News

Prospects for the XBRL Tool for Undertakings
22/04/2016 13:30

The European Insurance and Occupational Pensions Authority (EIOPA) intends to investigate the possibility of updating the Tool for Undertakings (T4U) related to XBRL reporting under Solvency II. The aim of this update is to guarantee the coverage of Solvency II reporting during the complete first year. 

The new release would be based on the next version of the XBRL Taxonomy, which captures the amendments to the Solvency II delegated regulation that are linked to investments in infrastructure projects. The new XBRL Taxonomy is to be published in July 2016.

In order to assess the current maturity of the market, collect information on alternative tools and give market participants insights into the T4U's technical implementation, EIOPA will organise a Meet-the-Market Event on 30 May 2016 in Frankfurt.

The final decision on a further T4U release will be taken at the meeting of EIOPA's Board of Supervisors in June 2016.

Background

With the development of the T4U, EIOPA aims to assist small and medium sized companies in creating, editing and validating XBRL documents. The T4U enables companies without the relevant knowledge and resources to perform a basic implementation in XBRL of the Solvency II harmonised quantitative reporting.

The first (beta) release of the T4U was published in December 2014 and since then has been updated six times. Click here‚Äč for more details. 

The T4U is available free of charge.

Initially the T4U was to be decommissioned right after the first Solvency II reporting exercise.

XBRL (eXtensible Business Reporting Language) is an IT language for the electronic preparation, exchange and analysis of business information.

Solvency II XBRL Taxonomy is a systematised description of all the Solvency II reporting requirements. It was developed by EIOPA to ensure the harmonised XBRL reporting under Solvency II.