European Regulators are adopting XBRL as the submission format for the data they collect. This supervisory convergence enables a standardised method for the definition, collection, and validation of regulatory data.
The CBI Taxonomy introduces, amongst others, XBRL versions of the PRISM Impact Metrics Data return (‘PIMD’) and FINREP returns currently submitted on to the Central Bank’s Online Reporting System (‘ONR’) by investment firms and fund service providers.
From 30 September 2021 only the new XBRL versions of the PRISM and FINREP returns are accepted on ONR. This may be challenging for clients to adjust to new methods of reporting, as traditional methods of excel reporting will no longer be accepted.