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The national supervisors inside the European Union (EU) has been delivering financial reporting data to the European Banking Authorities (EBA) for more than three years now in the XBRL format. At ParsePort we help converting financial reports
You have many possibilities to report COREP, FINREP etc. to EBA.
Usually the reporting entity uploads XBRL data to their local authority (FSA), who will collect, validate and deliver the reports to EBA.
For nearly all EBA reports there is an Excel template. These templates are either structured based on the XBRL taxonomy, or are based on how the reports used to be created before the authorities used XBRL. We at ParsePort use these Excel templates for the conversion. Mostly because they are easily recognized by the users. We connected these Excel templates to our XBRL Converter (link). This means that you are able to convert the file to XBRL with the push of a button. It’s possible to use all Excel functionality necessary. You can for instance use formulas, references to other workbooks or even database connections.
If you are using reporting software, it’s also possible to directly connect to our XBRL API (link). That way, you can convert the data from your system directly to XBRL.
Every year the reports are updated by the EBA. ParsePort makes sure that the updates are processed into our systems well before the reporting period. The Excel templates also change with the updates. With our Excel Add-In (link) you can simply convert the old templates to the latest version to save you time and issues.
In certain countries, the national authorities have created nation specific taxonomies as an extension on the EBA taxonomy. We are able to support all nation specific taxonomies. Please contact us if you need support on specific XBRL taxonomies.
ParsePort offers all varieties of XBRL reporting solutions for reporting to EBA. The ParsePort XBRL engine serve large financial companies, where the XBRL process is automated and integrated into their systems.
ParsePort also offers the ability for reporting entities to use Excel as the reporting input tool. This enables entities to either link data into Excel through formulas, database lookups etc. But users can also insert their data manually or by copying it from other sources. Once the reports are ready, users simply click a button in Excel, and the report is now being validated instantly and converted into XBRL in real-time – all within seconds.
All ParsePort solutions has the ability to extract, convert, validate, generate and show XBRL files, including XBRL files for EBA.
In some countries the annual banking reports need to be audited and signed off by an accountant. This makes it necessary to read and validate an XBRL file. With our XBRL Reader (link), we can simply convert XBRL back to Excel, HTML or PDF.
Next to that it’s important to know for sure that the XBRL file isn’t changed after the auditing process. This is done using a so called hash total. This can be seen as the fingerprint of a file; if the file is changed even slightly, the hash total will be entirely different. Our XBRL Reader shows this hash total as well so the auditor can check that the right file is audited and validated.
