New taxonomies are published by regulators for a variety of reasons, to fix issues, introduce new report types or to apply year-on-year changes. CoreFiling customers are used to being given access to new versions of reports well before they are required, but how do we achieve this?
Firstly, our products are configured directly with the taxonomies released by regulators. This simplifies our process drastically as no development effort is required to support new versions. Secondly, we have a cross-functional team proactively managing taxonomies on behalf of our customers. This team has optimised a process to identify, fix and release taxonomies so it is ready when you need it.
This post gives some insight into the value we add as we follow our five step process:
- Create configuration items
The first step of the process is to find out about new taxonomies as quickly as possible. Our automated and manual processes monitor the progress of taxonomies throughout their lifecycles to ensure that you are fully prepared for any changes in the regulatory landscape as they happen. The moment a new taxonomy is identified, we immediately move on to the ‘Test’ step of the process.
Taxonomy issues can cause significant delays for your reporting process, which can ultimately lead to compliance issues in the most severe cases. For further details about common issues with taxonomies, please check out the following article published by XBRL International: Building an XBRL Taxonomy: Widespread Errors and How to Avoid Them.
To combat these delays, we run every taxonomy we find through our full suite of tests to ensure you only ever work with valid taxonomies.
If we find any issues with taxonomies, we work with the taxonomy author to come up with a permanent fix and take action to ensure that these issues do not impact your processes. This is outlined in the ‘Repackage’ step of the process.
If any issues are encountered with a taxonomy, we repackage it to work around the issue and ensure that you are not negatively impacted.
In addition to any issues that may be found, taxonomies are often published as standalone artefacts that are not compatible with other taxonomies. Although not a problem in isolation, this can cause significant knock-on issues if you ever need to work with two incompatible taxonomies. We use repackaging to avoid such clashes to ensure full compatibility of any combination of taxonomies you might need.
Create configuration items
Some published taxonomies require additional configuration items for you to be able to generate fully compliant submissions. For example, both EBA and EIOPA publish a list of taxonomy validation rules that should be deactivated when validating corresponding XBRL submissions.
Where required, CoreFiling generate and publish a full set of configuration items to ensure that you can successfully work with a taxonomy without worrying about the configuration of your environment.
The final step of the process is the deployment of the taxonomy.
Taxonomies (and their corresponding configuration items) are published on our free Taxonomy Package Library for download and installation into taxonomy-aware software (such as Magnify or True North Web Services Processor).
If a taxonomy has a presentation linkbase that you need to review to complete your filing processes, we publish it on Bigfoot, our free online taxonomy viewer, for you to view at your leisure.
If you use any CoreFiling cloud applications (such as the True North Data Platform or Seahorse), we arrange for the taxonomy to be deployed to your production environment in a timely fashion.
CoreFiling provide automated taxonomy software, filing software, and expert services across reporting ecosystems. Please contact us at https://www.corefiling.com/contact-us/ for more information.