For more than three years the national supervisors in the European Union has delivered financial reporting data to the European Banking Authorities (EBA). At ParsePort we convert financial reports to XBRL in order to ensure compliance for our customers.
If you need to report to EBA you have a wide range of possibilities. You can report COREP and FINREP. Usually the reporting entity uploads XBRL data to their local authority (FSA), who then collects, validates and delivers the reports to EBA.
We offer all varieties of XBRL reporting solutions for reporting to EBA. The ParsePort XBRL engine serves large financial companies, where the XBRL process is automated and integrated within their own system.
We also offer reporting entities the ability to use Excel as the reporting input tool. This enables entities to either link data into Excel through formulas or database look-ups. But users can also insert their data manually or by copying it from other sources.
Once the reports are ready, users simply need to click a button in their Excel sheet, and within a manner of seconds the report is validated and converted into XBRL.
All ParsePort solutions have the ability to extract, convert, validate, generate and display XBRL files. This includes XBRL files for EBA.
Some countries require that annual banking reports are audited and verified by an accountant. In this case it is necessary to convert the XBRL back into Excel, HTML or PDF. Luckily, this is fully possible with our XBRL Reader.
The need for conversion presents a slight issue. It becomes necessary to ensure that the XBRL file isn’t manipulated after the auditing process takes place. This is handled by adding a hash total, or a fingerprint to the file. If the file is changed even a little, the hash total will change, making it obvious that the file was changed.
Our XBRL Reader displays the hash total, so the auditor can confirm that the file is correctly audited and validated.