FRSGlobal today announced its partnership with Semansys Technologies. Semansys is a vendor of software solutions for financial reporting and business monitoring based on semantics and eXtensible Business Reporting Language (XBRL). The partnership was announced at the 20th XBRL International conference in Rome.
Increasingly, regulators are demanding that reports should be submitted in XBRL, such as the Central Bank and Financial Services Authority of Ireland (CBFSAI) for statistical reporting, the Estados Públicos (public reports) overseen by the Banco de España, and the upcoming SURFI regulations driven by the Commission Bancaire in France. Thus far, FRSGlobal has developed specific solutions for each regulator’s requirements. With this partnership, XBRL will be included as standard within FRSGlobal’s regulatory reporting tool, RegPro.
Walter Wartenweiler, vice president of technology for FRSGlobal, commented; “As an innovative language for the electronic communication of business and financial data, XBRL is revolutionising reporting around the world. This partnership with leading XBRL software vendor Semansys Technologies will enable us to move from a regulator-specific methodology to delivering a more proactive, homogeneous approach for our clients.”
XBRL provides major benefits in the preparation, analysis and communication of business information and offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.
Wartenweiler continued: “In regulatory terms, XBRL is considered to be tailor-made to help supervisory bodies root out hidden threats to balance sheets with increased speed and accuracy, so it is clear why there has been an increased demand for this standard by the regulators, which we only see as expanding further. We look forward to combining the XBRL knowledge of Semansys with our wide geographical and reporting content and proven market-leading expertise in regulatory reporting and risk profitability analysis.”
The first stage of the partnership involves both parties worked together with existing FRSGlobal customers in France to bring their reporting application in alignment with the SURFI regulation from both regulatory rules and XBRL delivery capabilities.
Paul Snijders, CEO of Semansys, said: “In the wide range of XBRL projects Semansys has been involved in, the SURFI project with FRSGlobal is one of the most interesting. Not just because reporting to central banks in the current environment is highly complex, but also because XBRL proves its added value. It delivers sophisticated reporting capabilities with ease-of-use and without disrupting current systems and processes. FRSGlobal’s unified solution will deliver low-cost compliance to firms adhering to the French rules and any other region’s regulatory environment. In a later stage we will see banks also as consumers of credit and loan XBRL reports from small companies.”