Escali Blog

XBRL Taxonomy 2.6.0 applies from Q4 2021

Sep 6, 2021 11:45:11 AM / by Andrew Sweetmore

Taxonomy 2.6.0 introduces new reporting requirements which apply from Q4 2021. This new taxonomy includes only a handful of changes although new and updated validations can potentially give rise to errors or warnings not seen before.

Solvency II

The most important changes can be summarised as follows:

  • Basic information now requires disclosure of 2 URL’s, one for the website where the SFCR report is disclosed and a direct link to the SFCR report itself.
  • The list of countries in some reports has been updated to reflect the correct post-Brexit situation.
  • For companies reporting ring-fenced funds and/or matching portfolios there are revised SCR reports without the sections "Approach to tax rate" and "Calculation of loss absorbing capacity of deferred taxes"

There are slightly more significant changes to the list of validations. Around 40 validations have been amended, including amendments to the validation rules or error messages and changes to severity (i.e. a number of previously “non-blocking” validations are now blocking).

In addition, there are 45 new validations, including both blocking and non-blocking validation.

We recommend that insurers review the new validations and/or allow extra time for validation of data in the Q4 and 2021 annual reporting exercises.

 

Pension scheme reporting

As with Solvency II for insurance companies, there are minimal changes to the reporting requirements. Some validations have been changed or deactivated and there are a small number of new validations. As with Solvency II we suggest pension schemes review the validation changes in advance of the Q4 and 2021 annual reporting exercises.

 

 

Resources:

A large mount of documentation has been published on the EIOPA Supervisory reporting - DPM and XBRL webpage. Links to some of the most useful documents for business users follow below:

Solvency II templates (“Annotated templates”)

Solvency II validations

Pension scheme templates (“Annotated templates”)

Pension scheme validations

Tags: EIOPA Reporting, XBRL, QRT, Solvency II reporting, Taxonomy

Andrew Sweetmore

Written by Andrew Sweetmore

Head of Business Development for pensions and insurance, Andrew has over 20 years experience within this sector. Having previously worked as a pension Scheme Actuary in the UK, Andrew now leads our pensions and insurance team.