COREP XBRL Project Team publishes version 1.0 of its taxonomy

10 March 2006

The COREP XBRL Project Team is pleased to announce the release of the XBRL taxonomy version 1.0 for the Common Reporting (COREP) framework.

The Committee of European Bank Supervisors (CEBS) is sponsoring the development of the COREP taxonomy in order to help the implementation of common regulatory reporting by European banks

The COREP XBRL taxonomy 1.0 is available for Public Exposure on www.corep.info in order to receive comments and suggestions on improving the quality of the deliverable.  This version 1.0 is intended to be used in production, and only minor improvements and changes are expected.  National extensions can use this version 1.0 as a sound basis.  This is the result of an effort started on February 7th 2005, and carried out thanks to the contributions of many people from many countries.

The implementation is based on the final Committee of European Banking Supervisors guidelines on COREP (www.c-ebs.org/standards.htm) as well as in the XBRL recommendation Dimensions 1.0 (http://www.xbrl.org/SpecRecommendations). 

The next opportunity to meet face to face with the core Project Team (Katrin Schmehl, Daniel Hamm, Panagoitis Voulgaris & Magdalena Llano) is the 5th XBRL Workshop for European Banking Supervisors, to be held in the context of 13th XBRL International Conference (May 16-19, Madrid, www.xbrl2006.info). This Workshop is open to all the Conference attendants.

In the coming weeks, the proof of concept tools for using the COREP taxonomies generating/extracting XBRL instances will be updated accordingly.

CEBS:

The CEBS (Committee of European Banking Supervisors) is comprised of high level representatives from the banking supervisory authorities and central banks of the European Union. Our role is to:  Advise the Commission, Contribute to the consistent implementation of Community Directives and to the convergence of Member States' supervisory practices throughout the Community, and Enhance supervisory co-operation, including the exchange of information.  While national supervisory authorities are free to decide on the technical transmission specifications to implement the COREP framework, CEBS considers that XBRL can be a helpful tool in constructing a harmonised European reporting mechanism.  CEBS will therefore develop an XBRL platform and make it available free of charge to national authorities and supervised institutions.  XBRL taxonomies will be developed for both the COREP and FINREP (Financial Reporting) frameworks.  www.c-ebs.org

Announced by:

Peter Calvert

XBRL International

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