Companies filing Country by Country reports as mandated by OECD will need to ensure compliance with Version 2.0 of the CbC XML Schema by February 1, 2021.
To help companies prepare, the Altova Country By Country Reporting Solution now supports Version 2.0 of the schema, adding to prior support for Version 1.0.1. The latest version of the cloud-based app also provides support for additional country-specific validation rules.
In response to measures related to the COVID-19 crisis, the European Banking Authority (EBA) has issued updated reporting and disclosure requirements. These are designed to accommodate, for instance, emergency legislation on pausing loan repayment schedules and the resulting impact on financial institutions.
As such, the corresponding local XBRL taxonomies for reporting to the EBA have been updated with these temporary changes. Altova has published updated taxonomy installers that provide the most recent versions.
Updated taxonomies are included with any installation of the Altova EBA XBRL Add-in for Excel, and additional local taxonomies including BBK, BDP, NBB, and SRB are available on the product download page.
Additionally, the XBRL Taxonomies Installer for all other Altova products that provide XBRL functionality, including XMLSpy, MapForce, and StyleVision, has been likewise updated.
A recent mandate from the OECD called on large, multinational companies to report financials annually for each country in which they do business to their local tax authority. The OECD specified that this detailed Country by Country (CbC) Report be filed in an XML document according to their reporting schema. But for tax departments that work largely in Excel or other accounting software, this presented a significant stumbling block – and companies found themselves scrambling to meet the requirements by the deadline.
What was needed is a way to automatically generate valid, properly formatted CbC XML reports based on existing data. Altova created the Country by Country Reporting Solution to do just that, either based on manually entered data or figures imported directly from Excel. Let’s take a look at how it works.
Altova’s Country by Country (CbC) Reporting Solution makes it easy for multi-national companies to generate valid XML reports to meet the filing requirements mandated by the OECD. Now, in Version 2.0, the CbC Reporting Solution includes new functionality for generating correction reports, as well as the ability to import existing reports for easy analysis.
Let’s take a look at how these new tools make it even easier for customers to meet filing requirements without having to deal with the underlying CbCR XML syntax.
