Lloyd's syndicate XBRL refers to the initiative by Lloyd's of London to implement XBRL (eXtensible Business Reporting Language) for the reporting of financial accounts by its syndicates. This transition, set to begin in January 2025, aims to standardize and streamline the financial reporting process, enhancing data accuracy and comparability across syndicates.
Filing in Lloyd's syndicate XBRL is crucial for several reasons, primarily aimed at enhancing the quality and efficiency of financial reporting within the Lloyd's market.
Filing in Lloyd's syndicate XBRL is primarily the responsibility of managing agents, who prepare and submit the XBRL-tagged financial reports for their syndicates. While syndicates provide essential data and review the prepared accounts, auditors ensure compliance and accuracy. This collaborative effort aims to enhance the quality, efficiency, and transparency of financial reporting within the Lloyd's market, starting with reports for the year ending.
Filing in Lloyd's syndicate XBRL requires submitting specific financial reports in a standardized format to enhance accuracy and comparability. Key filings include the Syndicate Accounts, which must be tagged with XBRL using a pro forma template, Schedule 3 Data (if applicable), and a Flash Report detailing key performance indicators (KPIs). This transition aims to streamline reporting processes and improve data accessibility for regulators and stakeholders.
Lloyd's syndicates are required to file their XBRL accounts for the year ending December 31, 2024, by September 30, 2024. This new streamlined financial reporting framework will officially come into effect in January 2025. The filing includes the Syndicate Accounts and Schedule 3 Data, which must be tagged using the XBRL taxonomy to ensure compliance with Lloyd's reporting standards. Additionally, a pilot testing phase is scheduled for August 2024, allowing managing agents to prepare submissions under the new process before the full implementation deadline
To file in Lloyd's syndicate XBRL, managing agents must prepare financial reports using the pro forma template provided by Lloyd's, ensuring all required disclosures are included. These reports, including Syndicate Accounts and Schedule 3 Data, must be tagged with XBRL using tools like Lloyd’s XBRL Reporter. Submissions are made through Lloyd's online portal by the deadline of September 30, 2024, for the year ending December 31, 2024. This process enhances data accuracy and efficiency in financial reporting within the Lloyd's market.
