On the 21st of March, the European Banking Authority (EBA) launched a consultation on a revised version of its XBRL Taxonomy for supervisory reporting, which incorporates additional reporting requirements for asset encumbrance, non-performing exposures
and forbearance. This consultation aimed at ensuring that the data national competent authorities collect from credit institutions and investment firms is transmitted to the EBA in a uniform and consistent manner. The consultation ran until 14 April 2014.
Interested parties may find it useful to consult a taxonomy change log (dated 16 April 2014) which is publically available on the EBA website.
As firms continue to grapple with the XBRL requirements for CRD IV, the inherent value of choosing a reporting solution for COREP and FINREP that is generic and taxonomy-driven is becoming increasingly apparent. In the current context, if there is one box
that must be ticked on the XBRL solution check-list, it is that comprehensive regulatory maintenance is provided by the vendor and that the turnaround time required is low.
Even if credible rumours of a European-wide delay in the first round of Liquidity and COREP data-collection to June 30th are gaining traction, the regulatory stakes are too high to leave anything to chance on the reporting front. Knowing that your technology
provider is right at the heart of the European supervisory ecosystem, and can demonstrate industry-endorsed XBRL and regulatory domain expertise, offers unparalleled peace-of-mind at a time when doubt and uncertainty continue to rock the industry's serenity.