XBRL Europe has prepared and filed an answer to the Cost Benefit Assessment questionnaire about IrEF : the Integrated Reporting Framework for the Eurosystem.
We publish the conclusion words included in our answer.
About IReF and the CBA:
The ECB is developing an Integrated Reporting Framework (IReF) to consolidate the statistical reporting for the European System of Central Banks. The ESCB has developed a baseline proposal for IReF, and launched a cost-benefit analysis (CBA) with a questionnaire to the banking industry. The responses will help the ESCB to draft a regulation on the statistical reporting under IReF, to enter into force in 2024-2027. The project covers datasets for ANACREDIT (analytical credit datasets), SHS (securities holding statistics), MIR (MFI interest rate statistics, monetary financial institutions) and BSI (MFI balance sheets items, monetary financial institutions).
About our Answer:
The XBRL Europe Bank & Insurance Working Group has prepared and filed an answer to the CBA in the name of the association. In this answer, XBRL Europe highlights the benefits of using a structured data format and promote XBRL as a consistent solution, as it is already used for supervisory reporting across Europe. You can reade our conclusion words given to the IReF Cost Benefit Analysis.
Thanks to Martin Deville (UBPartner), Adbelilah Hssaini (Bank Al Maghrib), Vincent Le Moal Joubel (Banque de France), Gilles Maguet (XBRL Europe), Jean-Marie Trespaille (Invoke), John Turner (XBRL International), Joel Vicente (coreFiling), Thomas Verdin (BM&A / Tesh Advice) for their participation to the preparation of the answer.