About Lloyd's XBRL Reporter – Your Lloyd's Market XBRL and iXBRL Reporting Solution
Lloyd’s new “streamlined financial reporting” framework requires managing agents to submit:
- A Flash Report (KPIs) - submitted as an Excel file supplied by Lloyd’s
- Syndicate Accounts - submitted as an iXBRL file
- Schedule 3 Data - submitted as an XBRL file
The new streamlined financial reporting comes into effect in 2025 and will be required for YE 2024 reports.
More information can be found on the Lloyd’s website.
Lloyd’s XBRL Reporter is a newly developed tool from FS Assist that allows you to easily generate the file Lloyd’s requires you to submit.
With Lloyd’s XBRL Reporter, for both Syndicate Accounts and Schedule 3 Data, generation of the (i)XBRL files is instant and is done in-house, meaning:
- You do not need to send your data outside of your organisation
- You do not need to wait a day for the tagged file to come back to you
- If you need to make changes you do not need to go through this process again - you just press the output button in Lloyd’s XBRL Reporter again and the output files appear immediately
What are XBRL and iXBRL files?
An iXBRL file (for Syndicate Accounts) is just an HTML file (i.e. a web page format) that contains tags around key pieces of information. These tags aren’t visible to people viewing the file but Lloyd’s can read these tags in order to extract the key information. So the iXBRL file just looks like your Syndicate Accounts but in a web format.
An XBRL file (for Schedule 3 Data) is just a data file designed to be read by a machine rather than by a human.
How do you use Lloyd’s XBRL Reporter to produce the files you need?
Syndicate Accounts
For Syndicate Accounts, Lloyd’s XBRL Reporter allows you to complete your numeric data in Excel and then merge this with your Syndicate Accounts Word document and generate a fully tagged iXBRL file. The Lloyd’s XBRL Reporter output process also generates a populated Word document and PDF file for signing.
Your Word document can be the proforma produced by Lloyd’s, or for a smoother transition you can start with your existing Syndicate Accounts and add placeholders where needed in order to pull the Excel data through.
Schedule 3 Data
For Schedule 3 Data, Lloyd’s XBRL Reporter provides you with an Excel workbook to complete and then simply output the XBRL file at the press of a button.
