XBRL: EBA framework changes, reporting season in Estonia and Spain

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Here is our pick of the 3 most important XBRL news stories this week.

1 BRAG flags upcoming changes in European Banking Authority's reporting framework

With its complex regulatory data model, EBA is among the foremost examples of regulators’ use of XBRL in their daily practice. Clear communication about the technical roadmap is a prerequisite for this practice to work.

2 Spain gets ready for ESEF

Spain’s National Securities Market Commission (CNMV), the College of Registrars of Spain and the Institute of Accounting and Accounts Auditing (ICAC) have reiterated the need for entitles trading on EU regulated markets to be prepared to submit their annual reports in accordance with the European Single Electronic Format (ESEF) regulations.

The EU mandate for all companies listed on EU markets to deliver their business reports in the ESEF format (European Single Electronic Format, aka iXBRL) for reporting periods beginning on 1 January 2020 is in place and kicking into high gear, despite the bug. 

3 It's annual report season - also in Estonia

Compiling an annual report is mandatory for all Estonian companies under the Commercial Code (see § 60), even if the company doesn’t have any activities during the financial year. It has to be prepared in Estonian and in the official currency (EUR).

While Estonia may not be high on the radar in general, it certainly deserves better, not least (1) for the clarity and conciseness of the annual reporting instructions that it offers (on Medium, of all places!) to its (2) digital residents, who are obliged to deliver XBRL formatted business reports, irrespective of size or listing status. 

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Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

 We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

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