Previously, management companies of investment and pension funds, private pension funds, clearing companies, brokers and insurers had to submit accounting reports in Excel tables. The Customer's accountants used solutions that helped them in calculating indicators in the forms, but the XBRL format was fundamentally new for insurance companies, since it is an XML file with special markup containing reporting items.
To ensure compliance with the requirements of the regulator, the Customer had to generate documents in a new format.
To make the transition to XBRL, the Insurer turned to Fujitsu, which, together with its partner ICL Services, a service division of ICL group of companies, immediately began implementing the project. ICL Services has the status of a key business partner of Fujitsu, and the Central Bank uses the tools of this Japanese corporation for the Russian methodological taxonomy.To ensure compliance with the requirements of the regulator, the Customer had to generate documents in a new format.
Companies had to provide automatic and user-friendly XBRL reporting.
'The tasks of analytics, development and testing within the framework of this project turned out to be very labour- and time-consuming. As you know, accountants need to be extremely careful because the number of potential mistakes is incredible. Converting data to a strictly defined text format with many rules also requires taking into account a huge number of weak points. In addition, the tables in the reports are completely different and there are a lot of them, so when it seems to you that everything has already been taken into account and there will no new tricks, they present you with another surprise', says Natalya Skvortsova, System Analyst, ICL Services.
Key Challenges
- To perform the transition to new reports in the XBRL format for the Customer
Solution
Implemented our solution
- It was important to create a flexible solution so that when a new version of the taxonomy from the Central Bank of the Russian Federation is released, the Customer could make changes without disrupting the general structure of the application, in order to re-submit reports for the past months in accordance with the current versions of the taxonomy.
When implementing the integration solution, Fujitsu Russia and ICL Services collaborated with the Fujitsu XBRL Competence Centre in Poland and the main developers in Japan. During the height of the project, three ICL Services analysts, five developers and a tester were involved. They interacted with the Customer's IT managers, 1C analysts and accountants.
ICL Services has developed an integration solution and marked up all relevant reports in 1C for automatic conversion to the new format. Support was also provided for importing reports from Excel tables.
The application is integrated with a database, Active Directory, XWand Runtime, 1C and a proprietary ExcelSlicer tool that 'cuts' Excel files into rows and columns.
Results
- This solution helped the insurance company automate reporting collection. It is enough for accountants to make a couple of clicks to upload tables via Excel or 1C. Validation, report regeneration, .xlsx export, cleanup and archiving are also supported.
- ICL Services analysts support the Customer during the submission of reports to promptly resolve emerging issues.
- 'In six months after launching in the production environment, the database contained about two million facts, which are mostly reporting items. The total size is about 600 megabytes. We were able to cover all reporting in full and did not receive any serious comments from the regulator. With each release, the application supports more and more reports and periods, and also runs faster and more reliably', notes Senior Systems Analyst at ICL Services.