Here are the most recent developments in 2018:
- The EIOPA recently published the public working draft of the taxonomy for the institutions for occupational retirement provision IORP II directive. By 5 November 2018: EIOPA plans to publish the final pension funds 2.3.0 taxonomy to be used by reporting entities from the 30 September 2019 reference date.
- The insurance companies in Belgium have to produce for the National Bank of Belgium (NBB) the Interest Risk Rate (IRR) reporting in addition to Solvency II reporting; similar National Specific Reporting (NST) are required in other countries: in the Netherlands, De Nederlandsche Bank (DNB) asks for the Verzekeraars nationale staten, jaarlijkse rapportage (VNS-JR); in France, the Banque de France introduced the Reporting Assurance National (RAN) ...
- The EBA and the EIOPA released their yearly version of the Solvency II and CRD IV taxonomies.
- Banks in The Netherlands will have to produce the Balance Sheet Items (BSI), the MFI Interest Rates (MIR) and the country risk reports (Form 8023, BIS CBS) in addition to t he CRD IV reporting, the Single Resolution Board (SRB) reporting and the Standard Business Reporting (SBR-NL) .
- In August 2018 the US Securities and Exchange Commission (SEC) announced that it will begin requiring Inline-XBRL in certain filings; for more information, please read SEC press release.
The International Financial Reporting Standards (IFRS) reports are requested by an increasing number of countries around the world and the XBRL format is usually required. For 2020, listed companies will have to implement the European Transparency Directive, through IFRS and inline-based reporting. The ESMA will supervise this implementation. This new reporting is called by ESMA European Single Electronic Format, in short, ESEF.
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.
In the past, many organizations used specific XBRL solutions able to implement one or two report types. Now that new taxonomies and new versions of taxonomies are periodically published, only agile XBRL tools provide an economical, sustainable and flexible path.
Different strategies can be designed to provide agile XBRL tools. Acsone chooses to use a fully taxonomy-driven solution: this single solution works with any existing and future XBRL taxonomies thereby reducing the implementation costs and delays for Acsone and its customers drastically. No matter your user profile, enabling the processing of a new reporting consists of importing in our tool the corresponding taxonomy (by a simple copy/paste). With such a solution, report implementation projects can be industrialized.
Our solution provides the following XBRL features:
- Support of XBRL specifications: table, presentation, formula, dimensions linkbases and inline XBRL;
- Native XBRL drafting capability for any taxonomies based on Presentation or Table Linkbase;
- Spreadsheet drafting support, with Excel or OpenOffice Calc, for any taxonomies based on Presentation or Table Linkbase;
- Inline XBRL support for Presentation Linkbase taxonomies;
- Strong formulas processor providing validation results in User Interface, XML file or in Excel contextual format; specific optimization like Optional deactivation of some formulas;
- Specific drafting capabilities like the search function, the footnote management, the possibility to view facts as well as in other tables, or as raw values;
- Support for EBA and EIOPA filing rules.
Our tools set present the following advantages:
- Speed of implementation; reporting can start as soon as the taxonomy is available, even in public working draft (PWD) status;
- Robustness and usage flexibility; due to its genericity, our solution is used in many different configurations, reporting processes and contexts, not only by filers, but also by supervisory authorities, by software editors, by auditors and financial analysts;
- Homogeneity of solution and of user interface when the user organization produces more than one type of reporting;
- Scale effect of development; report implementation can be approached in an industrial way.
Acsone' solution is available on Windows (64bits), macOS and Linux environments. It relies on the well-known Arelle® open source XBRL engine; it benefits from all the facilities provided by the original Arelle® project such as the User Interface, Command Line, REST services and multi-lingual support. Take a look at our improvements.