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CEN Workshop Agreement

Status: Approval Final Draft - Formal Vote

CEN WS CWA3 Convenor: Aitor Azcoaga (EIOPA)

CEN WS XBRL Experts: Pieter Maillard (Aguilonius), Pablo Navarro (Atos)

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Foreword

This document has been prepared by CEN/WS XBRL, the secretariat of which is held by NEN.

CWA XBRL 003 consists of the following parts, under the general title Improving transparency in financial and business reporting — Standard regulatory roll-out package for better adoption
— Part 1: XBRL Supervisory Roll-out Guide
— Part 2: XBRL Handbook for Declarers

This CWA is one of a series of related deliverables. The other deliverables are:

CWA XBRL 001 which consists of the following parts, under the general title Improving transparency in financial and business reporting — Harmonisation topics:
— Part 1: European data point methodology for supervisory reporting.
— Part 2: Guidelines for data point modelling
— Part 3: European XBRL Taxonomy Architecture
— Part 4: European Filing Rules
— Part 5: Mapping between DPM and MDM

CWA XBRL 002 Improving transparency in financial and business reporting — Metadata container

Introduction The set of recommendations included in this document aim to facilitate the implementation of European National Supervisors to adopt XBRL in any of the reporting frameworks. The following chapters will provide guidance on the use, understanding, preparation, and extension of their filings in eXtensible Business Reporting Language (XBRL).

This guidance is in the form of notes in association with the pertaining requirements clause and uses the terms “should” (recommendation), “may” (allowance) and “can” (possibility). Organizations wishing to implement this CWA would be expected to consider all recommendations where the term "should" is used.

Scope

COREP, FINREP (and Solvency II or other future) XBRL taxonomies are offered to European regulators for national implementation. The first releases (2006) of the COREP and FINREP XBRL frameworks have proven that a standardized technical roll-out package is needed to increase the adoption rate and avoid implementation variances, which have a detrimental effect on the overall cross-border effectiveness of using one reporting standard. As well this roll-out guide tries to promote the economies of scale for a better adoption.

This CWA have divided the work/deliveries in two difference parts:

i) An XBRL supervisory roll-out guide: this is oriented towards national regulators on how to implement, extend and manage XBRL taxonomies

ii) An XBRL handbook for declarers: this is a roll-out guide or reference handbook would give a general introduction to XBRL and serve as a help to preparers of XBRL (reporting entities)

The scope of the current document is the first part of the CWA; the XBRL supervisory roll-out guide. In this general guide to XBRL, the following subjects will be addressed.

The guidance and recommendations included in this document have been created for regulatory filings in the context of European supervisory reporting.

In this document, “regulatory filings” encompasses authoritative financial reporting standards and generally accepted accounting principles/practices (or GAAP), regulatory reports whose subject matter is primarily financial position and performance and related explanatory disclosures, and data sets used in the collection of financial statistics; it excludes transaction- or journal-level reporting, primarily narrative reports (for example, internal controls assessments) and non-financial quantitative reports (for example, air pollution measurements).

Normative references

Some text

The following referenced documents are indispensable for the application of this document. For dated references, only the edition cited applies. For undated references, the latest edition of the referenced document (including any amendments) applies.

XBRL 2.1 [1]

XBRL Dimensions 1.0 [2]

XBRL Registry specification 1.0 [3]

XBRL Formula specification 1.0 [4]

Terms and definitions

For the purposes of this document, the following terms and definitions apply:

Eurofiling 

The Eurofiling project is an open joint initiative of the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) in collaboration with XBRL Europe, as well as stakeholders as banks, solutions providers, academics and individuals. Eurofiling's main contributions are Data Models, XBRL taxonomies, know-how and documentation for Supervisory Frameworks: COREP, FINREP and Solvency II.

ESFS European System of Financial Supervisors 

Before and during the financial crisis in 2007 and 2008, the European Parliament has called for a move towards more integrated European supervision in order to ensure a true level playing field for all actors at the level of the European Union and to reflect the increasing integration of financial markets in the Union. As a result, the supervisory framework was streng