While We Were Off the Air
While we were off the air, there were plenty of developments around the world that you might have missed including:
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- Focus on Cyber Risks. Worried about having your information stolen? You’re not the only one. Last month, the European Insurance and Occupational Pensions Authority (EIOPA) published its report “Understanding Cyber Insurance – A Structured Dialogue with Insurance Companies.”
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- XBRL in Russia. The Central Bank of the Russian Federation published preliminary requirements for XBRL statements which will become applicable as of 2019. You can access version 3.0 of the Taxonomy here. The taxonomy is scheduled to become effective for 2019. However, before its go-live date, market participants will be able to test the preliminary version of the XBRL taxonomy and provide their feedback up until the 20 September 2018. Read more here.
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- EBA updates taxonomy. The European Banking Authority published a corrective update to the XBRL taxonomy that Competent Authorities shall use for the remittance of data under the Implementing Technical Standards (ITS) for reference dates of 31 December 2018 onwards. Access it here. This update replaces the previously published 2.8 Data Point Model (DPM) and XBRL taxonomy and corrects various implementation errors in the previously published XBRL formula. It also corrects errors in the data model, including several tables for Prudent Valuation in COREP. The XBRL update includes additional changes to the validation rules as well as a change to one of the resolution templates.
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- FSB launches thematic peer review and seeks feedback for LEI implementation. The Financial Stability Board (FSB) is seeking feedback from its stakeholders as part of a recently launched thematic peer review process regarding the implementation of Legal Entity Identifiers (LEI). The objective of the review is to evaluate the progress made by FSB members – both national authorities and international bodies – in response to the G20 Leaders’ call for the “global adoption of the LEI to support authorities and market participants in identifying and managing financial risks”.The FSB will accept feedback until 21 September 2018. Read more
- The XBRL US Data Quality Committee (DQC) published its 7th set of Data Quality Rules for public review. The comment period finalizes on 10 September 2018.
Twelve new rules have been included in the seventh and newest ruleset, covering tagging procedures under the new revenue recognition standard, and potential problem areas that may arise from tagging pensions data. Interested parties will be pleased know that the rules and guidance developed by the DQC are free and publicly available. Issuers, vendors, analysts, and investors can test out the draft rules and provide comments related to the rules on the public review page.
