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

Time is running out for submission of the first COREP filings in XBRL

It’s been a hectic week, with lots of enquiries about our Seahorse® XBRL conversion solution for COREP filings. It’s true that some callers have been under the misguided impression that the first filings need to be made by the end of May, but it’s obvious there are still lots of financial institutions out there that have still not settled on a suitable reporting solution to handle their first regulatory filings under the new CRD IV regime.

 
The deadline for submission of the first reports in XBRL was, in fact, moved back to the 30th June, but it’s still not long if you’ve not settled upon a solution.

 
If you’re still looking for a simple, cost-effective solution to the compliance issue, then do take a look at Seahorse. With its simple to understand workflow, Internet browser-based interface and highly secure environment, Seahorse provides an easy-to-use way of converting your COREP reports from an Excel spreadsheet into the XBRL document needed for filing. As a cloud-based application, several users can work simultaneously on individual report tables, creating further efficiencies and considerable time saving in the XBRL report production process.

 
The good thing, too, is that Seahorse is underpinned by the same stringent XBRL validation that is being used by the FCA/PRA in the UK for the receipt of filings into GABRIEL.

 
Take a look at the Seahorse video to see how quick and simple it can be to convert your data.