Today Belgium still makes an infrequent use of XBRL in the exchange of regulatory filings outside the European regulatory framework.  This is set by the European Banking Authority ( EBA) and Single Resolution Board ( SRB), and the European Insurance and Occupational Pensions Authority ( EIOPA):

  • Banks and financial institutions have to comply with the Capital Requirement Directive ( CRD IV), Single Resolution Fund (SRF) and the Liability Data Report ( LDR, for 2019!);
  • Insurance companies, with Solvency II filing; and
  • Pension funds, with the Institutions for Occupational Retirement Provision Directive ( IORP II, for 2019!).

The National Bank of Belgium ( NBB) is in charge of validating reports submitted by the relevant economic operators.  In addition to the European regulatory framework, the NBB issued an extension to the Solvency II reporting called Interest Rate Risk ( IRI_IND) which is mandatory for insurers.  Naturally, Arevio Belgian edition took care of this.  As it does for OneGate encapsulation which is supported whatever the type of report ( OneGate being the secure communication platform for the exchange of structured XBRL data between filing entities and the NBB).  

In the future, the XBRL landscape is to get more complex for filing companies, advisers and software producers operating in Belgium.  Indeed, the pressure by regulatory authorities will be mounting.  Companies present on EU regulated markets shall prepare their annual financial reports from 1 January, 2020 along the European Single Electronic Format, so said in December 2017 the European Securities and Markets Authority (ESMA).  The ESEF will become mandatory and inline XBRL ( iXBRL) will become the standard.  Advanced reporting will then be at the same time machine-readable (thanks to XBRL) and human-readable on browser (thanks to XHTML).  Today the marketplace is buzzing with companies seeking to get ready, and to benefit from the flexibility brought by iXBRL.

AREVIO is conceived so as to welcome and adopt all new or evolving taxonomies without any change to the software.  All you need to do is to download the relevant taxonomy files, feed them into AREVIO, and that’s it!   No delay, no hassle, no extra-cost!  And the iXBRL format is already available as output!  

Feeling like impoving your reporting chain for more flexibility and efficiency?  Tired of wasting time and precious money re-running XBRL validation endlessly?  Eager to simplify your capture of data ‘facts’ and to render them swiftly onto easy-to-validate XBRL instances and reports?

Streamline your process for next year’s reporting, strip dispensable editorial consulting fees.  It costs nothing to request a discovery version of Arevio Belgian edition!

AREVIO is an exciting, intuitive, pedagogic, reliable, and open-minded solution:

  • Exciting since it can cope in no delay with any new taxonomy or evolution thereof – it’s taxonomy-driven and reflects all changes brought in by regulating institutions
  • Intuitive, as its remarkable user interface allows you to command how data are grouped and presented – no need for specialised (and expensive!) consultants making their way through a tangle of XBRL concepts, contexts, facts and tuples, AREVIO  does it for you!
  • Pedagogic, it really helps understand a new taxonomy by showing where a fact appears in different tables or statements
  • Reliable and bug-free! Yes indeed!
  • Open-minded, because as a component AREVIO fits ideally into your editorial process