XBRL-Based Filing Solution for Regulators

TORONTO and LONDON (March 01, 2011) - SQL Power Group Inc today announces that a major Canadian Regulator, responsible for protecting depositors and monitoring the financial health of deposit taking institutions within its jurisdictions, has deployed into production SQL Power's web-based forms architecture for tagging corporate financial filings with XBRL (Extensible Business Reporting Language - the new electronic standard for managing and sharing financial data and business information).

SQL Power has been at the forefront of developing software that takes advantage of the XBRL standard to deliver robust, effective web-based data collection and financial reporting systems for government agencies, market regulators and enterprises alike. The solution is the only one of its kind in the world to date.

Regulators have been under increasing pressure to identify filing errors more quickly, analyze data faster, and expend less time and fewer resources manually manipulating data. Regulators are also expected to make decisions concerning the financial health of an organization or publicly funded project quicker, and to take appropriate action earlier in order to circumvent potential catastrophic events.

This forms-based XBRL solution allows Central Bank Regulators to perform their regulatory oversight functions more efficiently. For instance, Deposit taking institutions can now file their corporate financials with their Regulator via the internet, for automatic conversion of the files into an XBRL format. Regulators can now collect high-quality financial data quicker, and in an electronic standardised format, ultimately accelerating financial analysis and improving communications between regulatory agencies.

"XBRL has really established the global standard for disclosure in the 21st century", asserts Dan Loney, Vice President of SQL Power. "While the SEC and many Central Banks have mandated this standard, until now the onus has typically been on the financial institutions, publicly traded issuers or the downstream health services providers to shoulder the expense of insourcing an expensive XBRL build-out in order to comply with these mandates."

The XBRL Forms system increases adoption an order of magnitude because it's simple and economical - substantially reducing or even eliminating costs incurred on the downstream client side. A Financial Institution or issuer (client) can simply log in via the internet and submit its business information or corporate financial filings via an intuitive submission form rendered by a standard taxonomy (a dictionary of predefined business rules, i.e. IFRS). The submission is then validated in real-time against these same rules, certified, converted and stored as XBRL for easy analysis and distribution.

XBRL Forms is battle-tested and turnkey in nature, it is also taxonomy driven to further future-proof regulatory organizations - enabling seamless policy-driven changes down the road. The platform has been designed to support most existing taxonomies including IFRS, FINREP, COREP, US GAAP, Mutual Funds, ISO20022, etc. XBRL is currently being used in a variety of application areas, including:

  • Regulators and central banks
  • Banks for risk management and commercial lending
  • Investment bankers, brokers and market analysts
  • Governments and central health authorities
  • Stock exchanges, mid-cap, micro-cap and foreign filers
  • Issuers to investors "corporate actions"
  • Other data collectors

 

About SQL Power

Founded in 1988, SQL Power is a leading Canadian consulting firm focusing exclusively on Data Migration, XBRL and Business Intelligence implementations. The SQL Power organization is the recognized global leader in XBRL Software as a Service, for their battle-tested XBRL Solution Suite which enables financial regulators as well as commercial clients to gain efficiencies and put real rigor around the flow of their financial data against XBRL standards compliance.
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