Help is at hand for financial institutions that soon need to file their first Liquidity and COREP reports in XBRL. Seahorse is an easy-to-use cloud-based product for managing XBRL disclosures, that will also handle FINREP and Solvency II. Available now, Seahorse is an inexpensive, risk-free solution to the compliance issue. Based on robust, proven software, Seahorse guides filers through a simple workflow process, without the need to understand the intricacies of XBRL. Accessed via a standard web browser, Seahorse handles the following essential steps
- Generation of Excel forms according to the relevant taxonomy
- Conversion of the completed forms into XBRL documents ready for submission
- XBRL document validation
How Seahorse for COREP, FINREP and Solvency II works
Seahorse is already in widespread use across the UK and Ireland for the generation of iXBRL (inline XBRL) documents for submission against the corporation tax mandates in those countries (see below). If you would like further information or to receive a fee quote for the solution then please contact us.
Filing your statutory accounts in UK and Ireland - iXBRL mandate
Many companies in the UK and Ireland have told us that they use, or plan to use, their auditors to help them comply with the iXBRL filing mandate that has been in place in the UK since 2011 and has recently become mandatory in Ireland. The main reason for doing this appears to be the perceived complexity of doing the iXBRL tagging in-house regardless of the costs of outsourcing the process. Having successfully helped many clients, from large corporates through to medium sized businesses, our view is that the iXBRL tagging process, with the right solution, does not need to be either complex or costly
Alui is a key partner of the iXBRL specialists CoreFiling (www.corefiling.com). The CoreFiling solution, Seahorse™, is both cost effective and easy to use. The process is extremely simple: You upload your financial statements in Microsoft Word or Excel to the CoreFiling secure portal, and then complete the tagging either yourselves or with our assistance.
The software’s predictive tagging engine ensures that typically 80-90% of the tagging is automatic, with a minimal level of manual tagging required. Compare this with the time taken in other solutions, where each individual figure needs to be manually tagged.
Alui’s iXBRL specialists will always be on hand to support you through the iXBRL tagging process. We support many companies already in this way, as well as providing mission critical Hyperion financial systems support to FTSE 100/250 companies, so our expertise is second to none.
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