Acsone provides and supports a  generic, flexible, reliable, user-friendly XBRL solution  for financial institutions and other organizations that must produce XBRL reporting to regulating authorities. This solution is also effectively used for validation and data analysis by supervising authorities and companies providing reporting services. By design, it will adapt to the constantly expanding reporting requirements requested in Europe by  EBA, EIOPA, SRB and ESMA, including IFRS . At its core it relies on the well-known Arelle open source XBRL engine and provides  many additional performance and usability features .

Expanding regulatory reporting requirements

Every year, the banks, the insurance companies, the quoted companies and the investment firms have to file financial reports with regulating authorities in various formats. Some are relatively easy to produce without technical knowledge or specialized tools, e.g. formats based on Microsoft Word or Excel and Pdf. Some require the production of valid XBRL (eXtended Business Reporting Language) files, according to XBRL taxonomies that specifies content and validation rules.   Our solution addresses this latter requirement.

Each year new reporting taxonomies are issued and have to be implemented.

For example, in Belgium, in addition to Solvency II reporting, the insurance companies have to produce the Interest Risk Rate (IRR) reporting; in the Netherlands, the Verzekeraars Nationale Staten(VNS); in France, the Reporting Assurance National (RAN), etc. The bank sector follows the same trend: the Single Resolution Board (SRB) reporting has to be produced in 2018 in addition to the CRD IV.

The Standard Business Reporting (SBR) is adopted by several countries inside and outside Europe (the Netherlands, Sweden, Finland, Denmark, Australia, etc.) and is increasingly based on XBRL for the automated exchange of information.  .

The International Financial Reporting Standards (IFRS)  requested by more and more countries around the world also relies on XBRL for the electronic exchange of information. For 2020, listed companies will have to implement the Transparency Directive, through IFRS-based (ESEF/ESMA) reporting.


            Make your XBRL reporting efficient

In the past, many organizations implemented specific XBRL solutions able to support one or two taxonomies. Now, that new taxonomies and new versions of taxonomies are periodically published, only a generic set of XBRL tools provides an economical, sustainable and flexible path.

Generic tools are fully taxonomy-driven: they will work with all existing and future XBRL taxonomies. This drastically reduces the costs, delays and user training when new (versions of) taxonomies are published. Financial report processing is becoming a technology like document and database management; report project implementation will increasingly follow standardized development workflows and methods.

At the centre of our solution is a generic XBRL engine. This engine is based on the Arelle open source platform (www.arelle.org) renowned in the XBRL community. Acsone’s version and extensions include:

  • XBRL native drafting capability of XBRL reports according to any taxonomies based on Presentation or Table Linkbase;
  • Excel drafting and conversion (import & export) of reports according to any taxonomies based on Presentation or Table Linkbase;
  • Extended support of XBRL specifications in the drafting processes: full support of table, presentation, formula, dimensions linkbases and inline XBRL;
  • Extended support of taxonomies including country specific reporting requirements (in particular EBA/CRD IV, EIOPA/Solvency II, ECB FINREP, SRB, IFRS, NBB/IRI, VNS, …)
  • Significant improvements to formulas processing in order to:
    • speed up processing
    • monitor execution delay
    • optionally deactivate some formulas
    • contextually display validation errors
    • clean-up duplicate information
  • new drafting capabilities:
    • support of copy/cut/paste Excel clipboard
    • search function
    • display of raw/rendered values

Of course, Acsone’s solution benefits also of all the facilities provided by the original Arelle such as its user interface, command line and REST services, and multi-lingual support.

Our tools set provide the following key advantages to our customers:

  • Rapidity of  implementation; reporting can start as soon as the taxonomy is available, even in draft status;
  • Robustness and usage flexibility; due to its genericity, our tool box is used in many different configurations, reporting processes and contexts, not only by filers, but also by supervisory authorities, by software editors and financial analysts;
  • Its cost effectiveness.

With our tool the user organization is largely shielded from the technicalities and complexities of XBRL and taxonomies and can instead concentrate on the data extraction from its databases and the  content of the reports .


      Go directly to the right XBRL solution

 

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Join us!

You are a software company convinced  that a market exists in your territory or a powerful XBRL tools set. ARELLE, ACSONE EDITION is a good choice: you can become an Acsone partner for the sale of our technologies in your country.  Do not hesitate to contact us!