The CEBS XBRL Core Team is working in the new FINREP taxonomy.
Data Points Structure
Supporting explanatory documentation
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Eurofiling Framework Taxonomy Architecture
Taxonomy files (DTS)
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Technology made easy
(by BR-AG)
How to send your feedback and comments
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Acknowledgements
Public Request for Comments
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FINREP-IFRS interrelationship
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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.
The Committee of European Banking Supervisors (CEBS) today starts a public consultation on its proposed amendments to the Guidelines on Financial Reporting (FINREP). The consultation period will run for three months and will end on 10 June 2009. The consultation is open to all interested parties, including supervised institutions and other market participants.
More info at http://www.c-ebs.org/Publications/Consultation-Papers/CP01-CP10/CP06-Revised2.aspx.
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