XBRL standard implementation
HMS offers an advanced solution for the implementation of the Banking Supervision Department’s requirement regarding the reporting of Banks – in accordance with the XBRL standard.
In step with the Banks Supervisor’s requirement, banks and credit companies are to prepare to transmit the array of reports forwarded to the Banking Supervision Department via a new reporting method – tailored to comply with the international XBRL standard. This standard is being used by an array of regulatory bodies around the world, such as bodies exercising supervision over banks, securities authorities, and more.
HMS devised an advanced and effective solution for this, in collaboration with UBPartner – a global leader in this field.
The solution includes manual as well as automatic alternatives – addressing all XBRL accounting as well as other reporting, using a leading, XBRL-transmission-friendly system which is being used in many reporting banking corporations as well as by regulators around the world.
In accordance with the Banking Supervision Department’s requirements – the carrying out of the required adjustments and the commencement of tests vis-à-vis Bank of Israel will begin in July 2016, with the intention of going live at the beginning of 2017.
For further reading on XBRL click here