XBRL implementation in Hungary
What’s going on
The Central Bank of Hungary has announced that starting on 12 October 2020, XBRL format will become mandatory for all prudential reports created according to European taxonomies as published by the European Banking Authority and the Single Resolution Board. The XBRL format was expected to become obligatory at the beginning of 2020 but due to Covid-19 pandemic this was postponed giving the banking sector more time to prepare for XBRL reporting.
All banks in Hungary will be required to create and submit their reports in XBRL. An exception can only be granted by the Central Bank of Hungary upon individual request by a branch that reports only the C15 table in COREP.
The new EBA Guidelines on reporting and disclosure of Covid-19 measures are also included in the reporting.
As of 1 July 2020 it is also possible to test the submissions in XBRL format in STEFI (supervisory data collection system).