CBI publishes new taxonomy

CBI publishes new taxonomy

The recently published new version of Central Bank of Ireland XBRL Taxonomy 2.1  changes the reporting format from web ONR form to XBRL for E-Money Institutions (EMIs) and Payment Institutions (PIs) reporting remit.  

The first reporting period for EMIs and PIs’ quarterly account returns and supplementary returns is September 30, 2022. 

Fund Service Providers’ returns have also been affected as the new version extends the XBRL scope for Monthly Metrics and Assets under Management (AUM). 

With six reporting entry points now required in machine-readable XBRL, the CBI is moving towards more supervisory convergence, collecting data in a machine-readable format and more straightforward data analysis. 

The regulators’ XBRL submission requires additional steps in business workflow around report generation, validation and submission to cover: 

  • Converting regulatory reporting templates into XBRL files 
  • Lack of visibility of machine-readable XBRL files  
  • Testing/validation time and effort 

How can we help with the new requirements?

The BR-AG team is now launching adequate CBI taxonomy packages in our XBRL tool: ATOME Particles. 

Enhance controls with an simple solution for data quality assurance (as per CBI’s guidance listed on XBRL solutions in the European Market) for complete, accurate and timely reporting. 

The CBI has also released detailed instructions for users who will be submitting the new XBRL returns as well as PIs and EMIs-specific guide notes. 

Learn more about the ATOME Particles tool HERE. 

If you want to red more about the CBI’s strategy for 2022, go to our blog. 

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