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ASSESSING THE IMPACT OF XBRL IN RAPORTATIONS ISSUED BY CREDIT

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Author(s): Mariana VLAD | Ioana COLBU | Alexandra Narcisa CIOBAN

Journal: Annals of the Stefan cel Mare University of Suceava : Fascicle of the Faculty of Economics and Public Administration
ISSN 2066-575X

Volume: 11;
Issue: 2(14);
Start page: 188;
Date: 2011;
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Keywords: XBRL | credit institution | prudential financial reports | FINREP | CONREP

ABSTRACT
The main source of economic information for efficient driving of any institution, including a credit institution,is the current accounts. Accounting tools for accomplishing this are accounts.Credit institutions shall draw up annual financial statements that cover the same reports as those to be madeby companies such as balance sheet, profit and loss situation in the specific structure of credit institutions, statement ofchanges in equity, cash flow statement and explanatory notes. In addition, because the object of activity, creditinstitutions have to prepare reports for prudential supervision purposes. In order to manage effectively business creditinstitutions, regulators use a language for collecting information on financial and accounting information in businessprocesses, called XBRL. In Romania, prudential reporting framework has been harmonized with the standardsrecommended by CEBS to achieve a single European financial reports for supervisory purposes - FINREP(FinancialReporting) and prudential - COREP (Common Reporting) by configuring the reporting forms and their integration intoelectronic reporting system of the National Bank of Romania.
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