XBRL News from the British isles with KIDs

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

1  UKSEF for 2021 annual reports: Yes? No? Not now?

Project leaders implementing the European single electronic format (ESEF) sometimes ask about a related taxonomy called the UK single electronic format (UKSEF) published by the FRC last September. Questions revolve around whether they should use it for their 2021 annual report, instead of using the taxonomy created for ESEF.

Looks like some good things will survive Brexit … fascinating that the UK is integrating energy and carbon reporting requirements into their version of ESEF.

2 A glance at PEPP – draft PEPP KID taxonomy published

In legal terms, a Pan European Personal Pension Product (or shortly, PEPP) is a long-term, individual, non-occupational personal pension product, which can be subscribed to voluntarily by a “PEPP saver” for income upon retirement. What does this mean? In short, PEPP is intended as an additional product for the long-term accumulation of savings for retirement.

Here I was hoping that the PEPP KID would be the first retirement saver facing Key Information Document known to me – but no such luck: it’s made for EU national competent authorities.

3 CBI to strengthen XBRL and XML use amidst impending IFR/IFD

To say that regulatory reporting changes in the blink of an eye would be an exaggeration, but the pace is quickening, and it’s already a matter of months, not years. For the most part, most National Competent Authorities (NCA’s) have already begun to recognize the power of using open data standards (particularly XBRL) for reporting. You might ask, why? Better data leads to better decisions, and in the simplest of terms, XBRL aids NCA’s in faster and more cost-effective comparison of financial information submitted by many reporting entities.

Investment fund servicing is big business in Ireland. The Central Bank of Ireland is moving all legacy reporting formats in that industry to the XBRL family.

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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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