XBRL converter – The must have for institutions under supervision of the FSA
Made possible by a partnership between FCG and Parseport
Since December 2020, with the introduction of EUCLID, all EBA reports need to be submitted in XBRL format to supervisors. Companies that previously could simply tick a box for “nothing to report” or upload an Excel-file, now need to upload the respective reports in XBRL format. This requirement has come as a surprise for many institutions.
What is XBRL? – XBRL is a global standard used for various financial reports such as FINREP, COREP, LCR and Fraudulent payments. The purpose of the XBRL format is to ensure standardized reporting in line with regulatory requirements as well as improve the quality of reported data.
FCGs XBRL solution
FCG’s XBRL Service is a passenger solution, which means that everything will be taken care of for you.
The FCG XBRL Converter lets you convert your files from almost any format into XBRL or iXBRL.
The FCG XBRL Inspector gives you the ability to read XBRL and iXBRL files prepared in CRDIV taxonomies.
The FCG XBRL API gives you direct access to our XBRL engine, where you will be able to perform all available functions.
The advantages of FCGs XBRL solution is that all EBA taxonomies and reports are included, there is no need to implement a specific software – you can simply run the add-in in Excel. You will receive an instant validation that gives you clear guidance on how to make any necessary corrections.
FCG offers a practical and direct solution to your XBRL problems at a competitive price. This service comes with the support of FCGs regulatory experts and has been developed by Parseports skilled software engineers, with a long and deep understanding of the XBRL format. Parseport has extensive experience within the XBRL field, providing their service to actors spanning from small firms to big banks in 14 counties. FCG has a long-term relationship with Parseport, starting as a client relationship and developing into a trusted business partner, providing a holistic solution both from a technical and regulatory perspective.
FCG guarantees that your company will be up to date with the latest EBA XBRL taxonomies and regulatory reporting requirements.
If you want more specifics about XBRL and Parseport, click here