News

Final release of the XBRL Tool for Undertakings
08/07/2016 12:00

‚ÄčThe European Insurance and Occupational Pensions Authority (EIOPA) plans to release an updated Tool for Undertakings (T4U) related to XBRL reporting under Solvency II in October 2016.

The aim of this final update is to support the first cycle of Solvency II reporting during the complete year 2016 and to give companies time to move to market solutions.

The release will be based on the version of the XBRL Taxonomy to be published on 15 July 2016. This version captures the amendments to the Solvency II delegated regulation that are linked to investments in infrastructure projects.

EIOPA will stop supporting the Tool for Undertakings in July 2017.


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 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 for more details:  https://goo.gl/mafcDD  

The T4U is available as open source software and free of charge.

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.