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True North business reporting software awarded world class certification

CoreFiling's True North® Data Platform suite of regulatory and business reporting software apps is among the first worldwide to be certified for its XBRL compliance

December 07, 2017, OXFORD, UNITED KINGDOM. Press Dispensary.

CoreFiling, the Oxford, UK provider of software that underpins national and international financial and regulatory reporting, is the first company worldwide to achieve the status of official Certified XBRL Software for its True North® Data Platform applications, with the greatest number of products in the certified list.

CoreFiling is a leading global provider of XBRL reporting software, used by the UK government's FCA and HMRC(1) as well as insurance companies, central banks, enterprises and other regulators. Internationally its products are trusted by the world's NCAs (national competent authorities), regulators, filers and enterprises.

XBRL is a sophisticated international open standard for digital business reporting, including financial statements for regulatory authorities, many of whom now require reports to be in the XBRL format.

CoreFiling is a significant player in the progress of XBRL, with most of the world's heavily used taxonomies(2) developed using CoreFiling tools. It has now become one of three providers worldwide to be awarded certification for both creation and consumption software to achieve the inaugural Certified XBRL Software status.

CoreFiling chairman Philip Allen said: "Conformance with the XBRL standard across different fields of reporting is absolutely vital for companies issuing digital reports and for regulatory authorities receiving those reports. True North® Data Platform is already widely regarded as the most reliable XBRL reporting, validation and processing engine on the market and its new Certified XBRL Software status is a powerful, additional assurance that True North® has been robustly, independently tested – and will be tested annually – for the highest conformance with the XBRL specifications."

The Certified XBRL Software status is issued by XBRL International, the global not-for-profit consortium that oversees the XBRL standard and is supported by more than 600 private and public sector member organisations. Certified XBRL Software is tested by XBRL International against thousands of conformance suite tests that objectively prove the interoperability of software that produces or consumes XBRL-tagged information. This is the first time Certified XBRL Software status has been awarded to any providers.

Philip Allen continued: "True North Data Platform's Certified XBRL Software status has the impeccable credential of having been awarded by XBRL International itself, so companies and government agencies that are considering the adoption of True North Data Platform have absolute assurance on the matter of compliance and can make their choices based on True North Data Platform's comprehensiveness, reliability and ease of use."

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Notes for editors
(1) FCA: Financial Conduct Authority, the UK’s chief financial watchdog. HMRC: Her Majesty’s Revenue and Customs, the UK tax authority.
(2) XBRL allows the creation of reusable, authoritative definitions, called taxonomies, that capture the meaning contained in all of the reporting terms used in a business report, as well as the relationships between all of the terms.

About CoreFiling

CoreFiling is a leading global provider of regulatory and business reporting software to insurance companies, central banks, enterprises and regulators, including the Financial Conduct Authority (FCA), HMRC, and other leading UK financial bodies. CoreFiling products are trusted by the world's national competent authorities, regulators, filers and enterprises. Customers include three of the top five high street banks, all of the "Big Four" accounting firms and more than 200 organisations in 26 countries including Companies House, Prudential, Fortis, Barclays, KPMG, PWC, Deloitte and Bank of Ireland.

CoreFiling software has been used to process 11m corporate tax filings and 8m corporate statutory accounts filings in the UK since 2011, involving the validation and further processing of 30m Inline XBRL documents in total. Most of the world's heavily used taxonomies were developed using CoreFiling tools.

About True North® Data Platform

True North® Data Platform is a robust and easy to use regulatory reporting platform designed for use by regulators and enterprise software developers. Available in a range of versions to suit different user needs, True North® Data Platform is widely regarded as the most reliable XBRL reporting, validation and processing engine on the market.

About XBRL
eXtensible Business Reporting Language (XBRL) is a method of communicating and processing business information electronically. It is an XML-based standard to describe financial and business data, facilitating and automating the creation, distribution and re-use of digital business reports. It has been developed and refined over more than a decade and supports almost every kind of conceivable reporting while providing a wide range of features that enhance the quality and consistency of reports, as well as their usability. Inline XBRL (iXBRL) is a standard for tagging XBRL within an HTML document.

The adoption of XBRL is likely to become of increasing importance with the arrival of the European Single Electronic Format for reporting in 2020. The proposal requires companies initially to file an XHTML document for their entire annual report and XBRL tagging of their primary financial statements. Brexit is unlikely to negate this requirement for UK companies.

For further information please contact
Simon Dutta, CoreFiling Ltd
Tel: 01865 203192

Media contacts

Simon Dutta
Tel: 01865 203192

financial reporting regulatory reporting XBRL certification XBRL compliance machine learning CoreFiling