XBRL (eXtensible Business Reporting Language) is an open international standard computer language used for business reports in digital format. This technology has been used by regulators to enable the validation and comparison of reports made.

BDO developed a partnership with Corefiling, the company that created the XBRL language, to provide our clients with an application tool that safely and quickly allows the conversion and validation of reports to be made to regulatory entities.

In this context, we support our clients in:

• Financial and Prudential Reports (COREP/FINREP, IMOREP, IRRBB and SOLVENCY II)
• ESEF reports

 
FINANCIAL AND PRUDENTIAL REPORTS
The requirements relating to the reporting of information of a prudential and financial nature COREP/FINREP, IMOREP, IRRBB and SOLVÊNCIA II require that institutions supervised by the Bank of Portugal and the Insurance and Pension Funds Supervisory Authority, as applicable, submit their statements in XBRL format.
Converting large amounts of data related to capital, exposure index and risk to XBRL format is not trivial, requiring automatic validations and tests, which are outside the scope of current information reporting systems.
Many covered institutions do not have secure and tested solutions implemented, although the requirements have been enforceable since the beginning of 2014.

The Seahorse application from CoreFiling, the leading technology company that already handles the majority of XBRL filings worldwide, provides an immediate, inexpensive and risk-free solution to the compliance problem.
BDO has the SeaHorse application tool, with a view to supporting its customers in processing the monthly, quarterly and annual reports required by the Bank of Portugal and the Insurance and Pension Funds Supervision Authority, thus providing a safe and reliable service. excellence.