The cornerstone of the Acsone’s XBRL offer is based on ‘Arelle’ (www.arelle.org), an open source tool dedicated to the management of the XBRL instances, largely used by European supervisory authorities to validate new European frameworks to achieve harmonized supervisory reporting standards for regulated institutions across the EU. Acsone’s main contribution consist of improving Arelle to process COREP and FINREP XBRL instances in the context of investment firms and Solvency II instances in the context of insurance companies. COREP (Common Reporting) and FINREP (Financial Reporting) are taxonomies defined by the European Banking Authority (EBA); Solvency II is defined by the European Insurance and Occupational Pensions Authority (EIOPA).
Acsone proposes 3 complementary services to help investment firms and insurance companies to produce XBRL reports:
The Starter Kit for XBRL solutions for COREP, FINREP and Solvency II;
The XBRL consultancy;
The maintenance of Arelle, EBA Edition (AREBA).
STARTER KIT FOR XBRL SOLUTIONS FOR COREP, FINREP AND SOLVENCY II
Launching XBRL reporting requires a lot of activities:
learning XBRL concepts, such as XBRL instances, XBRL taxonomy and modules, etc.;
using Arelle, EBA Edition and its integration within the company;
locating and preparing the data;
encoding the reports and validating them;
sending the prepared reports to the national supervisory authority;
organising the production including the management of the different report versions.
The Starter Kit is a service package which includes all the necessary activities to support the enterprise sending successfully the first XBRL instances to the national supervisory authority. As Acsone has a long experience launching editorial systems, it is the appropriate partner when starting with XBRL production.
It includes the consulting services to assist investment firms or insurance companies in implementing the appropriate reporting solution. The main element of Acsone’s solutions is Arelle, EBA Edition (AEE). AEE is a tool which supports the edition and validation processes of COREP/FINREP XBRL instances. This tool is extensible and it can be easily integrated into existing IT infrastructure to retrieve the appropriate content.
Consulting services could include:
the architectural definition of the ICT solution;
the project management;
the implementation of specific needs;
the testing of the solution;
the training and the support.
MAINTENANCE OF ARELLE, EBA EDITION
The EBA XBRL reporting for investment firms is in its early stage. Many sources for change have to be mastered: evolution of the COREP/FINREP taxonomies, improvement of EBA and national supervisory authorities validation rules, improvement of AEE. This means that a constant maintenance of AEE is required. The maintenance service provides the guarantee of a lasting solution.
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