Life after the removal of Excel-based CRD IV reporting in Portugal

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”

CRD IV 2.3 taxonomy contains important new reports

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”

48 COREP validations – how will you know if your disclosures fail the test?

Recently the FCA/PRA announced a significant change to its COREP reporting requirements [http://www.fca.org.uk/your-fca/documents/crd-iv-validations-for-q1-reporting]. There are a number of known errors in the EBA taxonomy and consequently the UK regulator had previously indicated that it would be treating all validations as ‘warnings’ that would not result in failed submissions.

However, upon further investigation the FCA has now issued a revised notice asserting that it will be checking a total of 48 validations (relating to COREP Own Funds and Leverage, Large Exposures, LCR and NSFR) in disclosures issued to meet the impending 30th June remittance deadline. Outside the 48 validations highlighted above it will continue to ignore the other incorrect EBA validations and treat them merely as warnings for GABRIEL submission purposes.

This means that filers must be vigilant and their XBRL production systems must be able to cater for this new set of important validation rules. But, how do you know whether your XBRL documents will pass the test?

There’s one sure way to find out – by using Magnify®, our XBRL document review product. The new validations have now been incorporated into Magnify, so it’s easy to check your submissions against the new rules. If there’s a problem, Magnify will highlight the error so that you can take remedial action. The even better news is that Magnify also lets you understand what is actually contained within the XBRL document you’re about to submit; it renders the document in a human-readable format, so you don’t have to struggle with the impenetrable XBRL. So, when senior executives need to sign off the completed reports, Magnify shows clearly what is being reported.

In short, Magnify can save you time and effort – and offers peace of mind that your disclosures will not be rejected

Will software vendors be ready for COREP reporting?

The new CRD IV banking directive is about to take effect.  But how prepared are the traditional banking software vendors to help their clients issue their first reports?

From April the UK Financial Conduct Authority (FCA), for example, will be collecting the first COREP reports in the new XBRL (eXtensible Business Reporting Language) format against the taxonomy issued by the European Banking Authority.

There are, however, growing concerns around the availability of fully functional, XBRL-enabled software in time to meet the deadlines imposed by the new reporting regime.  Several traditional suppliers are likely to fail to meet the due date, especially as changes to the taxonomy may occur even at this late stage, and those with hard-coded solutions may struggle to implement the necessary changes in time.

However, there is an alternative for beleaguered vendors.

CoreFiling is offering a rapid enablement option to help vendors over the first reporting hurdle, followed by further assistance to XBRL-enable their offerings.

To overcome the immediate reporting obstacle, CoreFiling’s Seahorse® provides simple to use, SaaS-based  Zero-Tag™ technology for the generation of Excel forms that, when completed, are seamlessly turned into compliant XBRL documents ready for submission.

In a second phase, vendors can then take advantage of CoreFiling’s in-depth XBRL expertise to incorporate fully standards-based components into their offerings and ensure the output of fully valid XBRL documents.  True North®, CoreFiling’s flagship XBRL processor and validator, is a key element in this second stage.  It’s the component of choice for the FCA’s own EBA reporting requirements and validation of COREP and FINREP filings received from the UK financial market, so vendors can be sure they are validating documents to the same exacting standards as the regulator.