality, is recommended in the consultation paper.
	CEBS also intends to provide a complete XML/XBRL coding and taxonomy for the reporting of the solvency ratio.
	The choice of IT application for implementing the framework will be a matter of national discretion. However, CEBS considers XML and/or XBRL to be an appropriate tool for implementing a European standardised reporting system, and recommends its use.
	CEBS. COREP CP04 - January 2005
	FINREP XBRL Project FINancial REPorting 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. National supervisory authorities are free to decide on the technical aspects involved in implementing the framework. CEBS considers, however, that XBRL 4 can be a helpful tool in constructing a standardised European reporting system. CEBS will develop an XBRL taxonomy, which will be made available without cost to national authorities and supervised credit institutions.
	CEBS. FINREP Guidelines on Financial Reporting. December 2005