European Annual Interstage XWand Users’ Meeting a Success. Contributed by Slawomir Skrzypek, Business Development Director – EMEA Center of Excellence for FUJITSU XBRL Solutions.
Fujitsu, a Direct Member and Sustaining Partner of XBRL International, last week ran its 5th European Annual Interstage XWand Users’ Meeting which took place on May 8th in Cracow, Poland.
The meeting was attended by representatives of European National Competent Authorities (NCAs), Officially Appointed Mechanism (OAMs) filers/issuers, software vendors, Big 4 accounting firms, and software integrators from over 20 countries.
Attendees had a chance to share their experiences with XBRL technology adoption and accompanying system implementations. It was also a great opportunity for parties who are just starting either their XBRL or Inline XBRL journey to meet with subject matter experts and learn how to avoid common mistakes and make projects successful from day one.
In the first session, Fujitsu team members provided an update on the latest implementation results, vision and development plans for FUJITSU XBRL products including but not limited to support for Open Information Model xBRL-CSV.
In the next session representatives of the main European regulators EBA and EIOPA informed the audience on the recent evolution of the DPM model through DPM Refit project and their roadmap of transition process from the XBRL-XML reporting format to xBRL-CSV.
The SRB representative discussed the two main data collections at the SRB (i.e. Resolution Reporting and Single Resolution Fund), the latest updates, requirements, statistics and the SRB’s approach to the evolution of the reporting framework (i.e. XBRL Architecture v2.0, DPM Refit, and the new xBRL-CSV format).
Paul Warren from XBRL International shared information on current and future activities in areas of xBRL-CSV, the newly finalised Calculations 1.1 specification, an overview of the short- and long-term plans for XBRL Formula and latest developments from XBRL International – particularly in the context of ESEF.
Thanks to the participation of a representative from ESMA the workshop participants had a chance to find out about the main outcomes of the first-year implementation of the ESEF requirements, as well as early feedback on the major difficulty faced by issuers in the second year of implementation and on ESMA’s upcoming work on digitalisation of corporate information, including access to this information through the European Single Access Point (ESAP).
European regulators presented numerous case studies during the last sessions, showing proof of the benefits of implementing different Fujitsu XBRL Solutions for various types of reporting.
The quality of the XBRL data in the repository is vital for the effective data processing and analysis, therefore one of the topics discussed by Simon O’Conor in the last session of the workshop were approaches to data persistence and analytics based on the Central Bank of Ireland’s experience.
It was also a great opportunity for all to network and exchange best practices.
Once again, Fujitsu would like to express sincere gratitude and appreciation to all of the guests, keynote speakers, and participants for their invaluable contributions in making this meeting a great success.
See you next year!