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CoreFiling Insight Blog

Rapid deployment team accelerates Asset Encumbrance filing in XBRL for large international investment bank

February 19, 2015 09:23 by

Asset Encumbrance (AE) reporting seems to have taken a few financial firms by surprise. It is one of the quarterly XBRL reports that must be submitted by all organisations reporting under the CRD IV COREP mandate, and must be filed in XBRL format.

With less than a week to go to the first Asset Encumbrance reporting deadline on 12th February, a large international investment bank requested help from CoreFiling to file their first AE report in due time. Our True North® XBRL processor immediately came to the rescue.

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Minimum tagging disappears with the arrival of the new FRS taxonomies

February 4, 2015 12:37 by

Since the introduction of HMRC’s iXBRL mandate in April 2011, the subject of minimum tagging has been the subject of considerable debate.

Back in early 2013 at the end of the so-called HMRC ‘soft landing’ period it was widely reported that HMRC’s published minimum tagging list, introduced alongside the April 2011 iXBRL mandate, would be abandoned in favour of full tagging of the accounts documents that accompany the CT600 form and computations. Many breathed a huge sigh of relief when that proved not to be the case.

Under UK GAAP and minimum tagging it was possible to tag using only a small subset of the full taxonomy, which, if done correctly, would allow the document to be accepted at the Government Gateway. Read the rest of this entry »

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Asset Encumbrance – how ready are you?

January 28, 2015 14:05 by

There’s not much time left to organise your Asset Encumbrance reporting. The first reference date is 31st December, 2014, with a reporting deadline of 11th February, 2015. All firms subject to COREP reporting under the CRD IV mandate will have to submit an Asset Encumbrance report and, in common with all COREP disclosures, the new Asset Encumbrance report must be submitted as an XBRL document.

The EBA defines Asset Encumbrance as follows: “An asset shall be treated as encumbered if it has been pledged or if it is subject to any form of arrangement to secure, collateralise or credit enhance any transaction from which it cannot be freely withdrawn”. Therefore, the number of templates required will depend upon the size and nature of the reporting entity, but at least one template must be filed on a quarterly basis.

The good news is that CoreFiling’s cloud-based Seahorse® XBRL disclosure management product already contains all the required templates, reducing the stress for firms that now find they have to submit these new filings.

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UK Open Data gains momentum

December 23, 2014 10:27 by

In a significant move that will take UK open data to another level, Companies House, the UK Business Register, is planning to make available its entire digital data, free of charge, starting second quarter 2015. Once this service goes live, it will give the public access to the digital records of over 3 million companies.

Underlining further the growing importance of open data, the topic will take centre stage during the UK Government’s annual ICT Conference taking place on 13th January at the QE2 conference centre in London.

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‘Roll forward’ to 2015 with Seahorse iXBRL accounts filing

December 22, 2014 16:42 by

Customers often tell us that one of the most useful and time-saving aspects of our Seahorse® iXBRL conversion software is the ability to take an existing iXBRL filing and re-use it as the basis for another year’s filing, the so-called ‘roll-forward’ effect.

That’s really helpful to existing users, but what about new customers who have previously tagged accounts using a different system?

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

Bulk XBRL data conversion without the pain

November 18, 2014 12:09 by

Rapid production of high quality XBRL filings has been promised for a long time but, until now, rarely delivered. As many financial institutions have discovered, creating fully compliant XBRL disclosures based on vast amounts of source data takes time and expense. CoreFiling’s Seahorse® now provides a new, simpler way to tackle the problem.

Our new approach avoids manual population of Excel templates. In particular, it will help organisations that have to extract large amounts of data from BI systems, data warehouses or other operational data stores. The solution is now also available in Seahorse, our well proven cloud-based XBRL conversion solution.

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In: Eurofiling, Products, Prudential | Comments Off | Permanent Link

Further XBRL-related musings from the UNCTAD/ISAR event

November 3, 2014 10:35 by

As already reported, my colleague Ian Hicks recently attended the UNCTAD/ISAR workshop in Geneva. Here’s some further insight into the XBRL-related themes developed during the meeting.

The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), serviced by UNCTAD, is the only intergovernmental working group devoted to corporate transparency and accounting issues. ISAR aims to improve the global comparability and reliability of corporate reports.

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In: XBRL | Comments Off | Permanent Link

Will XBRL help UNCTAD fulfil plans to adopt corporate reporting as part of the sustainability development agenda?

October 16, 2014 10:52 by

My colleague Ian Hicks was in Geneva this week speaking at the ISAR (International Standards of Accounting and Reporting) workshop during the UNCTAD World Investment Forum. The workshop debated current challenges in corporate reporting and how these might be addressed in the context of enterprise economic activities, as well as areas such as corporate social responsibility, environment protection, and corporate governance.

During a session highlighting major trends and initiatives in corporate reporting models, Ian, in his capacity as Chair of the XBRL Inc. Best Practices Board (BPB), offered his perspective on how XBRL supports corporate financial and non-financial reporting and how this might benefit the monitoring and analysis of sustainable development as part of the UNCTAD agenda.

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In: XBRL | Comments Off | Permanent Link

Not just a COTS product company… CoreFiling offer integration expertise to assist the wider XBRL community

July 28, 2014 10:57 by

CoreFiling are well known as producers of excellent COTS software products for regulatory markets around the world, helping both filers and regulators to take full advantage of XBRL technology.

What is less well known perhaps is that the company has an excellent knowledge of enterprise platforms and the necessary componentry when it comes to the integration of XBRL technology into the wider organisational infrastructure, particularly other vendors’ Analytical, Business Intelligence, Data Integration or B2B Process Integration platforms. This gives CoreFiling a distinct advantage as we are able to offer:

  • in-depth expertise and advice to customers and partners in the understanding of how to undertake complex integration projects
  • SOA style integration into existing infrastructure

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In: Eurofiling, Prudential, XBRL | Comments Off | Permanent Link

Open data becomes a reality

July 18, 2014 17:48 by

Open Data is a current hot topic. The UK government is committed to using digitisation to deliver more efficient public services. This week Companies House has announced that it will make its entire digital data available, free of charge, starting second quarter next year. In doing so, the UK will become the first country to create a truly open register of business information.  See the press release.

Companies House has already said that once the service goes live, the public will have free access to the digital records of over 3 million companies.

Since December 2013 Companies House has made newly received filings available online for free download. CoreFiling have packaged these up to provide a free search and query service with access to over 2 million iXBRL company accounts.

Access the CoreFiling service.

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