WaveAccess: Services in automation of generation of the XBRL reporting

Services in automation of creation of reports in the XBRL format from WaveAccess allow participants of financial market to configure in short terms processes according to the requirement of the Bank of Russia and to save essential resources, having minimized costs for personnel training to work with the uniform standard of data transmission in the XBRL format (eXtensible Business Reporting Language — "expanded language of the business reporting").

Among the main features of new service there is WaveAccess:

• High extent of customization: the software solution can be set up under any local system, any specific the customer's software regardless of his own methodology of accounting, level of training of personnel to transition to the standard and existence of necessary resources for implementation.
• Readiness of providing service in automation of creation of the XBRL reporting including the large companies with a large number of the accounting systems, complex structure of accounting and an extensive network of branches.
• Operational transition to the new standard with cost reduction on personnel training. At automatic conversion of financial statements to a XBRL format the human factor will be minimized that including will lower percent of documentation errors.
• Ensuring with WaveAccess company setup and maintenance of own system of preparation of the reporting.

2017: Announcement

On September 4, 2017 WaveAccess, the international software developer with long-term work experience in a financial and insurance sector, announced services in automation of creation of reports in the XBRL format for the non-credit financial institutions (NCFI).

As you know, on January 1, 2018 in Russia compulsory use of the international XBRL format for collecting and processing of the reporting of insurance companies, non-state pension funds, participants of the securities market and management companies of share and joint-stock investment funds is entered.

XBRL (eXtensible Business Reporting Language — "expanded language of the business reporting") — the open standard of exchange of business information which is widely used in the world. Non-credit financial institutions will need to build the correct IT infrastructure for preparation for large-scale reform. Services of WaveAccess in automation of unloading of data and formation of XBRL reports will help market participants to implement requirements of the standard.

According to us, in Russia units of the IT companies are capable and ready to implement similar projects. It is connected with labor input and level of complexity of development. XBRL is extremely specific machine-readable language, some kind of superstructure over the known extensible markup language of XML. It is considered that it is rather easy to use whereas the staff of NFO who does not have relations to IT is able hardly easily to deal with it. We are convinced that to automate process of generation of the reporting — more simply and more effectively, than to train employees. Our service in automation of conversion of financial statements to a XBRL format will help NFO quickly to learn to speak with the Central Bank "one language". At the same time we can be integrated with any custom platforms — such flexible approach will allow us to propose the personified solution to each customer — Alexander Azarov, Senior Vice President of Engineering in WaveAccess emphasized.