BDO Portugal offers easy XBRL conversion route for COREP and FINREP report filers
Seahorse removes the worry of submitting reports to the Portuguese regulator
Oxford, 25th June, 2014. CoreFiling, the leading developer of XBRL software solutions, has announced that BDO Portugal will offer the SaaS-based Seahorse® XBRL creation system to Portuguese financial institutions now constrained to file COREP, FINREP and other reports in XBRL to the Bank of Portugal under the recent CRD IV legislation.
BDO Portugal, a professional services firm specialising in audit and consulting, is part of the world-wide BDO organisation consisting of a global network providing advisory services in some 144 countries through a total staff of over 56,000 people. The Portuguese firm was established in 1981 and operates from six offices with 10 partners and 150 people within Portugal.
BDO will offer Seahorse to the Portuguese market, offering hands-on advice and guidance to clients needing help in completing the Excel COREP templates, ensuring that the right data is reported and the spreadsheets are completed correctly.
Seahorse provides a simple, risk-free, cloud-based solution to the XBRL compliance issue. Requiring no specialist software installation and based on robust, proven, highly secure software, Seahorse provides a simple workflow, removing the need to understand the intricacies of XBRL. It automatically generates Excel forms based on the EBA taxonomy, seamlessly converting the completed forms into XBRL documents ready for submission. Crucially, the XBRL documents are fully validated, taking into account any rules imposed by the regulator.
Philip Allen, CoreFiling's Executive Chairman said: "We are delighted that BDO Portugal is offering Seahorse within its local market. The 30th June deadline for submission of the first COREP reports in XBRL is imminent. With BDO expertise and Seahorse, report filers can meet their obligations quickly and without fuss."
Carlos Fontao, Senior BDO Portugal Partner commented: "Seahorse provides rapid, accurate XBRL document production for Portuguese financial institutions struggling to meet the impending deadline to submit the first regulatory reports in XBRL format. Our finance market expertise, plus CoreFiling's proven software provide the ideal combination."