Facing new requirements of regulatory reporting imposed by the European Union, European financial enterprises (banks, investment firms and (re)insurers) have to set up infrastructure to manage XBRL formats and by that, to answer to the production requirements.
According to us, XBRL processes and production chains are generic processes. Main operations are always the same: creation, displaying, edition and validation XBRL reports. The main differentiator is the taxonomy to support:
- EBA taxonomies, for bankers and investment firms,
- Solvency II taxonomies, for insurers and reinsurers.
The most efficient strategy for financial enterprises is to overcome XBRL technologies and, one way to reach it is to investigate open-source solutions.
As Acsone is convinced that open-source initiatives are the best choices to build generic, open, flexible and affordable tools, Acsone participates actively into the development of the XBRL projects, specifically Arelle (Arelle.org).
Arelle User Interface allows the creation, the edition, the display and the validation of XBRL reports; Arelle based solutions have a huge advantage. Arelle is totally taxonomy-agnostic; all its features are driven by the taxonomies that are loaded at runtime. In other words, whenever a new version of taxonomy is released, it is automatically supported by Arelle. Arelle supports natively any XBRL taxonomies, then EBA and Solvency II taxonomies. This implies for customers:
- an immediate support of any new version of the taxonomy, without additional development;
- a very limited maintenance activity, with a positive impact on the cost.
Acsone provides the following services around XBRL:
- technical consultancy and project management for implementing solutions,
- development of plugins to interface Arelle to production systems or data warehouses,
- support and maintenance of Arelle solutions
- Arelle, EBA Edition
- Arelle, Solvency II Edition