Our mission is to deliver the XBRL initial taxonomy for COmmon solvency ratio REPorting framework, for credit institutions and investment firms under the future European Union capital requirements regime.

Extract:

The adoption of a common technology protocol based on XML/XBRL language, which will allow taking full advantage of the data model's functionality, is recommended in the consultation paper.

CEBS also intends to provide a complete XML/XBRL coding and taxonomy for the reporting of the solvency ratio.

The choice of IT application for implementing the framework will be a matter of national discretion. However, CEBS considers XML and/or XBRL to be an appropriate tool for implementing a European standardised reporting system, and recommends its use.

CEBS. COREP CP04 - January 2005

FINancial REPorting is designed for credit institutions that use IAS/IFRS for their published financial statements and that have to provide similar information in the periodic prudential reports they are required to submit to their supervisory authorities.

National supervisory authorities are free to decide on the technical aspects involved in implementing the framework. CEBS considers, however, that XBRL 4 can be a helpful tool in constructing a standardised European reporting system. CEBS will develop an XBRL taxonomy, which will be made available without cost to national authorities and supervised credit institutions.

CEBS. FINREP Guidelines on Financial Reporting. December 2005