Is CBI’s XBRL Taxonomy 2.0 for you? Are you prepared?
The Central Bank of Ireland (CBI) has made a strategic decision to update several Online Reporting System (ONR) formats as the current structures limit functionality and lead to high maintenance costs. It has also been considering phasing out certain returns submitted by firms and moving to more functional formats. One of them is XBRL – a reporting language that has gained ground with NCA and other European regulators.
In line with these efforts, the CBI has introduced a new taxonomy 2.0 in July 2021, which initiates XBRL versions of
PRISM Impact Metrics Data return (‘PIMD’)
FINREP return(s) reports are currently submitted online
The CBI Taxonomy on their website contains the following information:
- XBRL taxonomy files and supporting documentation
- XBRL filing rules
iii. Taxonomy packages
- Sample files
The first reporting period to submit PIMD and FINREP reports in this new format to CBI is September 2021.
The taxonomy will need to be adopted by investment firms and Fund Service Providers, including:
- Fund Administrators
- UCITS Management Companies
- Alternative Investment Fund Managers
- Investment Managers
- Investment Advisers
The CBI’s taxonomy 2.0 package is already available in DataTracks’ proprietary XBRL tagging software that has been developed in-house to prepare XBRL instance documents. Reports prepared through our Software are tested successfully with CBI’S Online Reporting System (ONR). We have developed a new tool that allows firms to complete these returns in the familiar Excel spreadsheet environment.
Filers can validate their data quickly and seamlessly transform their reports into XBRL format with DataTracks.
DataTracks is designed for use by Companies and Tax Advisors/Accountants who seek to benefit from our expertise in IE GAAP, IFRS, and iXBRL technology.