XBRL Europe Gather in Malta
The XBRL Europe community gathered in the island nation of Malta recently for their annual conference.
The meeting was opened by Malta’s Minister for Finance, Clyde Caruana, who welcomed delegates with a message that underlined the importance of transparency, innovation and streamlined digital reporting for Europe. These themes strongly support the efforts of Malta’s government, which seeks to further expand its already important financial sector.
Yesterday the conference heard from representatives of the European Central Bank (ECB), the European Banking Authority (EBA), the European Single Resolution Board (SRB), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA).
There was a lot to take in, with updates on plans to continue to expand a wide range of bank reporting requirements, new modelling approaches from the SRB, and the role and importance of the new ECB IReF initiative that seeks to harmonise statistical and reporting requirements. Final cost/benefit analysis is underway but IReF is likely to utilise xBRL-CSV to collect data from financial institutions. ESMA reported on its focus, together with Member State securities regulators, on quality and consistency in public company digital filings, and offered a glimpse into the work that is going into both enhancing the ESEF mandate and the upcoming integration of the CSRD mandate into the ESEF framework. The level and intensity of XBRL activity across the continent remains impressive, with regulators, regulated entities and users all benefiting from the digital reporting standard.
The conference also marked the passing of the Chairmanship of XBRL Europe from Bruno Tesniere to newly elected Chair, Thomas Verdin. Malta will be the last conference overseen by long serving XBRL Europe CEO, Gilles Maguet, who will retire at the end of the year after 16 years at the helm. We congratulate Bruno and Gilles on all their achievements, and welcome Thomas, now installed as Chair alongside the rest of the new XBRL Europe ExCo.
