TR1-07 European Banking Supervision: COREP and FINREP Taxonomies Roadmap

Presenters: Ignacio Boixo and Katrin Schmehl

The Committee of European Banking Supervisors (CEBS) initially approved 2005 the Guidelines on COREP and FINREP, which have been developed to increase the comparability of solvency ratios and financial reporting information of supervised entities, to establish a level playing field for European credit institutions, and to increase cooperation and cross-border supervision. CEBS also developed the corresponding XBRL taxonomies, which are in use in a number of authorities and supervised credit institutions. Proposals to amend the existing Guidelines to streamline and harmonise COREP and FINREP are in due course. The development of a new FINREP XBRL taxonomy is already in progress. The current FINREP XBRL taxonomy is an extension of the IFRS XBRL taxonomy released by the IASCF in August 2006 (the most recent at that time). Since then, the IASCF has developed a new architecture. Hence, the new FINREP taxonomy will also be based on a new architecture. The COREP taxonomy will follow in 2010, after the amendments of COREP Guidelines. As complement of XBRL taxonomy issues, CEBS also proposes to recommend IT best practices on cell definitions oriented to standardise decimals, precision, percentages, threshold/tolerance margins, reporting institution identification and administrative codes, among others. This session will present the roadmap of works, planning and deliverables on COREP and FINREP taxonomies.

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