Good news from the European Banking Authority (EBA) this week as their periodic risk assessment of the EU banking sector shows stable capital ratios and improving asset quality. The Risk Dashboard’s second quarter update, which summarises the main risks and vulnerabilities in the EU banking sector, shows steady improvement despite the challenges of low profits […]
The European Insurance and Occupational Pension Authority (EIOPA) has launched a consultation on the appropriateness and proportionality of public disclosure, in preparation for its 2020 Solvency II Review. EIOPA is assessing the appropriateness and proportionality of supervisory reporting and public disclosure content, volume, frequency and deadlines, and checking if existing exemption requirements are sufficient. While […]
The Danish Business Authority, one of Early Warning Europe’s 15 partners has developed a machine learning tool that uses publicly available accounting data to identify companies in financial distress.
Last month saw the 23rdXBRL Europe Day, held in Paris from 28-29 May. More than 150 attendees got the latest news on ESEF, participated in working groups and networked over dinner in a French Brasserie. See here for a video of how the day unfolded and to access links to the various presentations.
This week Steven Maijoor, Chair of the European Securities and Markets Authority, made a speech at the 2019 Eurofiling Conference on the continuous work ESMA are doing to improve the quantity, quality, and availability of data, including in the context of financial reporting. Maijoor says “Financial reporting is a means of communicating and in the digital age […]
Last week saw the XBRL community in Europe gather in Paris at the 23rd XBRL Europe workshop, kindly hosted by the ACPR/Banque de France. With updates from ESMA on the ESEF mandate, as well as a range of information about XBRL developments across the region, the meeting saw: Working Groups from both XBRL Europe and XBRL International […]
After over four years of preparations, multiple draft proposals and a mammoth effort translating the IFRS standards into all official EU languages, the European Single Electronic Format (ESEF) became law this week on May 29. The mandate is due to take effect for all IFRS based annual reports issued by public companies and PIEs for […]
Together with a press release marking the publication of the ESEF Regulatory Technical Standards in the Official Journal of the European Union, the European Commission published an ESEF Q&A, that provides answers to frequently asked questions. Significantly, it includes the following question and answer: 7) What kind of assurance will be provided for financial statements […]
Fujitsu, a Direct Member and Sustaining Partner of XBRL International, ran its 4th Annual European Interstage XWand Users’ Meeting on 12 April in Malaga, Spain. The meeting was attended by representatives of European National Competent Authorities (NCAs), Officially Appointed Mechanism (OAMs), filers/issuers, software vendors, and software integrators from over 20 countries.
Europe’s Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – have advised against introducing a “one size fits all”, Europe-wide cybersecurity policy. In the short term, the ESAs say that while there are clear benefits to having a coherent cyber resilience framework across Europe’s financial sectors, this approach is difficult in the short term as […]