Beginning in 2022, the Central Bank of Ireland will require E-Money Institutions and Payment Institutions to submit their accounts and supplementary quarterly returns in XBRL format. The new regulation is in keeping with the CBI's wider move towards reporting in XBRL, and their taxonomy 2.0.
The Central Bank of Ireland (CBI) recently communicated changes to the way that E-Money Institutions and Payment Institutions must report their accounts and supplementary quarterly returns.
What's changed?
Starting in 2022, E-Money Institutions and Payment Institutions that report to the CBI must submit these returns in XBRL format, using the bank’s current Online Reporting System (ONR).
The migration to XBRL reflects a wider trend of supervisory authorities moving to collect data in XBRL format, including the CBI, with their publication of taxonomy 2.0 in 2021, which introduces XBRL versions of PRISM Impact Metrics Data and FINREP returns.
Regular reporting requirements
As part of their regular reporting, E-Money Institutions (EMIs) and Payment Institutions (PIs) must report financial information about the services they provide, including how they safeguard users’ funds, within 20 business days of the relevant reporting period and at the frequency specified by the CBI.
Complying with the regular reporting requirements is essential for these institutions, as submitting reports late, or not at all, is an indicator of risk and impacts whether or not the CBI choose to inspect an institution.
Under the respective Payment Services Regulations and E-Money Regulations, the annual accounts of PIs and EMIs authorised in Ireland must be submitted to the CBI within six months of the end of the applicable financial year.
The new taxonomy to accompany the updated reporting requirements has not yet been published, but is expected around June 2022. Until then, P&L/balance sheet templates are based on the EBA’s current reporting framework 2.9. The first reporting period is likely to be 30th September, but this is subject to change.
How Invoke can help
Invoke's specialist software for financial reporting in XBRL can help you meet your regulatory reporting obligations. Contact us to find out more.
