The Workshop provides the following CWA (CEN Workshop Agreement) deliverables:
- CWA1 Standardize harmonization topics
- CWA2 Metadata container and compliance tools
- CWA3 Standard regulatory roll-out package for better adoption
Coordination: Ignacio Boixo (Eurofiling, Bank of Spain) firstname.lastname@example.org
- Functional XBRL expert: Derek De Brandt (XBRL EU)
- Volunteer proofreading: Allyson Ugarte (AECA)
Secretariat: Maarten Peelen (NEN NL) email@example.com
The main objectives of the proposed Workshop are to:
- Standardise the usage of XBRL within the European and National Supervisory Authorities community and therefore with the organisations that have to report using XBRL. The fact of standardising the approach to XBRL will increase the number of current country implementations. The more organisations employ XBRL in a standardized way, the closer we move towards the possibility to create transparency and interoperability.
- Provide a common list of indicators, labels and data set to describe a company profile or report company’s key figures at a European level, connected to the existing local schemes.
In order to do so, a standard package is to be prepared in the form of a set of CEN Workshop Agreements which enables European and National Supervisory Authorities to easily adopt and implement the new technical frameworks, including methodologies and technical tools to take away complexity for preparers and receivers (regulators).
More XBRL adoption will lead to less reporting burden for European Financial Institutions, if all external reporting must be delivered in the same technical standard.
Eventually, this will lead to more transparency on a European level between Banking Supervisors. For the Business Registers, XBRL represents the solution to facilitate cross-border mergers and seat transfers, and will foster interoperability between national company information across Europe.