Spain The CECA adapts its reporting system to XBRL

With the objective of adapting its actual system of financial information exchange, called Captura, to XBRL language, the Spanish Confederation of Savings Banks (Confederación Española de Cajas de Ahorros, CECA) has signed a contract with Fujitsu Services Spain.

In this sense, Fujitsu Services Spain’s work will lie in the development of web services of reception of the financial states in XBRL and in the validation of reports following the classification of this standard language, adopted in 2005 by the Banco de España. The change will mean the optimization of the generation, disclosure and analysis mechanisms of financial information.

With this change, the CECA joins the trend of adopting XBRL, as a standard already embraced by entities such as the Comisión Nacional del Mercado de Valores (CNMV) or the Banco de España, with which it will also be able to report in a more secure, efficient and transparent way by sharing the same financial language.

Fujitsu Services Spain is aware of the great advantages that the new standard of corporative financial reporting offers. Because of this, it has developed a specific plan for the introduction of XBRL in the entities of the financial sector. This language increases the utility of financial information and it is not necessary to introduce data again to do the mandatory analysis.