CEBS publishes new FINREP Taxonomy

On 31 December, the CEBS (mittee of European Banking Supervisors) released the public draft of the new fully-dimensional FINREP (FINancial REPorting) Taxonomy. The taxonomy is the XBRL representation of the CEBS FINREP Framework, designed for credit institutions that publish their financial statements in IFRS. The FINREP project is supported by the IASC Foundation XBRL Team.

ments on the public draft taxonomy should be submitted by 23 April 2010.

Germany

On 19 January, the Federal Ministry of Finance issued a Tax Deregulation Act mandating the standardised submission of financial statements in XBRL format for fiscal periods beginning on or after 31 December 2010. This legislation is a key part of a ministerial initiative to rce the tax reporting burden. It is being -ordinated through the federal NSENUS (-ordinated new software development for electronic tax administration) project. A working group has been established to undertake the development of a taxonomy to ver all tax regulation reporting requirements. Representatives on the working group include the Audit Chamber, the Federal Bar Association, the Ministry of Finance and Chamber of Tax, XBRL Germany eV, and industry associations and software developers.

Spain

On 2 March, the Spanish Business Registry announced the availability of annual financial statements in XBRL format for users of its online portal, http://www.xbrl-/europeanUnion-news_en/20100413. To date there have been over 600,000 submissions to the Business Registry in XBRL. This follows the publication of Order BOE JUST/206/2009 in the official journal of the Spanish ernment in February 2009, mandating the use of XBRL in the presentation of annual financial statements.

UK

On 31 January, XBRL UK released the final version of the UK-IFRS Taxonomy with additional data for the banking and finance, gas, mining and oil industry sectors. A final version of the UK Banking Taxonomy was also released, ntaining ncepts specific to the needs of banking and finance anisations together with a tailored taxonomy presentation view. Both the UK-IFRS and UK Banking Taxonomies are extensions of the IFRS Taxonomy, adapted for UK IFRS filing requirements.

The Auditing Practices Board of the Financial Reporting uncil has issued guidance for auditors on tagging information in audited financial statements in XBRL.