Ignacio Nacho Boixo The XBRL Network of the Committee of European Banking Supervisor May 5, 2008 -...
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Transcript of Ignacio Nacho Boixo The XBRL Network of the Committee of European Banking Supervisor May 5, 2008 -...
Ignacio Nacho BoixoThe XBRL Network of the
Committee of European Banking SupervisorMay 5, 2008 - Eindhoven, Netherlands
How to foster harmonization through
Best Practices
What is the problem?Basel II, IFRS …
EC 2006/48 & 49 …
Country 1
Sup 1
Report 2Report 1
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Country 3Country 2 Country 27
NCB 2 FSA 3 Sup 27
Report 27
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Report 3
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National Regulation
Transposition into national Legislation
European Law9X,XX% best practices + EU requirements
National Implementation
XBRL challenge!
How to maintain harmonization?
Global best practices
Why are Best Practices important?
Technological standards (as XBRL) are prone to be implemented in an incompatible fashion.Top-down harmonization is a traditional option when a hierarchical authority is on duty.Bottom-up harmonization is based in voluntary persuasion through Best Practices explanations about design/implement.
XBRL Best Practices will support the European supervisors and financial institutions by providing a set of relevant and applicable recommendations when developing and implementing XBRL reporting frameworks.
How Best Practices Board runs? ISCISC
International Steering CommitteeObjective: Ultimately charged with the responsibility of considering and a
BPBPart -time XBRL Best Practices Board
7 Members (annual terms), maximum 3 from ISC of which one is Chair of XSB
BPBBPBPart - time XBRL Best Practices Board
7 Members (annual terms), maximum 3 from ISC of which one is Chair of XSB
Practices Working GroupsPractices Working GroupsPractices Working Groups
2 Members:Software(XML and XBRL experts)
2 Members:Regulatory Reporting
1 Member:Financial Analysis
2 Members:Program Management
Permanent (standing)Permanent (standing) Temporary ( ad hoc )Temporary ( ad hoc )
Chair
Members
Objective: Create XBRL development, integration, and maintenance practices intellectual property
appoints
selects
proposes documents for approval monitors compositions
elects
confirms selection and appointments
Vice Chair
Chair
Members
Vice Chair
Initial appointment
After 1st Year(if necessary)
Initial appointment
charters and disbands
ISCISCInternational Steering Committee
Objective: Ultimately charged with the responsibility of considering and approving the release and publication of certain key documents and pronouncements (particularly recommendations)
BPBPart -time XBRL Best Practices Board
7 Members (annual terms), maximum 3 from ISC of which one is Chair of XSB
BPBBPBPart - time XBRL Best Practices Board
7 Members (annual terms)
Practices Working GroupsPractices Working GroupsPractices Working Groups
2 Members: 2 Members:Regulatory Reporting
1 Member:Financial Analysis
2 Members:Program Management Software
What about deliverables?
Request for Comment (RFC):
A document describing existing practices. There is value simply in collecting together the practices used in different XBRL projects. While it is best if it contains empirical analysis, no overall evaluation is expected.
Practice Note (Note):
A document that suggests effective practices for defined situations, reflecting the consensus of the working group insofar as it represents XBRL International.
What on Practice Working Groups?
Project Management (PM): Organization and execution of large scale projects, especially taxonomy development and maintenance projects.
Reporting Process (RP): Using XBRL appropriately across many organizations in a “supply chain”, taking into consideration all aspects of data exchange.
Taxonomy Architecture (TA): Domain, Logical and Physical models to ensure reusability of the content of XBRL taxonomies.
Vendor-to-vendor Interoperability (VI): Implementation methods that maximize the likelihood that XBRL produced by one vendor’s product will be interpreted correctly in another.
CEBS Priorities:Use of Matrix Schema as communication tool among Supervisors and XBRL experts
Project Management and taxonomy extensions
Banking Supervisors XBRL Teams coordination
Creating instances, identifying filers, rounding
Use of open explicit versus typed dimensions
Resources:
www.corep.info/documents/documents_project.html
www.xbrlwiki.info CEBS Best Practices arena
www.xbrl.org Website