Management and technology consultancy BearingPoint joins XBRL consortium enabling customers to report XBRL as required by European regulators
Frankfurt, March 27, 2014 – After joining the XBRL consortium, management and technology consultancy BearingPoint has taken an active role in the standard setting process for international reporting. XBRL (eXtensible Business Reporting Language) is a global standard for exchanging business information. For companies XBRL becomes relevant when preparing financial statements and annual reports. The consulting company was elected to the board of XBRL Germany and also serves on the XBRL Standards Board of XBRL International. As a result, BearingPoint can now actively support clients to report XBRL as required to European regulators.
Dr. Maciej Piechocki, Partner at BearingPoint, commented: “XBRL has been a de facto standard for financial and regulatory reporting for over a decade now. At BearingPoint we are committed to provide the highest quality products and services to our customers in the financial services industry and XBRL reporting belongs clearly to our core portfolio. With a large customer base in regulatory reporting in the banking and insurance sectors, whilst also serving regulators to implement the latest mandates, it goes without saying that we take an active part in the XBRL standard setting process on the European and international level.”
Leader for XBRL reporting
BearingPoint has been working with the XBRL standard for a number of years providing regulatory reporting products for customers across Europe. Specifically, the ABACUS/DaVinci product suite has enabled over 180 European banks since 2007 to deliver XBRL reporting for COREP (SolvV) mandates, making BearingPoint a leader for XBRL reporting to national regulators.
With the new regulatory reporting mandates in the areas of CRD IV/CRR I, namely COREP and FINREP released by the EBA but also Solvency II Pillar 3 from the EIOPA, the topic of XBRL reporting brings new challenges to financial institutions and insurers. BearingPoint’s products ABACUS/DaVinci for banking and ABACUS/Solvency II for insurance industry were selected by leading European organizations to solve these regulatory reporting challenges. With these new mandates coming into force, BearingPoint customers will be able to report XBRL as required by European regulators.
XBRL International is a non-profit consortium of over 600 companies and agencies worldwide working together to build the XBRL language and promote and support its adoption. This collaborative effort began in 1998 and has produced a variety of specifications and taxonomies to support the goal of providing a standard XML-based language for digitizing business reports in accordance with the rules of accounting in each country, or with other reporting regimes such as banking regulation or performance benchmarking.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of 8600 people serves clients in more than 70 countries and engages with them for measurable results and long-lasting success.
For more information, please visit: www.bearingpoint.com