Suncorp Banks on Cortell and Leads the Pack with Next Generation Business Reporting – SBR XBRL 2.1
APRA introduced XBRL 2.0 taxonomy in 2002 and it was replaced in July 2011 with the SBR Taxonomy XBRL 2.1. Being one of the early-adopters of the 2.1 taxonomy, Suncorp Bank quickly identified a substantial difference in the release of 2.1.
The introduction of dimensions to the taxonomy added the complexity of tagging source data across many different business dimensions and consolidating 14 source systems. Where previous versions may have required tagging against a single Profit and Loss account, 2.1 meant tagging had to be applied at a lower level and across not just one, but potentially many different dimensions, such as closing account balances (product dimension) for all non-resident customers (customer dimension) for a particular month, e.g. July (period dimension).
“The dimensional tagging forced us to rethink how we completed our tagging and reporting, and the tools we used to generate APRA forms,” said James Corner (Executive Manager Suncorp Bank Financial Control)
Their processes at the time involved tagging to be completed in MS Access databases or MS Excel. Data was prepared in a series of linked spreadsheets and databases that passed through multiple teams and accountants and other financial leaders’ hands before a two-dimensional report was produced. These processes were inadequate to meet the multi-dimensional requirements of 2.1 and future taxonomy releases. Nor did these processes address the common problems of manual, error prone processes that were time consuming and difficult to audit.