The European Union has transposed the Basel III regulatory framework for banks into European law, commonly called “CRD IV” (Capital Requirements Directive, version 4). CRD IV also applies to some investment firms. For most of them, providing these regulatory reports implies a high administrative burden because they must comply with complex and changing accounting rules involving several departments. To support this process, the application must be capable of:
The solution: Arelle, EBA Edition (AEE)
AEE is a tool to support the edition and validation processes of COREP/FINREP XBRL instances in a safe and user-friendly manner. For instance, whenever the user is supposed to enter a code, he/she can choose it from a drop-down list where user-readable labels are shown instead of the codes.
The user focusses on what he/she should transmit to the national competency agency and not on how he/she should encode it to meet the COREP/FINREP specifications.
AEE applies all available quality checks published by the European Banking Authority and by the "Commission de Surveillance du Secteur Financier", the national competency agency for the Grand-Duchy of Luxembourg. The user gets an immediate feedback on the figures that do not pass the tests and he/she can immediately take a corrective action.
The offered solution is adjustable to any organization. AEE is an open source solution. No need to pay for the license, payment is only required for support. Whenever the European Banking Authority issues a new version of the COREP/FINREP taxonomy or when the filing rules change, the ACSONE staff will update AEE to make sure that the latest rules are properly handled.