Since 2007 banks are required to submit financial reporting compliant with COREP and FINREP taxonomies in the XBRL standard. Under the new regulations many Polish banks faced a massive challenge. The reports were not only difficult to prepare, but also the market lacked relevant tools for managing and preparing XBRL reports.
To address this, we partnered with GPM Systems Sp. z o.o. and created an application that allows to prepare and manage these mandatory filings in line with the XBRL format.
aSISt hides the technical complexity of XBRL behind an interface and vastly simplifies the filing process. The user is given forms similar to Excel sheets, which makes the application uniquely intuitive. The process of preparing filings was simplified to four basic steps:
aSISt supports reporting periods, taxonomies (dictionaries) versioning management and ensures compliance with the selected taxonomy version for each report. Reports can be fed automatically with the data from the external banking system or completed and corrected manually.
Since its beginnings, aSISt has been under continuous development and is regularly updated. Although the application initially supported only reports required by the Polish supervisory authorities, in response to the growing interest of our clients we introduced the processing of taxonomies published by international supervisory authorities such as: EBA, EIOPA, the Bundesbank and the Banco de Portugal. We have introduced a number of new modules and extended the application’s functionality.
Currently aSISt is used by more than 600 banks in Poland, Ireland, Sweden, Germany, Portugal, Estonia and Hungary.