We have used all our experience in implementing XBRL systems for national banking supervisors and working with major financial application vendots, to design a set of tools that are easy to integrate, simple to use, but also powerful and proven to work.
Paris, France (PRWEB UK) 10 December 2013
UBPartner, the leading European provider of XBRL tools and services, announced today the availability of the latest version of its XBRL Reporting Toolkit, which provides a simple approach to generating XBRL reports for banks that need to submit COREP and FINREP reports or insurance companies who have to provide Solvency II reports. The flexible, yet powerful tools also make it easy for software vendors to embed XBRL reporting capabilities into their applications.
Simple XBRL Reporting
The UBPartner XBRL Toolkit removes the need to understand complex XBRL syntax by providing pre-mapped XBRL templates. Simply load the data into the template and run the XBRL Converter Tool to generate a 100% compliant XBRL document. A complete set of validation reports alert the user to any errors in the document. The XBRL Rendering Tool enables a business level review of any errors found, by highlighting them in the template. Once the XBRL document is generated with no errors, it is ready to submit.
Exploiting the Power of XBRL
The UBPartner tools use the business rules contained in the XBRL taxonomy to test the consistency of the data, identify where numbers don’t add-up or where the right information has not been supplied. These rules can even be extended to cover an organisation’s specific quality checks by using the XBRL Formula Generator.
Using the XBRL Reporting Toolkit means that XBRL is no longer an additional burden, but enables organisations to improve the quality and the automation of their regulatory reporting process.
The UBPartner XBRL Reporting Toolkit is provided as a set of integrated components that can be deployed as part of an existing application, run as a background process that can generate as many XBRL documents as required, or as a Microsoft Office add-in for a user to directly interact with the tools.
Both the advanced, XBRL-savvy user, as well as financial managers who only need to provide or review the data at a business level will find the Toolkit easy, yet powerful to use. By using pre-mapped templates and the advanced validation features of XPE, reporting managers can focus on ensuring the quality of the data they are providing, without having to learn the intricacies of the XBRL standard.
The Way Forward
The UBPartner XBRL Reporting Toolkit does not require an extensive implementation phase over many months, nor does it require that confidential information is sent over networks to remote portals or services to convert or validate the data.
“Tight deadlines, new technology and uncertain future requirements make the move to the new EBA and EIOPA frameworks potentially stressful for reporting banks and insurance companies,” said Roger Haddad, President, UBPartner “We have used all our experience in implementing XBRL systems for national banking supervisors and working with major financial application vendors, to design a set of tools that are easy to integrate, simple to use, but also powerful and proven to work.”
The latest version of the UBPartner XBRL Reporting Toolkit and its components will be made available for download from the UBPartner download website in the coming weeks for customers and partners who have current agreements.
XBRL (eXtensible Business Reporting Language)
XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and numerous government agencies. The XBRL standard is maintained by XBRL International: http://www.xbrl.org.
UBPartner is a privately owned company with headquarters in Paris and offices in London. It provides a full suite of solutions and services that enable companies and regulatory agencies to realise the benefits of XBRL – from the underlying processing engine, to desktop development and deployment tools, all the way to packaged solutions for regulators and government agencies.
UBPartner is the exclusive distribution agent for EDGAR Online’s leading XBRL software in Europe Middle East and Africa. It works with leading system integrators, regulatory reporting specialists and major software developers to deliver a wide range of XBRL based solutions.
UBPartner technology and tools are used today in many advanced and demanding XBRL environments such as market regulators, government agencies and major corporations in France, Belgium, UK, Ireland, Poland, Norway, and Luxembourg and by leading software vendors, such as Oracle, SAP and Infor.