Like other regulatory agencies around the world, the European Banking Authority (EBA) has standardized on XBRL for the transmission of data submitted by filing entities. Benefits of using XBRL include increased accuracy and efficiency of supervisory practices and risk identification. The use of XBRL benefits filing organizations as well, because the now-standardized data can be easily validated and then used further for automated report generation and other common requirements.
However, the challenge lies in getting backend data into a valid XBRL format according to the EBA Taxonomy, especially since the employees recording the data are generally financial professionals and not familiar with XBRL syntax.
Let’s take a look at how EBA reporting tools can make it easier.