The European Banking Authority (EBA) published today a corrective update (18.104.22.168) to the XBRL taxonomy that Competent Authorities shall use for the remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting. The revised taxonomy will be used for the first report of Financial Reporting (FinRep) requirements compiled under IFRS 9.
This update is a modification of the previously published 2.7 taxonomy, which it replaces. It corrects technical errors in the reportable content and errors in the XBRL implementation of some validation rules.
The documents published today include updates regarding the following items:
Updated XBRL taxonomy
Corrected EBA Validation Rules spreadsheet
Updated DPM database
Annotated table layout corrections for C 17.01.a
Reports that previously envisaged to be remitted under the taxonomy set 2.7 should use the corrected taxonomy 22.214.171.124, which is "instance compatible" with set 2.7. The first report under 2.7.01 is expected with relation to data referring to March 2018.
Background and legal basis
The taxonomy defines a representation for data collection under the reporting requirements related to own funds, financial information, losses stemming from lending collateralised by immovable property, large exposures, leverage ratio, liquidity ratios, asset encumbrance, additional liquidity monitoring metrics, supervisory benchmarking and funding plans. As part of enhancing regulatory harmonisation in the EU banking sector and facilitating cross-border supervision, uniform data formats are necessary to enable comparable data on credit institutions and investment firms across the EU.
Although, the EBA XBRL taxonomy was primarily developed for data transmission between Competent Authorities and the EBA, many authorities have been using it for the collection of supervisory reporting from the credit institutions and investment firms they supervise. In this respect, the taxonomy proposed by the EBA leads to greater efficiency and convergence of supervisory practices across Members States. In addition, it facilitates supervisory process, allowing supervisors to identify and assess risks consistently across the EU and to compare EU banks in an effective manner.