ECB leverages XBRL ecosystem
With XBRL reporting capabilities well and truly bedding down within banks across the EU, the European Central Bank has started to extend the use of the standard, with the first of its own taxonomies. The new initiative allows reporting of additional information required to fill some reporting gaps amongst smaller financial institutions.
The ECB joins the Bank of England, the Banque de France and the Banco de España (among others) in extending and reusing aspects of the large EBA reporting requirements developed under CRD IV. The ECB stressed the need for careful work with the EBA in its effort as well as the need to expand its own internal skill set in designing the new taxonomy and related validation rules. It has now developed a governance framework for managing future taxonomy development, having captured a number of learnings from its experience. Read more here.
