The Bank of England (BoE) finalized version 1.2.0 of the taxonomy to support collection of statistical data, which was previously collected in the XML format. The taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules represent the statistical reporting requirements collected under the Statistical Code of Practice. The data point model is an extension of the European Banking Authority’s (EBA) data point model. Additionally, filings will be subject to the BoE Statistics XBRL filing manual, which has been published with this taxonomy. This manual is predominantly based on the EBA filing rules. This version of the taxonomy represents an extensive update and based on feedback received BoE plans to confirm, by the end of 2021, whether a corrective release of the taxonomy will be published or not.
The publication of the version 1.2.0 of the statistics taxonomy follows two Public Working Draft (PWD) publications in second quarter of 2021. A change log has been published to outline the changes between PWD2 and this publication. Reporting requirements remain unchanged as result of the migration to taxonomy version 1.2.0, and, therefore, the already published definition documents should continue to be used. The release notes summarize key changes compared to OSCA reporting, set out changes to document formatting, list entry points (with entry point labels), and outline the following notable points:
- Reporting of forms AS and FV is currently completed against the BoE Statistics taxonomy version 1.1.0. The taxonomy version 1.2.0 introduces minor amendments to these modules to bring consistency across the full suite of forms. In line with the rest of the reporting forms, the validation rules have been optimized. Taxonomy version 1.2.0 should be used for AS and FV reporting from the first quarter of 2022 reporting onward.
- All forms are structured as separate modules within the same framework. There is also an "all" module which has all templates and validations associated to it. This may prove useful for testing and data preparation activities but will not be permitted for reporting in the BoE Electronic Data Submission (BEEDS) portal (UAT or LIVE environments).
- Cross form validation rules have been added to the final (version 1.2.0) taxonomy package against the "all" entry point. This is a change from the shared public working draft, with the aim to facilitate automated verification of these validations prior to uploading data into the BEEDS protal. system.
- The code assigned to each validation rule is prefixed by the related module(s). For cross form rules, the modules are listed in alphabetical order.
- BoE applied an absolute tolerance approach for all forms, except form AS, which continues to apply interval arithmetic; this is to keep the methodology consistent with the approach used previously in online statistical collection application.
- A sample file for each entry point in the taxonomy has been provided for illustration purposes.
- Where two or more data points have the same modeling, provision of different values will not be permitted, as this would result in inconsistent reporting.
Keywords: Europe, UK, Banking, Statistical Reporting, XBRL, DPM, Reporting, BEEDS, Version 1.2.0, Statistical Notice, Taxonomy, BoE
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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