The use of eXtensible Business Reporting Language (XBRL) for financial and regulatory reporting purposes is now widespread, and continues to grow. Exchanging business data consistently helps reduce the number of errors, checks and re-submissions required and is a significant driving force behind XBRL’s adoption.
CRD IV and Solvency II quantitative data reporting
We recognise that firms may have to carry out significant work to prepare for the Capital Requirements Directive (CRD IV) and Solvency II, and it would help to clarify the quantitative reporting format.
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) aim to leverage the benefits of XBRL by introducing harmonised, European-wide XBRL taxonomies for the CRD IV and Solvency II directives respectively. They will mandate National Supervisory Authorities (NSAs), such as the FSA, to use these harmonised XBRL taxonomies for reporting quantitative data to them.
For quantitative reporting under CRD IV and Solvency II, we intend to collect only the regulatory data using the XBRL standards and formats. We are considering the implications of this and welcome your views via the usual channels. The time frame for the rollout of the collection mechanism is driven by the EBA and EIOPA schedule.
Other regulatory reporting
As part of the UK’s regulatory reform agenda, we will explore the further use of XBRL for reporting by firms beyond the scope of CRD IV and Solvency II separately.
Any changes to current reporting formats will require consultation with stakeholders at the appropriate time.
Further communications
No further changes will be needed at this time for the data submissions made by firms that are not related to CRD IV and Solvency II. These will be shaped by the data strategies developed by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
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