the yellow brick road of xbrl adopting the xbrl data standard, separating practice from theory jon...
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![Page 1: The Yellow Brick Road of XBRL Adopting the XBRL Data Standard, Separating Practice from Theory Jon Wisnieski November 5, 2003](https://reader035.vdocuments.us/reader035/viewer/2022062309/5697bfde1a28abf838cb1e67/html5/thumbnails/1.jpg)
The Yellow Brick Road of
XBRL
Adopting the XBRL Data Standard,
Separating Practice from TheoryJon Wisnieski
November 5, 2003
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The Setting
Three federal regulators
similar but separate requirements and responsibilities
8,300 banks nationwide
Quarterly financial data
Collected, validated, analyzed and distributed
Cycle that takes 60+ days
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The Business Objectives
Decrease the time spend
Decrease the cost of data collection
Adopt open standards to increase industry transparency
Create a flexible system
Leverage private sector strengths and relationships
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Essential Elements of the Solution
Develop a comprehensive data repository—one system
of record
Create an extensible platform, shared by the FDIC, OCC
and FRB
Adopt XBRL standards to facilitate the movement of data
End our legacy application approach
3rd party hosting of a shared facility
Re-engineer business processes to leverage automation
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Some Project History
Collaborated with multiple stakeholders from the start:
Interagency discussions
Industry Roundtables
Request for Information (RFI)
Formed interagency Steering Committee what was needed, but not the “how”
Request for Proposal (August 2002)
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Today’s Picture
Unisys Corporation—design, build and maintain
Aggressive schedule
Established industry focus groups
Leveraged industry experts
XBRL
Software vendors,
Industry trade groups
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Project Status
Requirements have been defined and documented
Programming is underway
Industry-based focus groups have been convened
First functional pilot anticipated by early 2004
Implementation and processes by 4th Quarter 2004
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Bridges We Had to Get Over
“But this is the way we always do it”
“Why can’t we build it ourselves?”
Who will own/run/pay for this thing?
XBRL – new, risky, why be one of the first?
Plenty of proposals – which was best?
Exactly what do we want?
Are we sure we want that?
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Bends in the Road
Nailing down the costs, and business case
Designing, developing and confirming the taxonomy
Conducting reality checks with major stakeholders
Adding new resources and bringing them
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Transition from Concept to Production
Developed a proof of concept
Developed a detailed Request for Proposal
Bid conferences to solicit and answer bidder questions,
and refine the vision
Carefully evaluated proposals
Established comprehensive project team to guide the
contractors’ work
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Early Decisions
Prove the model
Take a ten-year view
Let the industry propose the “how”
Let the government specify the “what”
Advanced analysis and taxonomy
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Why the Call Report?
Foundation data for bank’s 8,300 institutions report quarterly Multiple usages
Data structures are well-documented 2,000+ data fields 1,500 validation edits agreed upon and published 500 pages of Instructions 25 Schedules 2 Call Report Forms
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Why XBRL?
Open Standards
Promotes effective data exchanges
Lower long-term costs
Efficiencies,
Improved data quality
Timeliness
Business rule based
XBRL frameworks are extensible
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Impact on the Agencies
A centralized data storage and processing facility
Shared costs and management
Meta-data published in XBRL format
Expedited data publication
Enhanced interagency standards for data quality
Agreement on what constitutes “Quality”
Publishing criteria which banks are accountable
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Impact on the Banks
Elimination of paper-based report requirements
Use of a standard meta-data set
Emphasis on validating data prior to submission
Internet delivery of data to the repository
Increased awareness and potential for XBRL
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Culture Shifts
Create a shared enterprise
Emphasize data, not forms
Shift from proprietary standards to open standards
Move toward electronic exchange model
Adopt an industry-wide
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Need for Industry Coordination
Close coordination with XBRL International
Active participation from banks
Early and intensive consultation with intermediaries
Engage in dialogue with industry associations
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Future Vision for Regulatory Reporting
Build extensible platforms
Adopt solutions that are language and platform neutral
Emphasize reuse of data
Collect it once, use it many times
Coordinate efforts among regulators
Expand the use of XML-based standards
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What is the Potential?
Common data across reporting boundries
Tax reporters
SEC filings
Census
Compliance reports to regulators
Straight-through processing
Communal repository on the net
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Stating the Obvious (our lessons learned)
Carefully craft and hold the vision
Human factor
Accommodate research and development time
Be selective about what you bite off
Discuss and define potential risk
Be ready for disappointments – and celebrate every step
forward
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CDR XBRL Focus Group
Friday
2:30 til 4:30
@PwC
1420 5th Ave
Between Pike St. and Union St.
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Questions?