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Magnify handles EBA rules blacklist

April 24, 2014 16:33 by

The EBA has now produced an official “black list” of rules that should be ignored.  The full list can be found on the EBA website.

Helpfully, Magnify®, CoreFiling’s XBRL document review product, already has black list support, so that this list (or any further updates) can be incorporated in order to suppress the blacklisted formula.


Who helps when your COREP submissions fail? (part 2)

April 7, 2014 12:57 by

Last time, I discussed the need for smaller financial institutions to take a serious look at the XBRL credentials of COREP software vendors offering low-end XBRL solutions and highlighted the advantages of trusting XBRL expert CoreFiling and our flexible, easy, inexpensive Seahorse® solution.  However, larger banks and financial organisations needing a tightly integrated global reporting framework will require a more strategic approach.

Here, the need for proven XBRL expertise becomes even more crucial, but many traditional banking software vendors have little or no XBRL expertise and rely on externally sourced plug-in modules to cater for the XBRL data conversion.  Such modules often rely on hard-coding methods to detect the XBRL taxonomy against which the reporting documents are created.  This may result in a lack of flexibility and agility to respond when regulations change and the taxonomy alters.

Depending on the client situation, CoreFiling deliver robust yet flexible solutions in the form of either packaged applications, the XBRL Disclosure Management Platform™ (XDMP) or XBRL plug-ins.  Our solutions are taxonomy driven and built so that new versions of the taxonomy can be dropped into the system without the need for hard re-coding each time.

For example, the XDMP solution is the culmination of a highly focused development effort by CoreFiling in conjunction with its partner EMC, experts in document management, and a major consultancy firm.  It is based on commercial-off-the-shelf (COTS) components and, just like Seahorse, it is underpinned by the True North® XBRL processing and validation engine, widely regarded as the most conformant and powerful validator on the market; the UK’s Financial Conduct Authority has chosen True North for its EBA reporting requirements and validation of the COREP and FINREP filings it receives from the UK financial market.

CoreFiling’s long-standing commitment to the furtherance of the XBRL standards and our active participation in the XBRL consortium that oversees the development of the XBRL specifications means that we have an exceptional understanding of XBRL technology, which in turn informs our development process.  Based on our extensive experience and insight, we are ideally placed to help our clients implement successful, flexible and compliant solutions.

Even if your traditional vendor is still struggling to produce XBRL documents in time for you to meet your COREP obligations, there’s no need to feel stuck. CoreFiling offer a safety net in the form of Seahorse to help filers overcome the immediate XBRL reporting obstacle.

To take advantage of our innovative approach, please email info@corefiling.com or call us on +44 (0)1865 203192.


Who helps when your COREP submissions fail?

March 28, 2014 12:39 by

The market is rife with vendors offering ‘inexpensive’ solutions to the imminent problem of filing COREP disclosures to National Competent Authorities around Europe.  In particular, smaller firms with relatively straightforward needs may be tempted by the promise of ‘cheap and cheerful’ products.  Creating the XBRL documents is a fairly simple process, but organisations should think through the wider issues.  Licensing the right application will not be enough, whatever your vendor tells you.

Many regulators are still finalising their reporting rules, but even at this late stage the EBA’s guidelines are quite likely to change before the due date for the first submissions.  Some vendors will struggle to cope when the regulatory requirements change, not only before the initial filing date, but when further alterations occur, as they will surely do over time.  To what extent do vendors really understand the implications?  How quickly can they react to ensure that fully compliant XBRL is generated?  What happens if things go wrong?

Proven XBRL expertise is vital, especially at the service level, if vendors are to overcome any problems encountered by their clients.

What makes CoreFiling different?  We have been developing XBRL products and offering expert XBRL consultancy for well over ten years.  CoreFiling are the firm that provides XBRL support to many of the world’s leading integrators and consultancy firms.  Our expertise is built on a deep understanding of the XBRL standard.  CoreFiling are active contributors to the XBRL consortium that oversees the XBRL specifications; the company undertook most of the work in developing the key technical specification behind Eurofiling.  This affords us deep insight into the standard and informs our products and services.

Seahorse®, available via key CoreFiling partners, provides a straightforward, Excel-based solution for COREP, FINREP and Solvency II filing.  However, behind Seahorse lies over 200 man-years of intellectual property and proven expertise.

You may be thinking that Seahorse sounds fine for smaller organisations, but what about larger financial institutions with more complex needs?

More in a few days’ time…


Will software vendors be ready for COREP reporting?

February 25, 2014 09:38 by

The new CRD IV banking directive is about to take effect.  But how prepared are the traditional banking software vendors to help their clients issue their first reports?

From April the UK Financial Conduct Authority (FCA), for example, will be collecting the first COREP reports in the new XBRL (eXtensible Business Reporting Language) format against the taxonomy issued by the European Banking Authority.

There are, however, growing concerns around the availability of fully functional, XBRL-enabled software in time to meet the deadlines imposed by the new reporting regime.  Several traditional suppliers are likely to fail to meet the due date, especially as changes to the taxonomy may occur even at this late stage, and those with hard-coded solutions may struggle to implement the necessary changes in time.

However, there is an alternative for beleaguered vendors.

CoreFiling is offering a rapid enablement option to help vendors over the first reporting hurdle, followed by further assistance to XBRL-enable their offerings.

To overcome the immediate reporting obstacle, CoreFiling’s Seahorse® provides simple to use, SaaS-based  Zero-Tag™ technology for the generation of Excel forms that, when completed, are seamlessly turned into compliant XBRL documents ready for submission.

In a second phase, vendors can then take advantage of CoreFiling’s in-depth XBRL expertise to incorporate fully standards-based components into their offerings and ensure the output of fully valid XBRL documents.  True North®, CoreFiling’s flagship XBRL processor and validator, is a key element in this second stage.  It’s the component of choice for the FCA’s own EBA reporting requirements and validation of COREP and FINREP filings received from the UK financial market, so vendors can be sure they are validating documents to the same exacting standards as the regulator.

For further details of CoreFiling’s XBRL solutions for software vendors, please call us on +44 1865 203192 or email info@corefiling.com

In: Prudential, XBRL | Comments Off | Permanent Link

Explore the GRI Taxonomy with the help of Yeti

November 18, 2013 11:04 by

The latest addition to CoreFiling’s Yeti® taxonomy exploration environment is the GRI (Global Reporting Initiative™) Taxonomy 2013, launched on 7th November.

Developed in association with Deloitte, the GRI Taxonomy 2013 is designed to allow companies to begin producing sustainability reports in XBRL in accordance with the G4 guidelines.  The GRI aims to promote a more sustainable worldwide economy, with particular focus on ethical behaviour, social justice and environmental care.

Although sustainability reporting in XBRL has not yet been mandated, the GRI has launched a Voluntary Filing Programme (see: https://www.globalreporting.org/reporting/reporting-support/xbrl/Pages/Voluntary-Filing-Program.aspx) to encourage organisations to begin creating XBRL disclosures that investors and other stakeholders can then review and compare.

In support of this initiative, Yeti lets users gain an insight into the new taxonomy by presenting the underlying concepts simply and clearly.  Even beginners will appreciate the intuitive navigation assistance and powerful search facilities, which make it easy to drill down into the detail and to find particular concepts.

Start exploring the new GRI taxonomy today!  There’s easy access at http://bigfoot.corefiling.com/yeti/resources/yeti-gwt/Yeti.jsp

In: Products, XBRL | Comments Off | Permanent Link

Worry-free taxonomy development

November 11, 2013 12:44 by

One thing we’re really proud of here at CoreFiling is our ability to deliver the highest quality software.  We employ exceedingly bright, highly skilled software engineers, developing code using Agile methodologies.

However, the one thing on which we constantly rely to ensure top quality output is our own continuous integration product, Decimate®.  It not only underpins our own development philosophy but is also made available to our customers, and plays an important role in ensuring the success of client taxonomy development projects. In fact, Decimate can support the overall build-test-release cycle of any development project.

The main advantage of using the continuous integration philosophy is that it provides on-going quality assurance and testing throughout the process.  Developers do not have to wait until they are finally ready to release to discover build failures.  Decimate confers a higher degree of confidence to the development process.

Typical development projects involve several people working on the same files simultaneously.  Without a common repository for the seamless merging of changes, chaos is likely to ensue. Dependencies between files need to be handled effectively as there may be unforeseen impacts from one to another.  Decimate guards against these potential pitfalls behind the scenes, by packaging and automatically testing the latest version every time a user makes changes to the taxonomy and confirms those changes back into the central repository.

What’s more, if the build encounters problems, Decimate gives developers very useful information to help determine the source of the issue so it can be corrected prior to the next build.  It’s colour-coded too, for ease of review.

Get ahead with your taxonomy development project with Decimate!  It’s the worry-free option.

Learn more at:  http://www.corefiling.com/products/decimate.html

In: Products, XBRL | Comments Off | Permanent Link

Detailed profit and loss tagging available in Seahorse

October 18, 2013 15:31 by

October was the start date for HMRC’s acceptance of filings in accordance with the new Detailed Profit and Loss (DPL) taxonomies.  The conversion of DPL financial statements to iXBRL won’t be mandatory immediately, as it applies to accounting periods ending only on or after 1st April 2014, so we may not see a deluge of filings for several months.

However, the good news is that Seahorse is there to help whenever you are ready to start filing.  The new DPL taxonomies for UK GAAP and IFRS have been incorporated into the latest release of the product, so you can begin submitting DPL statements in iXBRL right now, or at least know that Seahorse will be ready to help once you decide to start DPL filing.

HMRC have also published an informative User Guide on the DPL taxonomies which can be found at:  http://www.hmrc.gov.uk/softwaredevelopers/ct/dpl-guide.pdf

 

In: hmrc, Inline XBRL | Comments Off | Permanent Link

Detailed profit and loss tagging – get ready!

September 3, 2013 16:11 by

HMRC filers should be aware that Corporation Tax reporting is shortly going to change, with the additional tagging of Detailed Profit and Loss (DPL) statements.

As of October 2013, HMRC will accept submissions against the new DPL taxonomy that has recently been released. Mandatory reporting in line with DPL will, however, come into force for accounting periods ending only on or after 1st April 2014. It will be possible to tag the detailed profit and loss in either the computations or the accounts, but not both. If this happens inadvertently, the filing will still be accepted, but HMRC point out that “this may cause the return to come under further scrutiny, especially if there are inconsistencies with duplicate tagging across the accounts and computations”.

As always, CoreFiling are committed to keeping Seahorse users up to date, and we are already preparing to introduce the new DPL taxonomy into Seahorse at the earliest opportunity, so we’ll have it available for use well in advance of the due date.

Watch for more information shortly.

In: hmrc, Inline XBRL | Comments Off | Permanent Link

How fair are the new banking regulations coming out of Brussels?

June 14, 2013 14:53 by

Sharon Bowles, one of the most influential Britons in Brussels, will be talking about this on Monday in London.  She will talk in her keynote address at “Preparing for CRD IV Reporting” about the challenges facing the banking community and how CRD IV will impact on it.  In the forefront of the drive to improve European banking regulation since the financial crisis, Sharon has devoted herself to building a regulatory system which will provide stability in Europe without putting unfair pressure on the City of London.

The keynote address is one of a series of addresses from speakers across the European regulatory community including the European Central Bank and speakers with long experience at the International Monetary Fund and national regulators.

There are only three days before the conference!

Register now

The conference will also be open to registration from 8 a.m. on the day of the event.

In: Prudential, XBRL | Comments Off | Permanent Link

Are you ready for the CRDIV mandate?

June 11, 2013 09:33 by

Important changes in bank reporting under CRD IV, the new Capital Requirements Directive, the European enactment of the Basel III legislation, are due to come into force starting from 1st January 2014.

Time is rapidly running out. Despite this, there is evidence to suggest that few banks are gearing up to ensure that their internal processes are ‘fit for purpose’ for the arrival of the new reporting regime.

One reason is that there is still a great deal of confusion about what the new regulations actually entail. This is particularly true for the XBRL technology and related taxonomies required to turn the new reporting regime into reality. It is expected that those taxonomies will not emerge in their final form until the end of the third quarter of 2013, giving very little time before the first COREP reports need to be submitted on 1st Jan 2014.

The issue is also blurred by the continued political debate in the European Parliament about bankers’ bonuses, making people believe that this is the only issue. Clearly this is not the case.

The CRD IV reporting changes in fact go much deeper.

Under the new CRD IV regulations, all of Europe’s banks will have to file increased amounts of exposure and risk data to their respective regulators. It may seem like an additional burden, but handled properly this new data will not only help the banks to gain a competitive edge, but might also prevent another bank collapse.

The ‘Preparing for CRD IV reporting’ conference on June 17th at the London Hilton on Park Lane provides a timely opportunity for regulators to explain the case for the new regulation and for banks to gain valuable insight into the reporting changes and how they might turn them to their advantage.

The conference focuses squarely on the regulatory aspects of CRD IV/Basel III and the underlying business issues, with passing mention of the technology that will underpin the submission of the enhanced reports.

During the business track, presenters will explore the issue of ROI and how, by implementing the new compliance requirements correctly, banks will have the opportunity to outperform their competitors. At the moment, many banks view the new regime only in terms of additional investment. The ROI session answers these concerns and explains why investment in compliance will be abundantly worthwhile. However, doing it properly is the key, and there are issues that need to be fully thought through, e.g. How can the new reports be pulled together? How are they to be approved and signed off? How can banks ensure that data is consistent across all submissions made to their various regulatory bodies?

Both the business and the technical tracks will be highly interactive, with ample time devoted to Q&A allowing delegates to enter into the discussion. The conference also features three key representatives from the EBA, the body responsible for translating the technical standards from the legislative requirements behind the new reporting regime. There’s a chance to quiz the EBA further about the ITS (Implementing Technical Standards) which is key to the process, yet not expected to be finalised until later this year.

It promises to be an interesting debate.

For more information and registration: http://www.xbrl.org.uk/conference/

In: Prudential, XBRL | Comments Off | Permanent Link