How to foster harmonization through Best Practices
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How to foster harmonization through Best Practices. Ignacio Nacho Boixo The XBRL Network of the Committee of European Banking Supervisor May 5, 2008 - Eindhoven, Netherlands. Report 27

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Ignacio nacho boixo the xbrl network of the committee of european banking supervisor

How to foster harmonization through Best Practices

Ignacio Nacho Boixo

The XBRL Network of the Committee of European Banking Supervisor

May 5, 2008 - Eindhoven, Netherlands


What is the problem

Report 27

----------------------------------------------------------------------------------------------------------------------------------------------------------------

What is the problem?

Basel II, IFRS …

Global best practices

European Law

9X,XX% best practices + EU requirements

EC 2006/48 & 49 …

Transposition into

national Legislation

Country 1

Country 2

Country 3

Country 27

National Regulation

Sup 1

NCB 2

FSA 3

Sup 27

National Implementation

Report 1

------------------------------------

Report 2

Report 3

----------------------------------------------------------------------------------------------------------------------------------------------------------------

XBRL challenge!

How to maintain harmonization?


Why are best practices important

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

How Best Practices Board runs?

ISC

ISC

ISC

ISC

International Steering Committee

International Steering Committee

Objective: Ultimately charged with the responsibility of considering and approving the release and publication of certain key documents and pronouncements (particularly recommendations)

Ultimately charged with the responsibility of considering and a

Objective:

BPB

BPB

BPB

BPB

BPB

BPB

Part

Part

-

-

time XBRL Best Practices Board

time XBRL Best Practices Board

Part

Part

-

-

time XBRL Best Practices Board

time XBRL Best Practices Board

7 Members (annual terms), maximum 3 from ISC of which one is

7 Members (annual terms)

Chair

of XSB

7 Members (annual terms), maximum 3 from ISC of which one is

7 Members (annual terms), maximum 3 from ISC of which one is

Chair

Chair

of XSB

of XSB

2 Members:

2 Members:

1 Member:

1 Member:

2 Members:

2 Members:

2 Members:

2 Members:

Regulatory Reporting

Regulatory Reporting

Financial Analysis

Financial Analysis

Program Management

Program Management

Software

Software

(XML and XBRL experts)

Create XBRL development, integration, and maintenance practices

intellectual property

Objective:

Initial

Initial

appointment

appointment

Practices Working Groups

Practices Working Groups

Practices Working Groups

Practices Working Groups

Practices Working Groups

Practices Working Groups

Permanent (standing)

Temporary (

ad hoc

)

Permanent (standing)

Temporary (

ad hoc

)

Chair

Chair

After 1st Year

(if necessary)

Vice Chair

Vice Chair

Members

Members

proposes documents for approval

monitors compositions

appoints

elects

selects

confirms selection and appointments

charters and disbands


What about deliverables

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

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

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


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