Powerful mandates requiring XBRL include : The European Securities Market Authority (ESMA) for Public Company Financial Reporting (ESEF) for more than 6,000 EU Public Companies The European Insurance and Occupational Pensions for Solvency II Reporting for EU Insurance Companies and Financial Service Firms The European Banking Authority for MiFiD and MiFid II for EU Banks The German business registry collects financial data from over 1M firms though various channels, which is converted to XBRL and published each year in the Bundesanzeiger
“That means there are enormous and pretty onerous reporting obligations imposed on banks, and through the Solvency II framework on insurance companies
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