The requirements for the prudential and financial information reports COREP / FINREP, IMOREP and SOLVENCY II demand institutions supervised by the Bank of Portugal or by the Supervisory Authority of Insurance and Pension Funds to submit their statements in XBRL format.
The conversion of large amounts of data related to capital, exposure index and risk to the XBRL format is not trivial, requiring validations and automatic tests, which are outside the scope of current information reporting systems.
Many institutions subject to these reports don’t have safe and tested solutions implemented, although the requirements are defined since the beginning of 2014.
CoreFiling is a leading technology company that already operates with most XBRL records worldwide. Its Seahorse application provides an immediate, inexpensive and risk-free solution for the compliance issue.
BDO relies on the SeaHorse application tool to support its customers in the processing of the monthly, quarterly and annual reports required by the Bank of Portugal and the Supervisory Authority of Insurance and Pension Funds, thus providing a safe and excellent service.