EBA and EIOPA taxonomies cover main aspects of the sector performance, however, every local Regulator requires more information and tailors its own reports according to the specific country and market requirements.
That is why National Competent Authorities need professional tools for taxonomy preparation.
We recommend the Taxonomy Generator (TaxGen), which not only enables the preparation of a report definition but also the preparation of a separate definition of data presentation in the Excel output file.
TaxGen distinguishes two processes:
- Taxonomy preparation
- Definition of the publication layer
Taxonomy preparation entails the content-based planning of information to be entered into the taxonomy. The prepared taxonomies can be imported and exported as XML files. Additionally, the application lets the user create taxonomies in various languages:
Definition of the publication layer
A report created with the Taxonomy Generator has a definable publication layer. If the regulator wishes to receive the reports as Excel files, TaxGen enables definition of the Excel presentation layer separately from taxonomy visualization. The layer determines the template in which the reporting data will be generated. TaxGen allows to map the desired template from an Excel file to a taxonomy output file. As a result, the end user receives an Excel file in the required format and layout that enables further work with the data.
The end result of the work with the Taxonomy Generator is a ready report taxonomy with a model used to generate reports.
TaxGen enables modification of a previously prepared taxonomy. Users can easily prepare an updated version of the taxonomy. The tool was created for business users, so the full taxonomy creation process for new reports may be performed by a person without XBRL or XML knowledge.
Because the software is ready-to-use, it can be immediately implemented at the NCA’s premises.