Around November 2010 I wrote on this same blog that “However Slowly, XBRL May Become a Reality in Portugal” [1]. Recently, the approval of the European Parliament on 16 April 2013 of the CRD IV legislative package means that once it is formally approved by the Council of Ministers, that the CRD IV legislation will apply across  the European Union, on a phased basis, from 1 January 2014. This also means that XBRL will be in place from this date since the European Banking Authority – EBA – selected XBRL as the language for National Supervisory Authority – NSA – reporting. The implications for Portugal are obvious since /Banco de Portugal/, the local Portuguese NSA, will have to use and implement XBRL. CRD IV consists of a Capital Requirements Regulation (the “CRR”), and the fourth edition of the Capital Requirements Directive (the “CRD IV”). The CRR will impose a single set of prudential rules, which will apply  directly to all banks in Member States without the need for domestic transposition.

Interestingly enough XBRL UK, XBRL Europe and XII are organising this 17Th June a conference about “Preparing for CRD IV Reporting” [2]. As we can understand from the introduction given above this conference will bethe regulatory event of 2013 since this conference will provide a detailed and coherent insight into a new area which is still subject to some confusion within the industry. Key regulators will be on hand throughout the day to provide support and detailed answers to the preliminary questions or issues one would like addressing. Speakers include Sharon Bowles, Chair of the Economic and Monetary Affairs Committee of the European Parliament, as well as senior figures from the European Central Bank, EBA, and NSAs.

The conference, which is held at the London Hilton on Park Lane on Monday 17 June, is aimed at banking compliance officials and reporting staff and I couldn’t loose the opportunity to recommend it to my colleagues in Portugal because this time XBRL is already a reality and is coming quite fast.