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From: XBRL International <nore...@xbrl.org>
Date: Fri, Jun 5, 2015 at 10:32 AM
Subject: Report from XBRL EU Week in Madrid, including Latvia, Denmark,
Spain, Solvency II and CRDIV, plus the week's other XBRL News from XBRL
International
XII Weekly News Update
3 June 2015
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*This Week We Bring you a Special Report from XBRL EU Week in Madrid
Solvency II Bearing Down*
Many people from our community spent this week in Madrid, as XBRL EU and
Eurofiling brought together consortium members, regulators and other
stakeholders for three days of intensive discussion on regulatory reporting
issues in Europe. Jointly hosted by the Bank of Spain and the Spanish
Business Register, the event was supported by XBRL Spain.
Solvency II, the new European rules that harmonise insurance regulation,
including the introduction of uniform capital rules across Europe was a key
area of focus.
For everyone unfamiliar with European regulation, EIOPA is the European
Insurance and Occupational Pensions Authority
<http://xbrl.us3.list-manage1.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=a1f72e0ec8&e=928e14b727>,
EBA is the European Banking Authority
<http://xbrl.us3.list-manage1.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=2f5ff4df82&e=928e14b727>
and ECB is the European Central Bank
<http://xbrl.us3.list-manage.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=ecba9103a6&e=928e14b727>
.
*EIOPA on track for Solvency II, T4U to be phased out.* Marjon Trobina, the
Co-ordinator of EIOPA’s Information Team, provided an update to the
audience in Madrid on the European-wide Solvency II rules, which have now
been published by EIOPA as a set of implementation regulations and advisory
guidelines. The implementing technical standards on reporting will be
submitted to the European Commission at the end of June, which should mean
that the rules are finalised by the end of Q3 2015. All of this means that
the first Solvency II reports will be provided to National Competent
Authorities by mid May 2016, which will be the start of Solvency II
quarterly reporting. The Solvency II taxonomy release 2.0.1 will be
published at the end of September 2015, which will be used for the first
live reporting.
At the same time the, for now, last release of EIOPA’s Tool for
Undertakings (a software tool to help create Solvency II filings) will also
be released in September. At this stage EIPOA plans to decommission this
tool - treating it as a bridge mechanism to accelerate market-based
commercial solutions.
*France paves the way for Solvency II.* French XBRL stalwart, Eric Jarry,
from ACPR, (the French insurance supervision arm of the Banc de France)
described their Solvency II experiences as an early voluntary adopter.
Around 200 firms have filed test data, making heavy use of the ACPR’s test
environment, and just over a quarter of those test filings failed the first
time around. The usual kinds of errors, including precision, negatives, and
inappropriate references to product and entity codes were encountered, but
the regulator is confident these can be quickly ironed out. Eric mentions
that the timelines for adopting changes to taxonomies tend to be too short,
and many IT systems are not yet flexible enough, but he seems confident
that these issues will also be resolved over time
*Solvency II at **Business Reporting* *360°. * Things are going to be
progressing even faster coming out of XBRL Week in Madrid, so we're
planning a host of sessions as this mandate gets closer. In the meantime,
read about Solvency II technical updates
<http://xbrl.us3.list-manage1.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=68d455c484&e=928e14b727>
in
our news archive and join us in Copenhagen
*Danish Business Authority now publishing. *The Danish Business
Authority is now publishing more than 600,000 sets of company accounts,
which represents three years worth of filings from a company population of
around 200,000 firms. All of this data is freely available in XBRL,
including more than *1000 IFRS *company filings. Check them out here
<http://xbrl.us3.list-manage1.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=9e9dcd58c2&e=928e14b727>.
Data about more than 800,000 companies is now also available from the
Spanish companies registrar and this implementation was highlighted in
Madrid.
*Latvian success story.* Artis Smits, from the Latvian financial
supervisor, FCMC, showed off an end-to-end data collection, validation,
rendering and analysis system in Madrid. It takes European Agency
taxonomies and constructs forms for data entry as well as Business
Intelligence templates and reports for use by supervisors. The Latvian
regulator has implemented Solvency II and CRD IV reporting using this
taxonomy-driven approach. It allows financial institutions to submit XBRL
directly, or use forms generated from the taxonomy, and applies the
validation rules contained within that taxonomy. Off the shelf tools and a
relatively short period of systems integration has resulted in an
affordable system that allows this supervisor to navigate the changes in
European regulation very effectively.
*XBRL in Mauritius Update* - In the XBRL world outside of the EU, this
article
<http://xbrl.us3.list-manage.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=3e2e3688c5&e=928e14b727>
highlights what lies ahead for banks in Mauritius as that country's central
bank moves forward with XBRL
<http://xbrl.us3.list-manage2.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=dc75eb8ba3&e=928e14b727>
filing. The project entails the automation of the Bank’s entire data
collection, management and processing system. Phase One, including the
development of an XBRL taxonomy and a filing platform, is expected to be
complete by October of this year. We'll keep you updated as the BoM takes
the next step - ‘straight through processing’ of data from source to return
with zero manual intervention.
*The Auditor's View* - The Italian Association of Auditors (ASSIREVI) has
published research with their take on potential issues (both technical and
reputational) for filers and their auditors relating to the filing of XBRL
financial statements with the Registrar of Companies - especially when that
information is available to the public. This underscores the wide ranging
impacts transparency can have. Those impacts are by and large positive, but
compliance is just one issue that companies (and governments) must
consider. Expect more regarding this issue as more countries move towards
open data. Read the article
<http://xbrl.us3.list-manage1.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=3eeb597cb1&e=928e14b727>
(in Italian) or access the paper
<http://xbrl.us3.list-manage.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=bf943abdfa&e=928e14b727>
(again in Italian) directly.
*Stop Press!* Logius, has today announced the release of the English
language version of "Challenging the Chain
<http://xbrl.us3.list-manage.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=7aeb07f3e5&e=928e14b727>"
which is now available as a *free* digital download. The book examines the
background and journey taken in the Netherlands around their SBR program.
*Implementation tips from key NCA.* Also from Madrid, Maite Sainz from
Banco de España, provided an update on the XBRL implementation at that
regulator. The Bank of Spain is that country’s central bank and bank
regulator (national-level regulators are known as NCAs or National
Competent Authorities in Europe), and has been using XBRL for data
collection since 2005.
The Bank has been extremely influential in the design of the European
taxonomies. It has also expended very significant efforts in the
collaborative development of many of XBRL’s key specifications within the
XBRL International consortium.
The Bank now has a set of tightly integrated systems that use consistent
metadata across their data collections.
Sainz emphasised the importance of well developed communications plans with
all members of the impacted community when making changes to a data
collection environment, including regulated entities, software providers
and consultants, as well as the supervisors within the collecting agency.
She also encourages people working in this field not to spare any effort in
the development of taxonomies: high quality taxonomies lead to high quality
data. Finally, she points out that it is the business users that must lead
the construction of a unified financial vocabulary.
*CRD IV European Bank Reporting bedding down.* Also at this week’s XBRL
EU meeting, presentations from the EBA’s Head of IT, Andreas Weller, and
the ECB’s Head of Supervisory Statistics, Giancarlo Pellizzari emphasised
the work that the European agencies are doing together to bed down the CRD
IV filing environment.
All banks in the European Economic Area now file very comprehensive Basel
III reports each quarter. The systems for accepting this data at the
European Agencies are now operating smoothly but unsurprisingly, there is a
focus on the data quality associated with these new filings. A range of
quality assurance mechanisms:
- identify missing data and resubmissions
- the plausibility of reported values
- the internal consistency of data; as well as
- the results of published valuation rules.
All of this information is pulled together into data quality dashboards.The
level of co-ordinated focus, at a national as well as at a pan-European
basis, on improving data quality is very impressive, although clearly it is
still early days.
Data Act Summit and Data Demo Day
<http://xbrl.us3.list-manage.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=bc802ddff3&e=928e14b727>
9-10 June 2015
Washington DC
XII Member Assembly
<http://xbrl.us3.list-manage1.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=8dc48111b3&e=928e14b727>
18 June 2015
(Consortium Members Only)
Asia Roundtable and Indonesia National Conference
<http://xbrl.us3.list-manage.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=96358c6ca2&e=928e14b727>
19-20 August
Jakarta, Indonesia
XBRL2015
<http://xbrl.us3.list-manage.com/track/click?u=fbbc983fbc59adb89ff279b5b&id=c6b21bd463&e=928e14b727>
8-10 September
Copenhagen, Denmark
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