Financial and prudential [XBRL] reports (FINREP, COREP,... - domains XFI and CAR)
XBRL or eXtensible Business Reporting Language is a rapidly emerging computer language for the electronic exchange and standardisation of financial reporting through the internet. The non-profit-making organisation XBRL Belgium has been set up to encourage its use in Belgium (for more information, please visit www.xbrlbelgium.be ).
XBRL is used in the reporting towards the Banking, Finance and Insurance Commission and the National Bank of Belgium primarily for the reporting of FINREP and COREP by diverse Financial corporations. FINREP and COREP are European projects of the Committee of European Banking Supervisors (CEBS):
- FINREP stands for Financial Reporting and is based on the International Financial Reporting Standards (IFRS);
- COREP stands for Common Reporting of the solvency ratio and is based on the Capital Requirements Directive (CRD).
Both projects were designed for the purpose of harmonization of the European financial and prudential reporting. The European XBRL taxonomies can be found on the site http://www.eurofiling.info. The Belgian XBRL taxonomies are published here.