XBRL Standard

Reporting to the Banking Supervision Department in accordance with the XBRL Standard

HMS offers an advanced and effective solution for the implementation of this requirement.

In step with the Banks Supervisor’s requirement, banks and credit companies are to prepare to transmit to the Banking Supervision Department an array of reports, and to do so in accordance with a new reporting method compliant with the international XBRL standard.

The XBRL standard is used for the reporting of XML-based business information. It was developed by a consortium of governments and regulators and is being used by an array of regulatory bodies around the world, such as bodies exercising supervision over banks, securities authorities, and more.

One main advantage of using the XBRL Standard is the significant improvement witnessed in the quality of the data being reported. This improved quality is assured by making sure that the necessary “data normalization” is carried out, as well as by an array of controls which are being exercised during the data generation stage within the reporting corporations, as well as during data assimilation carried out by the regulator.

On October 19th 2015, the Banking Supervision Department published its final guidelines regarding the transitioning on to using the XBRL reporting method by Banking corporations and by credit card companies. These guidelines are based on the European standards.

XBRL Standard

The proposed solution

Being a group specializing in Financial IT – HMS devised an advanced and effective solution for this type of reporting, in collaboration with UBPartner – a world leading company in this field.

This is a comprehensive solution for XBRL reporting – operated by utilizing the following two alternatives:

  • Alternative A – manual capturing of the data into the XBRL system by using Bank of Israel’s templates structures (this structure is compliant with the Reporting Directions issued by the Banking Supervisor). An option exists for expanding this alternative to become automatic reporting at a later stage.
  • Alternative B – an automatic process for generating reports via the XBRL system on the basis of the master files which are currently being reported to the Bank of Israel, and adjusting these reports to comply with the new required taxonomy.

 

Main advantages

  • A comprehensive solution for XBRL reporting – both for accounting as well as all other reporting.
  • Using a leading system for the transmission of XBRL – which is being used in many reporting Banking corporations as well as by regulators around the world.
  • A system which conceals the complexity of XBRL at the user level and which offers user-friendly, Excel-based, clear reporting templates.
  • An easily operated, user-friendly system – taking into account any future updates to be made to the taxonomy.
  • Manual and automatic solution alternatives, whilst utilizing a flexible system.
  • This service package includes the carrying out of all adjustments which are necessary for complying with any future changes in the Bank of Israel’s taxonomy.
  • HMS’s experience and familiarity with the requirements posed by the XBRL Standard and the Banking environment.
  • Relatively low annual subscription costs compared to the costs of using the reporting system (including the costs of maintenance of any future changes implemented by the Bank of Israel at system level).
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