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How to Implement EBA XBRL Data Quality Checks

November 19, 2024/in Tools, XBRL /by Erin Cavanaugh

The European Banking Authority (EBA) requires banks to use the XBRL data format for their filings. XBRL is a standardized format that makes it easier to collect, analyze, and compare data from different financial institutions. By adhering to the EBA XBRL taxonomy, banks submit data that is consistent and easy to validate, which simplifies the reporting process for both filing institutions and regulators. This streamlined approach improves reporting accuracy and helps the EBA maintain better oversight of the European banking sector.

In addition to required validations in the EBA XBRL Taxonomy, the EBA recommends a set of optional data quality checks that allow reporting organizations to further improve data accuracy and compliance with regulatory requirements. These extra validations help filing companies improve the accuracy and integrity of their reported data – but only if the checks are supported by their XBRL reporting tools.

As part of its comprehensive XBRL support, Altova can run the optional EBA XBRL data quality checks in multiple products. Let’s see how it works.

Cartoon woman working at a laptop. In the background are euro symbols and a check mark.

Tags: EBA, Excel add-ins, XBRL, XMLSpy

Creating ESEF Filings Just Got Easier

May 15, 2023/in Regulatory Solutions, Software, XBRL /by Erin Cavanaugh

To meet current mandates, ESEF (European Single Electronic Format) reports must be filed in XBRL. To accelerate the process, regulated companies can take advantage of intelligent software tools to fill the reports with data. One such tool from Altova allows organizations to create valid ESEF XBRL directly in Excel, where finance pros are already comfortable working. This allows them to create reports for filing without having to learn the intricacies of XBRL syntax.

Unlike some other XBRL filing mandates, ESEF requires filing companies to create their own extension taxonomy, which defines the entity-specific data rules for their report. To help customers with this step of the filing process, the Altova ESEF XBRL add-in for Excel includes a visual extension taxonomy designer that makes it a complete start-to-finish ESEF reporting solution.

Let’s see how it works.

Person working on a laptop with coworkers at desks in the background

Tags: ESEF, Excel add-ins, XBRL

ESEF Tools

November 2, 2022/in Tools, XBRL /by Erin Cavanaugh

The ESEF acronym has been top of mind for finance professionals across the EU and UK since mid 2019, when an upcoming reporting mandate from the European Securities and Markets Authority (ESMA) was announced.

ESEF, which stands for European Single Electronic Format, is a digital financial reporting standard based on XBRL. As of early 2020, companies on EU regulated markets are mandated to prepare their annual reports in accordance with ESEF rules.

What exactly is ESEF compliance, and what does it take to meet reporting requirements? Let’s take a look at the basics and some tools that make it easy.

Solvency II XBRL without the Headache

November 14, 2018/in Applications, XBRL /by Erin Cavanaugh

Solvency II regulations in the European Union require periodic reports to be submitted in XBRL format by companies in the insurance industry. This can present a considerable challenge to workers unfamiliar with technical XBRL syntax.

Altova created an easy way to take data directly from Excel to generate reports based on the Solvency II XBRL taxonomy, completely shielding end users from the complexity of XBRL syntax.

Let’s take a look at what the Solvency II regulations mean to impacted companies and how the Altova Solvency II add-in for Excel makes it easy to generate valid reports for filing.

Learn about Solvency II XBRL