XBRL-based reporting a major challenge for pension funds (IORP II)

XBRL reporting for occupational pension schemes and insurance funds from €1500

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:

• 49 reporting forms (download: Annual Reporting Individual, Quarterly Reporting Individual),
• the functional definition and dimensions of the Data Point Model,
• and 510 technical and functional validation rules.

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:

• High availability, security and compatibility as a web application (also available on-premise)
• Guarantees correct generation of XBRL reports, backed up by testing and certification. The IORP II taxonomy can be used from day one with no need for manual customization.
• Automatic mapping of the latest templates and EIOPA validation rules by a real XBRL processor – with no “hard-coding” of new templates or tool updates necessary.
• Straightforward entry of data (XBRL Excel) with comprehensible validation results.
• Entries can be imported from any data source, including Excel and SAP
• Secure documentation functionality (audit trail) and workflow for parallel multi-user editing

As XBRL reporting poses a major challenge for smaller institutions in particular, AMANA is offering a special service:

• See for yourself how it works and test the quality of our solution by creating one XBRL report free of charge and with no obligation to buy.
• AMANA is offering smaller institutions for occupational retirement provision a special discount: For a fixed price of EUR 1,500.00 per year you will have access to the XBRL portal to generate your reports.

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.