Lombard Risk Management, the UK provider of end-to-end European Banking Authority (EBA) reporting automation and automated eXtensible business reporting language (XBRL) tools, is offering comprehensive support for multiple versions of XBRL taxonomies at the same time.
“As the EBA’s requirements continue to be rolled out, this is a mandatory functional must-have,” the company comments.
Lombard Risk adds that operational reporting requirements of firms under the new common reporting (COREP) and financial reporting (FINREP) regimes are further complicated by the phased introduction of additional reporting challenges for firms subject to new parts of the regime, including asset encumbrance reporting.
These changes, and taxonomy adjustments from the regulator to deal with inconsistencies, mean that firms have to cope with the live environment which will include more than one taxonomy. Operationally, this means any XBRL submission, or more importantly resubmission, made by any firm has to be in the format that was applicable at such time.
Lombard Risk says that its XBRL solution automatically know which version of the taxonomy to use when compiling the regulatory transmission. Its REPORTER product suite allocates the correct taxonomy version automatically based on the date of the data being submitted. Clients can test new XBRL taxonomy versions before they are live simply by deploying the date functionality.
“REPORTER can hold as many taxonomies as are needed for current or historical resubmission purposes, yet there is no client action required as this is all transparent,” adds James Phillips, Lombard Risk’s regulatory strategy director.
“The user only needs to select the regulatory submission and the date to which it relates, and the correct XBRL taxonomy will be used.”
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