XBRL REPORTING FOR THE
EUROPEAN BANKING AUTHORITY (EBA)

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. Furthermore we have seen a lot of the EU countries transferring the adoption of XBRL down to the individual reporting entities. This means that a lot of companies inside the banking and financial industry as of today does their financial reporting to their local authority in the XBRL format.

The reporting types that is delivered to EBA in XBRL is:
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Asset Encumbrance (AE)
Common Reporting (COREP)
Financial Reporting (FINREP)
Large Exposures (LE)
Liquidity Coverage Ratio (LCR)
Net Stable Funding Ratio (NSFR)

You may also have heard the EBA reporting being mentioned as the Capital Requirement Directive (CRD IV) or the Capital Requirements Regulation (CRR). This is the name for the official directive stated by the EU, which is approved by the European Parliament.

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Step 1 Step 2 Step 3 Step 4 XBRL engine

Please select a step
in our EBA wheel!

XBRL is not that hard. We offer a cloud-based, simple, fast and highly price competitive XBRL engine that can be explained in 4 simple steps:

Step 1
Extracting data from your report
Step 2
Converting data to an XBRLfile
Step 3
Validating an XBRL file
Step 4
Visualizing an XBRL file – making it readable again

…All with our turbocharged XBRL engine in the center.

Please click on a step and choose your step of interest – or click the center to learn more about how advanced users communicate directly with our engine through our XBRL API!

HOW DO I REPORT ESEF?

It is actually very simple to report in xHTML to ESMA. The challenge has always been to make the link between the individual posts in the document (could be financial statement elements) and the XBRL language identification. ParsePort identified this challenge 8 years ago and thanks to a consistent software development, ParsePort developed a simple intelligent system, which enables you to convert your files directly into XBRL.

That is what we call “XBRL Made Simple”.

The solutions is simple – today there is two main functions in the production of the annual report:

  1. The CFO and/or the accounting department who ensures the figures and content herein is in place to produce the annual report.
  2. The Marketing departments or similar who ensures the visual look and content of the annual report is produced.

HOW DO I REPORT XBRL TO EBA (OR MY LOCAL AUTHORITY)

There is a number of possibilities on how 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. The types of solutions we typically see can be divided into the following:

  • End-to-end reporting package solutions – which covers the full value chain from the raw data input to the final XBRL reports. Often we see these solutions at larger banks and financial companies, where there has been a long preparation and implementation period. These kind of solutions links data sources directly into a reporting software package that can generate, calculate and produce reports. The insolvent of consultants in these scenarios are typically permanent.
  • Semi-automated reporting solutions – is based on some kind of manual or semi-automated user input. This is a common used solution in the middle segment inside financial reporting. The solutions rely on the reporting entity inputting the values in the different reports, which typically is calculated and inserted by the entity themselves. We also see larger financial companies, that makes their own calculating solutions in-house in databases or similar platforms which is transferred to e.g. Excel that makes the source data that’s inserted into a input based reporting solution. Input based reporting solutions is often based on Excel, which in some kind of extend is converted into XBRL.
  • Manuel input based reporting solutions – is often seen in online solutions where users input their values manually into the designated reports, which then will be converted to XBRL. Next time reporting has to be done, the user usually will start over, which means that none of the data or links can be re-used.
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WHAT DOES PARSEPORT OFFER FOR EBA REPORTING?

ParsePort offers all varieties of XBRL reporting solutions for EBA. We service large financial companies, where the XBRL process is automated and integrated into their systems. In these kind of solutions the XBRL engine part is provided by ParsePort.

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.

AUDITORS ALSO USES THE XBRL FILES

In some countries auditors also review and sign off on the XBRL files for financial companies. In these cases the need of an XBRL reader and validator is viable. Furthermore to ensure that the XBRL files are unchanged an algorithm calculates a long hashkey, which can be compare to a DNA string. If anything is changed in the XBRL file, the hashkey will change also. This way the auditor can review and sign off on a specific XBRL file with a specific hashkey.

ParsePort offers this service among with a lot of other smart functionalities to auditors across the EU.

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Contact us for further information on purchasing and using our XBRL API solution.

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ParsePort ApS

We are an XBRL services company helping national authorities, clients and auditors comply with EU and local legislation. Our services include GaaP (IFRS, Annual and Tax reporting) EBA (Corep/Finrep/CRD IV)  EIOPA (Solvency II) and ESMA (ESEF). We service clients worldwide.

ParsePort

We are an XBRL services company helping national authorities, clients and auditors comply with EU and local legislation. Our services include GaaP (IFRS, Annual and Tax reporting) EBA (Corep/Finrep/CRD IV)  EIOPA (Solvency II) and ESMA (ESEF). We service clients worldwide.

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To get our monthly newsletter with updates on taxonomy, XBRL adoption in EU, events and ParsePort XBRL products and services.

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