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.
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”
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”
Rapid production of high quality XBRL filings has been promised for a long time but, until now, rarely delivered. As many financial institutions have discovered, creating fully compliant XBRL disclosures based on vast amounts of source data takes time and expense. CoreFiling’s Seahorse® now provides a new, simpler way to tackle the problem.
Our new approach avoids manual population of Excel templates. In particular, it will help organisations that have to extract large amounts of data from BI systems, data warehouses or other operational data stores. The solution is now also available in Seahorse, our well proven cloud-based XBRL conversion solution.
Continue reading “Bulk XBRL data conversion without the pain”
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.
The market is rife with vendors offering ‘inexpensive’ solutions to the imminent problem of filing COREP disclosures to National Competent Authorities around Europe. In particular, smaller firms with relatively straightforward needs may be tempted by the promise of ‘cheap and cheerful’ products. Creating the XBRL documents is a fairly simple process, but organisations should think through the wider issues. Licensing the right application will not be enough, whatever your vendor tells you.
Many regulators are still finalising their reporting rules, but even at this late stage the EBA’s guidelines are quite likely to change before the due date for the first submissions. Some vendors will struggle to cope when the regulatory requirements change, not only before the initial filing date, but when further alterations occur, as they will surely do over time. To what extent do vendors really understand the implications? How quickly can they react to ensure that fully compliant XBRL is generated? What happens if things go wrong?
Proven XBRL expertise is vital, especially at the service level, if vendors are to overcome any problems encountered by their clients.
What makes CoreFiling different? We have been developing XBRL products and offering expert XBRL consultancy for well over ten years. CoreFiling are the firm that provides XBRL support to many of the world’s leading integrators and consultancy firms. Our expertise is built on a deep understanding of the XBRL standard. CoreFiling are active contributors to the XBRL consortium that oversees the XBRL specifications; the company undertook most of the work in developing the key technical specification behind Eurofiling. This affords us deep insight into the standard and informs our products and services.
Seahorse®, available via key CoreFiling partners, provides a straightforward, Excel-based solution for COREP, FINREP and Solvency II filing. However, behind Seahorse lies over 200 man-years of intellectual property and proven expertise.
You may be thinking that Seahorse sounds fine for smaller organisations, but what about larger financial institutions with more complex needs?
More in a few days’ time…
October was the start date for HMRC’s acceptance of filings in accordance with the new Detailed Profit and Loss (DPL) taxonomies. The conversion of DPL financial statements to iXBRL won’t be mandatory immediately, as it applies to accounting periods ending only on or after 1st April 2014, so we may not see a deluge of filings for several months.
However, the good news is that Seahorse is there to help whenever you are ready to start filing. The new DPL taxonomies for UK GAAP and IFRS have been incorporated into the latest release of the product, so you can begin submitting DPL statements in iXBRL right now, or at least know that Seahorse will be ready to help once you decide to start DPL filing.
HMRC have also published an informative User Guide on the DPL taxonomies which can be found at: http://www.hmrc.gov.uk/softwaredevelopers/ct/dpl-guide.pdf
HMRC filers should be aware that Corporation Tax reporting is shortly going to change, with the additional tagging of Detailed Profit and Loss (DPL) statements.
As of October 2013, HMRC will accept submissions against the new DPL taxonomy that has recently been released. Mandatory reporting in line with DPL will, however, come into force for accounting periods ending only on or after 1st April 2014. It will be possible to tag the detailed profit and loss in either the computations or the accounts, but not both. If this happens inadvertently, the filing will still be accepted, but HMRC point out that “this may cause the return to come under further scrutiny, especially if there are inconsistencies with duplicate tagging across the accounts and computations”.
As always, CoreFiling are committed to keeping Seahorse users up to date, and we are already preparing to introduce the new DPL taxonomy into Seahorse at the earliest opportunity, so we’ll have it available for use well in advance of the due date.
Watch for more information shortly.
When iXBRL tagging was first required for Corporation Tax filing and the ‘soft landing’ introduced to allow companies and accountancy firms to understand the new process, HMRC indicated that during the first two years they would exercise some leniency by not investigating companies solely on the basis of poor quality tagging.
However, it can be inferred from this statement that when the ‘soft landing’ does finally expire at the end of March 2013 there will be a tightening of the reporting regime with greater scrutiny and analysis of the tagging.
The need for accuracy and transparency
So, although tagging according to the Minimum Tagging List continues, contrary to what some had predicted, the main result of the expiry of the ‘soft landing’ transitional period will be the need to refocus on the accuracy of the tagging to avoid unnecessary HMRC investigations.
HMRC will expect companies to be transparent in their tax assessment; low quality or limited tagging could be taken as showing a lack of transparency. After March 2013 it can be assumed that HMRC’s risk assessment procedures will be actively looking for anomalies that point towards potential issues.
What are the risks involved in incorrect tagging?
We expect HMRC to use exception-based reporting to identify companies that have ratios well outside the norms for their peer group. If a company is applying incorrect tags to its financials, it is likely to come under the HMRC spotlight in the future.
Minimise the risks with Seahorse®
Using Seahorse companies can mitigate these risks and choose to tag according to the MTL or the full taxonomy. Seahorse makes it easy and the learning engine simplifies the task of choosing the right tag. Speed of tagging and accuracy are the watchwords. We’ve recently seen figures from HMRC reporting that Seahorse reached a 99.9% pass rate at the Gateway, illustrating the accuracy of Seahorse tagging.
With Seahorse you and your clients are in very safe hands.