ICL Services

Insurance company

Since the beginning of 2018, insurance companies, non-state pension funds and investment fund management companies must submit reports to the Central Bank of the Russian Federation in the XBRL (eXtensible Business Reporting Language) format.

The new format provides a standardised exchange of business and financial information through a variety of properties assigned to each reporting item. This is metadata that forms a methodological taxonomy, which also describes the nature of the relationship between items. The Central Bank of Russia creates taxonomies using Fujitsu software.
Previously, the Customer submitted all reports in the form of Excel documents. Taking into account the new requirements of the regulator, the insurer planned to automate the process of generating an XBRL report.

To jointly solve this problem, Fujitsu turned to ICL Services which is a service division of ICL group of companies and the largest system integrator of the Volga Region. Since 2006, ICL Services has been cooperating with its strategic partner Fujitsu and has the status of a key business partner of this Japanese corporation.

Key Challenges

  • To perform the transition to new reports in the XBRL format for the Customer
Solution

Implemented our solution

  1. A mechanism was developed for the insurance company that provides data transfer to Excel TLB files with the possibility of subsequent generation of an XBRL report using the XWand-Toolkit Reporter.

    'Fujitsu has a long history of XBRL expertise and uses its proprietary Fujitsu XWand-Toolkit, which consists of several applications to perform specific tasks. Moreover, all applications are based on a single set of Fujitsu XWand Runtime libraries.

    The Customer started using the Fujitsu XWand-Toolkit Reporter to import a full set of reporting elements from an Excel TLB (taxonomy visualisation) file into an XBRL report file in one click', says Diana Shakirova, Systems Analyst, Enterprise Applications and Software Development Department, ICL Services.

    ICL Services has developed macros to transfer data from one Excel file to another, as well as mappings (rules) for such transfer. The supervisory (statistical) and accounting financial reports of the Customer included 87 Excel files.

    At first, the Customer did not have an approved template, so the template had to be brought to a reference state. The project was complicated by the changing taxonomy, since the application relies on information about which row and cell a particular value is in, then any change in the requirements of the regulator led to redeveloping of the mappings. Over the course of several months, the taxonomy has changed from version 0.8 to version 1.3.1.

    'Thanks to effective communication with the Customer, we were able to quickly resolve all issues. The project manager, chief accountant, financial analyst and business analyst took part in the weekly conference calls as representatives of the Customer', says Diana Shakirova.

    On the ICL Service side, four system analysts, a tester and a project manager participated in the project.
  2. * The company is a customer of Fujitsu Group that consumes services provided by ICL Services (ICL Group)

Results

  • The active stage of the project started in December 2017, and in February the Customer has already submitted monthly reports for January. In April, the company successfully submitted its quarterly report in XBRL format. Today the project is supported by ICL Services. The Customer now generates reports automatically using XWand-Toolkit Reporter.

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