EIOPA have published the presentation of their ‘Meet the Market’ T4U workshop hosted May 30th.
Built as a response to the fast implementation timeline, the Tools for Undertakings supports the Solvency II XBRL conversion. The Tool also supports jurisdictions where XBRL is an unfamiliar reporting language.
Originally, the T4U would not receive updates beyond the first filing deadline, but now support could run for the first full year of live filings.
The event also allowed EIOPA to collect feedback and understand how the market are preparing for future submissions. It is likely that if the software market is able to manage the XBRL conversion process then T4U support will not be required for the first 12 months of Solvency II.
When support for T4U suspends it will receive no updates when new taxonomies are released. It is likely that the Tools for Undertaking can be used for other XBRL projects, and that the developments so far will contribute to the open source and XBRL community.
You can view the T4U workshop presentation here, and as EIOPA have yet to release a report it is likely that they are still open for feedback.
Remember, T4U support will be suspended over the course of this year. If you haven’t considered how you will manage your Solvency II XBRL conversions then get in touch with the Arkk team.