What is the Bank of England taxonomy reporting?
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Since the end of 2016, the Bank of England decided to collect additional data on regulatory reporting of CRD IV (COREP and FINREP). This includes requirements resulting from the introduction of IFRS 9.
The PRA regulated CRD IV firms (banks, building societies and designated investment firms) need to report Capital+ returns (PRA 101 - 103) from October 2017 and Financial Statements (PRA 104 - 108) from January 2018 in XBRL format.
Already tried and trusted in 30 countries to meet European and Domestic regulatory requirements in the Banking and Insurance sectors, Invoke’s solution manages production of CRD IV (COREP, FINREP) and the BoE taxonomy reporting within a single solution.
- Cloud based solution
- Integrated full-web XBRL spreadsheet
- Rapid Excel to XBRL conversion
- Save time with instant XBRL validation
- Inbuilt validation rules in templates
- Multi-regulation platform (e.g. CRD IV, Asset Encumbrance, etc.)
- 5 key step workflow - Simple and easy to use
- Fine-tuned user rights management
Minimal impact in the event
of regulatory changes
Full maintenance of the complete standard configuration, coupled with an optimised application architecture, guarantees unrivalled lead times when regulations change.
Simple and easy-to-use solution thanks to a 5 key step workflow process: data collection, display, control, validation and XBRL generation.
A standard package for quick implementation
The standard multi-regulation platform encapsulates all CRD firms’ data (COREP, FINREP and Bank of England taxonomy) in a single solution and reduces the cost of implementation. Invoke maintains and guarantees all standard features with every regulatory change.
Formulas included in the templates based on XBRL validations
Comparing to XBRL Utility (XBRL-enabled Excel worksheet), the solution provides better data quality as it integrates formulas in the templates based on validations.