A new regulation for the institutions for occupational retirement provision (IORP II) requires XBRL-based reporting from 2019.
Directive 2016/2341 of the European Parliament and of the Council of 14.12.2016 on the activities and supervision of institutions for occupational retirement provision was published in the Official Journal of the European Union on 23.12.2016. It is to be transposed into national law by 13.1.2019.
XBRL, the technical standard for reporting implemented by the EU legislature, is widely regarded as a complicated format. For this reason, a suitable cost-effective software solution is called for that can convert tables into the reporting format’s blank forms and instantly validates input.
The European supervisory authority, EIOPA, has published the IORP II XBRL taxonomy, which provides the technical specifications for the reporting regulation. The taxonomy consists of:
The XBRL report to be submitted to National Competent Authorities (NCA) is validated against the taxonomies and automatically rejected if a single validation rule is broken, so correctly functioning XBRL software is imperative.
The AMANA XBRL solution has proven its worth for years in the banking and insurance sector.
The AMANA XBRL Portal is a simple and affordable solution for generating IORP II XBRL reports, and offers the following advantages:
As XBRL reporting poses a major challenge for smaller institutions in particular, AMANA is offering a special service:
Insurance companies and banks throughout Europe have been using the AMANA XBRL portal for several years to generate their Solvency II and FINREP/COREP reports, which use the same technology.
If you are interested in testing the XBRL portal today, or you would like some more information first, we will be delighted to hear from you.