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.

Rapid implementation

We deployed True North on the client’s site and provided XBRL expertise to help convert the firm’s data into XBRL documents ready for filing. True North benefits from a number of specialist connectors to make integration with existing systems very easy. In the case of the investment firm, we used the Excel forms connector to create a familiar Excel environment, producing the required templates underpinned by the CRD IV taxonomy. The templates were quickly populated and the XBRL reports created. True North’s inbuilt validation provided stringent checking of the XBRL document against the filing rules implemented at the GABRIEL submission portal.

Filing benefits

The XBRL report was produced quickly and easily; it was accepted at the gateway at the first attempt, well in advance of the filing deadline, avoiding the need for costly re-work. Deploying True North in-house meant that sensitive data could remain securely held within the firm, in contrast to other solutions that rely on outsourcing or data hosting outside the UK. True North is offered as enterprise-strength COTS (Commercial off the Shelf) software, minimising deployment time. It provides extremely powerful XBRL processing and validation, ensuring compliance against not only the XBRL specification, but also XII Formula rules and the specified European filing rules.

The firm’s Head of Finance & Cross Business IT commented:

“We are extremely happy with the speed and in-depth expertise CoreFiling have displayed in a short amount of time. We successfully submitted our reports first time with no rejections. We were very impressed by the XBRL capabilities of CoreFiling products and hope to work together again.”