The EBA published an update to the XBRL taxonomy that Competent Authorities should use for the remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting. Many authorities have been using the EBA XBRL taxonomy for the collection of supervisory reporting from the credit institutions and investment firms they supervise. The taxonomy defines a representation for data collection under the reporting requirements related to, amongst other things, own funds, leverage ratio, liquidity ratios, asset encumbrance, and funding plans. Uniform data formats are necessary to enable comparable data on credit institutions and investment firms across the EU. The taxonomy proposed by the EBA will lead to greater efficiency and convergence of supervisory practices across Members States. In addition, it will facilitate the supervisory process, allowing supervisors to identify and assess risks consistently across the EU and to compare EU banks in an effective manner.