February 2022 update on statistical returns
According to the Bank of England Statistical Notice 2022/04, the next UAT window will take place from Monday 28th February until Friday 18 March. The BoE has published a utility that will enable firms to report their Statistical data within an Excel workbook and convert this into an XBRL file and later upload the file to BEEDS. However, this will only be supported for the current taxonomy version. Importantly to filers, the BoE's utility does not support the validation of data submitted within the returns. If you would like to maintain data quality assurance of your statistical returns, get the trail of our XBRL reporting solution, ATOME Particles.
The Bank of England focuses on XBRL reporting
In late 2020, the Bank of England announced that the submission of statistical returns would be moved from OSCA (Online Statistical Collection Application) to BEEDS (Bank of England Electronic Data Submission), enabling firms to complete and file data submissions online. Next, in 2021 the Bank of England confirmed that the reporting of statistical data would move from XML format to XBRL reporting. We touched upon this topic earlier in the year, which you can read here:
In line with the strategy, the Bank of England held two rounds of consultations and feedback on the "statistical transition to XBRL", publishing the final version of the 1.2.0 Statistical Reporting taxonomy. The first statistical reporting in XBRL format will take place in February 2022 (for January 2022).
Why XBRL reporting?
The XBRL reporting format is being widely adopted in financial reporting, and a growing number of central banks and regulators are adopting it. The Bank of England has also announced that the majority of financial reporting will be done in XBRL, with the obligation to report FINREP, COREP, Capital+, LP2R and a few other reports from the banking supervision domain in XBRL format, present for several years already. Due to XBRL's technical interoperability, the BoE is also moving statistical data reporting to XBRL to harmonise data collection, joining forces with existing banking and insurance XBRL/DPM formats.
New, 1.2.0 XBRL taxonomy for statistical returns
The Bank of England has finalized version 1.2.0 of the taxonomy to support the collection of statistical data, moving from XML reporting to XBRL reporting. In connection, the BoE has published the XBRL taxonomy, Data Point Model (DPM) and the validation rules for the new statistical reporting requirements.
A few quick points about Bank of England statistical reporting in XBRL:
a ) The publication includes the taxonomy itself, data point model (DPM) dictionary, annotated templates and the validation rules, which together make up the Bank of England reporting requirements for statistics.
The taxonomy and relevant documents are accessible on the Bank of England website:
- The DPM for statistical reporting is an extension of the European Banking Authority DPM, which plays into the Bank of England's strategy to incorporate the EU basis for reporting requirements post-Brexit.
- The statistics filings will be subject to the new Bank of England Statistics Filing Manual, published with the taxonomy. The manual is based on the EBA filing rules.
The Bank of England Statistics XBRL filing manual can be accessed here:
Reporting schedule for statistical returns 2022:
Simplify your BoE XBRL reporting with ATOME Particles
As a RegTech solutions provider, we share the regulatory reporting challenges with our customers, mainly when extensive data transformation and validation are involved. Searching for data errors is time and resource-consuming (are you aware of how much time is spent on data validation in your organisation?). And we are well aware of that.
With ATOME Particles, you can quickly transform your statistical reports in Excel file into XBRL format and validate them for data errors prior to submission. Our software is available as a desktop application and does not require sensitive data to be exported to external solutions. In addition to statistics reporting, we also support other Bank of England XBRL reporting requirements and EU frameworks. For more information, sign up for a free trial:
If you would like to see how ATOME Particles can support the last mile of your statistical returns submission, get the solution demo here: