Bulk XBRL data conversion without the pain
November 18, 2014 12:09 by Andrea Whitehouse
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.
Streamlined XBRL conversion
Taking advantage of our unique option to use the CSV file format, Seahorse now handles the output from existing data stores to create fully validated XBRL reports. No matter which BI or data warehouse system you are using, Seahorse can help smooth the XBRL data conversion and validation process. Once the large amounts of information required for the individual disclosures are collated from within the internal data stores, they can also be processed using Seahorse.
Lowering the burden of large volumes of data
Tight deadlines, more frequent reporting and massively increased data volumes all add to the pressures you now face in order to maintain regulatory compliance. Any XBRL conversion system needs to be robust enough to handle the additional throughput, as speed and quality of service are paramount.
Seahorse uniquely converts data originating in a CSV file into the XBRL format. CSV is a widely used, universally supported, and extremely simple file format. So, by taking the source data and performing a little basic coding and mapping, or by using your favourite ETL (Extract, Transform & Load) tool, you can transform large amounts of reporting data into a CSV file very easily. Seahorse then takes the CSV output and provides seamless conversion into valid XBRL format, saving much time, effort and conversion cost. And, because it is built upon the stringent validation offered by True North®, you can rely on the production of quality filings.
Seahorse offers a welcome level of confidence that the XBRL conversion process will still perform well while lowering the burden of managing a much larger number of data points as required by your regulator.
Bulk data conversion with cloud-based benefits
This latest release complements Seahorse’s existing ability to convert Excel templates into XBRL documents, by now providing an automated way to turn the bulk data residing in your traditional financial data stores into fully validated XBRL disclosures, while still delivering the full benefits of a cloud-based solution.
With Seahorse to support you, there should be no fears about meeting your impending FINREP filing obligations.