After the recent EIOPA announcement that the XBRL reporting tool T4U will be decommissioned next month, many filers are now looking for a quick solution to keep their submissions compliant.
At CoreFiling, it’s our business to keep you compliant – that’s why we are proud to announce that we are offering a free trial to our cloud-based regulatory filing platform, Seahorse®. The successor to T4U.
This free trial gives you the opportunity to create one complete filing to submit to a regulator – and even better, users will have three months to explore the software before submitting their filing. Here are just some of the ways in which Seahorse® can help your organisation:
- Seahorse® lets you create fast, error-free XBRL filings. Unlike T4U, its data rendering is XBRL-based, so the reports you send will never have data conversion errors or approximations. The data is 100% accurate every time.
- Seahorse® is hosted in the cloud. Its architecture lets you update taxonomies instantly, with no tedious installations. You can create and view your filings anywhere, any time.
- Seahorse® allows you to easily create XBRL filings in the familiar environment of Microsoft Excel.
How do I sign up?
Trial access is available to anyone. To claim your trial, simply visit our website and fill out the sign up form.
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.
Continue reading “Life after the removal of Excel-based CRD IV reporting in Portugal”
How do I keep up to date with XBRL taxonomy changes?
The whole process of gathering relevant data and implementing an effective workflow to turn that data into valid XBRL reports is daunting enough, but the challenges do not stop there. What happens when the underlying XBRL taxonomy changes, as it undoubtedly will? What solutions are available to help smooth the reporting process?
The impact of Solvency II taxonomy changes
Without specialist insight into the taxonomy structure it is difficult to understand what changes have occurred from one version to the next and, more significantly, how the changes might impact both technical considerations and the preparation of XBRL reports.
Compliance with EIOPA business rules
The business rules imposed by EIOPA and the NCAs may also be amended from time to time, and this could have a profound effect on the data that needs to be reported. How will your reporting systems cope with frequent updates? How will you make sure that your systems remain current, producing totally valid XBRL documents that will not be rejected at the point of submission?
Some systems rely on hard-coding and may prove inflexible, so you would do well to make sure that you will not incur massive system and cost overheads just to bring your reporting into line each time.
Continue reading “The count-down to Solvency II Pillar 3 reporting – 5”
New Liquidity Monitoring and Supervisory Benchmarking
The European Banking Authority (EBA) recently published version 2.3 of the CRD IV taxonomy. The announcement includes two brand new reports, supporting additional Liquidity Monitoring and Supervisory Benchmarking.
The EBA now stipulates that filings with a reference date of 30th June 2015 or later will need to be prepared against the new CRD IV 2.3 taxonomy.
Continue reading “CRD IV 2.3 taxonomy contains important new reports”
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. Continue reading “Minimum tagging disappears with the arrival of the new FRS taxonomies”
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.
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?
Continue reading “‘Roll forward’ to 2015 with Seahorse iXBRL accounts filing”