Founder & CEO
If you are an investment firm in Ireland you will have previously received correspondence from the Central Bank of Ireland (CBI) regarding the conversion of a number of return types to XBRL format.
Today, if your firm has a reporting requirement for the 30 September 2021 reporting period, the CBI will have sent you correspondence that the relevant XBRL return instances should now be visible on your firm’s Online Reporting System (‘ONR’) profile.For now the return types will be visible under the ONR section labelled “Investment Firms – XBRL Only” as the Central Bank is in the process of updating this section heading to include all firm types to which the new returns apply.
This morning the Central Bank attached a mapping document to their correspondence to provide the list of return types that are being replaced and the names of the new XBRL return types that will be required to be submitted on the ONR from the 30 September 2021 reporting period onward. Firms should continue to use the current return types for reporting periods up to 29 September 2021.
Unfortunately there is no consistency across the return formats expected by regulators. Firms already provide other forms of XML reports to the regulator, such as AIFMD Annex IV, and now they have to work on XBRL too.We understand this can be daunting for technology-light financial services firms. This is why we built a one stop online platform that produces all forms of regulatory returns irrespective of their form.
This morning you may well have found yourself wondering, what is this XBRL thing? But AQMetrics is here to help.XBRL is simply an XML-based markup language used for standardized reporting of business information, especially that relating to a company’s financial performance. Regulators see the value in XBRL as it enhances the regulator’s capabilities to validate your firm’s financial data. As XBRL is simply a form of XML that is extendible and based on a common business reporting language, it should not challenge non-technical firms as there are many technology providers, including AQMetrics, that can simply take your excel based financial data and transform it into XBRL for you. It really is that simple once you know who can help.
At AQMetrics our customer success team prides itself on being real regulatory reporting experts, so feel free to reach out if you have any questions on this morning’s correspondence from the CBI on XBRL returns.
To get in touch with the team to find out more, fill out the below form and the team will be in touch.