AREBA - Arelle, EBA Edition
Acsone strengthens its offer in structured content management and launches a dedicated service offering based on open-source software, Arelle, EBA Edition, in order to help investment firms to produce COREP/FINREP XBRL reports.
The XBRL standard (eXtensible Business Reporting Language) has been chosen by the European Institutions to harmonise the electronic format for reporting. To justify this choice, the European Commission advocates that it would be very beneficial for filers, investors and competent authorities, since it would make reporting easier and facilitate accessibility, analysis and comparability of reports. This has been defined in the Digital Agenda for Europe presented by the European Commission. It includes the implementation of the different regulations for banking and insurance, the capital markets and the public finance.
Acsone analyses this decision as the most significant step for the adoption of XBRL for the business reporting. Regarding this evolution, Acsone provides help to investment firms and insurance companies for mastering the XBRL technology and for producing XBRL reports.
Acsone’s AREBA platform is a solution based on the open-source Arelle project (Arelle.org), to which Acsone contributes. It helps small and medium entities to produce regulatory reporting. This solution will enable companies to focus on the acquisition of XBRL reporting expertize while not being hindered by technical aspects. From Acsone’s point of view, it is an interesting alternative to total outsourcing of XBRL production.
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