True North® XII Formula validation
XII Formula validates XBRL documents before submission to the regulator, helping to improve the quality of reporting.
CoreFiling’s True North XII Formula processor is a high-performance implementation of the XII Formula standard, with full coverage of the XII Formula specification and compliance with the published conformance suites. Our XII Formula module allows the processing of Formula rules so that XBRL instance documents can be checked against the XBRL Formula linkbase, and errors and anomalies immediately flagged.
Test business rules
Regulators are today facing a lot of pressure to clamp down on careless and inaccurate reporting and are imposing specific rules against which disclosures will be reviewed. Our XII Formula module allows filers to test their documents for compliance with business rules defined in the XII Formula language. It can also help the production and analysis of instance documents.
A growing requirement
Many regulatory mandates and their accompanying taxonomies now include the XII Formula specification. For example, the Eurofiling project, a joint initiative of the EBA and EIOPA, under the COREP, FINREP and Solvency II supervisory frameworks, has specified that EU credit institutions, investment firms and insurance companies must comply against Formula rules.
The CoreFiling solution set contains the True North XII Formula module to handle reporting requirements where XII Formula is specified as an integral part of the validation process.
CoreFiling has a strong background in language design and implementation, ranging from the specification of XML processing languages to the Open Source implementation of XPath, now the XQilla project. CoreFiling has also developed and implemented the Sphinx business rules language, a powerful enterprise processing environment now used in some of the world’s leading XBRL projects.