In June 2014, to ease the transition to its new CRD IV reporting regime, the Bank of Portugal introduced a free reporting system based upon the completion of Excel spreadsheets. Not surprisingly, very many Portuguese financial institutions took this easy way out and for the past year have been filing their CRD IV returns using this method.
Only XBRL accepted from the end of June 2015
However, as was fully explained at the time, reporting in Excel was introduced as an interim step only, and the ability to use the spreadsheet-based system is about to disappear. From the end of June 2015 the large number of filers currently using the Excel-based reporting application will have to find an alternative approach.
Seahorse, the XBRL lifeline
Seahorse®, CoreFiling’s cloud-based XBRL conversion software, will provide a lifeline to Portuguese financial institutions now that they need to find ways of converting their spreadsheet data into fully validated XBRL instance documents before submission to the Bank of Portugal. Seahorse provides an easy to use, risk-free solution to the problem of complying with the CRD IV XBRL mandate. It is a SaaS-based application, readily accessible from any internet browser. There is no software to install or maintain, and Seahorse requires no effort on the part of the user when taxonomy changes occur, as these are handled behind the scenes.
Many Portuguese companies and accounting firms are already using Seahorse for the completion of COREP and FINREP filings, and the simplicity of the Seahorse workflow should now appeal to many more filers, as it removes the complexities often associated with XBRL implementation.
Simple XBRL workflow
Seahorse is easy to use, automatically generating Excel forms based on the EBA taxonomy. Once the forms are completed with the relevant data, the Seahorse process seamlessly converts them to XBRL documents ready for submission. Crucially, the resulting XBRL documents are fully validated, taking into account not only conformance to the XBRL specification, but also any rules imposed by the Bank of Portugal. Seahorse also takes care of any rule changes in the background.
Seahorse integrated solution
Additionally, by taking advantage of the widely used CSV format, Seahorse can also help financial institutions that already have BI or data warehouse systems in place and need to extract relevant reporting data before converting it to XBRL. Using an ETL tool, even large volumes of base data can be transformed into CSV format. Seahorse then takes this output and effortlessly converts it into valid XBRL instance documents, ready for submission.
Financial institutions can be confident that Seahorse will deliver quality XBRL filings, as it is built on True North®, CoreFiling’s renowned XBRL validation and processing engine.
Seahorse is a robust, well proven, and highly secure application that should appeal to Portuguese filers who now need a simple way to prepare their XBRL reports.