Edit and validate your "CRD IV" regulatory reports with Arelle, EBA Edition

The Challenge

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:

  • Entering and changing the values in a user-friendly way
  • Applying validation rules as defined by the European Banking Authority and the national competency authorities
  • Creating the XBRL instances; these are the files that are actually exchanged with the national competency authorities, built according to the specifications defined in the so-called ‘COREP/FINREP taxonomies’
  • Adapting easily to the evolution of these COREP/FINREP taxonomies
  • Offering a workspace to each investment firm where to manage its data safely and independently
  • Offering a comprehensive solution to cover all the reporting needs

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.