Bank of England Statistics taxonomy version 1.2.0

The Bank of England has recently published their Statistics taxonomy version 1.2.0. This taxonomy forms part of the Bank of England’s greater plan for Transforming data collection from the UK financial sector.

The decade-long plan is aimed at transforming the Bank’s data collection process to gather and make available more high quality, timely data as well as address issues currently experienced by regulated firms.

This new taxonomy supports the collection of statistical data that was previously submitted in XML format. The previous version of the Statistics taxonomy (version 1.1.0) provided XBRL versions of the statistical forms AS and FV. The new Statistics taxonomy provides the XBRL versions of the remaining statistical forms.

The statistical data that was previously submitted through the OSCA portal, will now be submitted in XBRL format to the Bank of England Electronic Data Submission (BEEDS) portal.

These new XBRL reporting requirements present the opportunity to evaluate your compliance needs and adopt solution that caters for your growing regulatory requirements.

Our XBRL reporting tool, DPM Authority is designed to cater for evolving reporting requirements. Our growing library of taxonomies combined with functionality to assist the migration from one taxonomy to another, provides a simple and seamless reporting process to lighten your compliance burden. Remove the hassle of new reporting requirements by investing in a reporting tool that adapts to your XBRL reporting needs.

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