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True North Seahorse Magnify

External reporting

Enabling report generators to focus on content rather than format

Banks, insurance companies and corporates are under increasing pressure to provide timely and comprehensive financial and statistical reports. In order to enable more streamlined reporting, in particular for regulatory filings, there is a growing move towards the use of the XBRL format for external reporting. The shift from final report preparation being carried out in word processors and spreadsheets to documents that use the cutting edge of data interchange technology must be managed effectively.

Understanding the XBRL standard is crucial

A lack of understanding about the XBRL standard means that, at worst, an organisation may not know exactly what they are disclosing in their financial statements. More likely is that those building XBRL into their systems find that everything works fine until a new specification or mandate is introduced or existing taxonomies are changed, at which point development must start again from scratch.

Seamless XBRL report generation

CoreFiling Report Generation operates natively with the XBRL format. It allows the simple, robust and future-proof integration of XBRL into the reporting process. The result is XBRL-enabled systems where the focus is maintained on what is being disclosed rather than how it is being disclosed.

The crucial element in XBRL reporting is the accuracy of the selection of the XBRL concepts, or tags. CoreFiling have addressed this issue for both "bolt-on" solutions, where a tagging mechanism needs to be added to existing workflow, and for integrated systems which call for formal document review prior to publishing or filing.

Bolt-on report generation using Microsoft Word® or Excel®

Recent mandates in the UK, Ireland, Denmark and India require submission of tax and other regulatory reports in XBRL or iXBRL format. Our solution allows you to keep your existing process, by simply uploading the accounts documents you prepare in Word or Excel into our Seahorse® cloud-based software. Accessing the system via your web browser you can then tag your document against the target taxonomy for easy conversion to iXBRL or XBRL, ready for filing.

Integrated report generation

Banks and insurance companies have particular reporting requirements and often need to integrate an XBRL solution into an existing wider infrastructure. Our solution, based on True North®, allows you to XBRL-enable new or existing reporting systems for prudential and regulatory filings. Deployable either embedded in your system using the direct API or through a web service, True North integrates with complex systems to enable native XBRL generation direct from the source data.

XBRL and iXBRL document review

Whichever method you choose to generate XBRL or iXBRL, the resulting documents should be checked for accuracy prior to submission. Using Magnify® you can be sure that you know exactly what you are reporting. As a standards-based assurance platform, Magnify is compatible with every published XBRL taxonomy and extension, so can be used for all your XBRL review and assurance processes.

Advantages of the CoreFiling solution

  • Semantic mapping: Produce a logical model of each taxonomy for semantic mapping to source data.
  • Valid XBRL every time: Tightly aligned to the XBRL specifications to guarantee valid documents every time.
  • Built directly against the taxonomy: Building reports with an XBRL-aware processor means that it is not possible to include facts outside the taxonomy or non-conformant according to other data constraints imposed by the regulator.
  • Integrated into your system: Instance generation and validation are packaged in a small footprint that slots easily into existing systems.
  • Sensitive to different mandates: Ensures that differing XBRL reporting requirements are treated in the correct way, whatever the mandate in force e.g. COREP, Solvency II, SEC or HMRC filing. Our solution recognises that each XBRL initiative has a unique way of using the XBRL standard.
  • Protection from XBRL changes: Our active involvement in the XBRL community means that we gain early insight into XBRL events such as taxonomy changes, allowing you to make pro-active plans for such changes.
  • Future-proof: Our products conform to the overarching XBRL standards, not to specific mandates, so if a particular taxonomy changes, any reports generated against it will always contain valid XBRL.

Related products

  • True North has long been recognised as the fastest and most complete XBRL validator and processor, providing enterprise-quality enforcement of specification and taxonomy constraints on XBRL documents.
  • Seahorse is a browser-based tagging tool which automatically converts individual Word or Excel files into ready-to-file XBRL or Inline XBRL documents. Seahorse runs as a full-availability online service.
  • Magnify is a desktop review tool for XBRL and Inline XBRL, which combines automated validation with manual checklists.