Applying xbrl u s bank regulators call report modernization project
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Applying XBRL: U.S. Bank Regulators’ Call Report Modernization Project. OMG Conference. Phil Walenga, Assistant Director, FDIC XBRL International Regulatory Chair. November 18, 2002. Background. Bank regulators – FDIC, FRB, OCC – preparing to use XBRL

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Applying xbrl u s bank regulators call report modernization project

Applying XBRL:U.S. Bank Regulators’ Call Report Modernization Project

OMG Conference

Phil Walenga, Assistant Director, FDIC

XBRL International Regulatory Chair

November 18, 2002


Background
Background

  • Bank regulators – FDIC, FRB, OCC – preparing to use XBRL

  • Use XBRL to collect, validate and distribute quarterly bank Call Reports

  • FDIC member of XBRL and heavily involved in its usage

  • Research, testing, initial development of XBRL nearing completion

The views and opinions expressed in this presentation are those of the speaker and do not necessarily represent the position of the FDIC.


Inflexible

Time consuming & not comparable

Rekey Data and Analyze

Inconsistent

Stale

information

Cycle of

Inefficiency

Imprecise

Data

Laborious and error prone


Why is xbrl important to fdic
Why is XBRL Important to FDIC?

  • XBRL improves how we collect, process and distribute financial information

    • Think data, not rigid, inflexible forms

  • Dynamic financial environment needs XBRL-like capabilities to:

    • Adapt faster to changing business conditions

    • Collect and distribute data more timely, accurately and comparably

    • Reduce data collection and usage burden


XBRL

  • XBRL International, Inc. supports and manages the XBRL Standard

    • eXtensible Business Reporting Language

    • www.xbrl.org

    • 170 plus worldwide members

  • Royalty free, open, international standard to exchange financial information

    • Exclusive standard for this purpose

  • FDIC joined January 2001

    • U.S. and Intl’ Steering Committee member


Xbrl components terminology
XBRL Components/Terminology

XBRL-Specification

Rules to governs creation of XBRL compliant files and conformance to the specification

XBRL-Taxonomy

A collection of financial facts for a certain period of time for a reporting entity. By report purpose, industry and jurisdiction.

Schema and

Linkbases

Schema: dictionary of terms

Linkbases: using xlink – labels, definitions, presentation, references, calculations, formulas and versions control

‘Output’ result of tagging data using one or more taxonomies

XBRL- Instance

Framework

1 or more taxonomies =


Specifications taxonomies pilots and implementations
Specifications, Taxonomies, Pilots and Implementations

Specification

XBRL V2

XBRL V2.1

Version

Formulas

XBRL V1

IAS

Intl Fin Rpt

IAS

Disclosures

US C&I PFS

Call

Reports

UK C&I PFS

UK

Taxes

Credit Risk

Assessment

Frameworks

Germany

PFS

Taxonomies

Bank &

Savings

US Fin. Rpt.

Framework

Japan

PFS

US C&I

Pilots

Call Report

Pilot

NASDAQ

Pilot

FDIC

POC

Implementations

Call Report

Live

APRA

V1 Live

APRA

V2 Live

Inland Rev

Live

2004

2003

2000

2001

2002


Call report project
Call Report Project

  • Modernize the collection, processing, validation and distribution of financial data

  • Quarterly Consolidated Report of Condition and Income (Call Reports)

    • Submitted by 8,000 + banks

    • 22 schedules, 2,000 plus data elements, 1,700 reasonableness edits

    • Instructions 394 pages in PDF file

  • Relied upon for supervision, bank closings, deposit insurance assessments, bank and industry monitoring.


Xbrl call report development
XBRL Call Report Development

  • Completing analysis of report requirements

  • FDIC, with contractor support, building XBRL taxonomies Call Report forms, instructions, validation criteria, and FRB MDRM terms dictionary for March ‘01 and March ‘02

    • Complete year end 2002

    • Release March 2002 Call Report draft taxonomies to WWW.FDIC.GOV

  • FDIC, with contractor support, creating tool for Call Report Analysts to create and maintain Call Report taxonomies

    • Complete year end 2002


Future regulatory report supply chain
Future: Regulatory Report Supply Chain

Instructions

Demographic

Report

Vendors

Internet

Report Forms

Meta

Data

Repository

XBRL

Call Report

Framework

MDRM

Dictionary

Test and

Intraseries Edit

Data

Banks

Edits

Business Rules


Xbrl validation only time savings
XBRL Validation Only- Time Savings

2 Weeks Less

Current

Proposed

Current

Proposed


XBRL Call Report Framework

Federal Reserve System

Micro Data Reference Manual (MDRM)

Customer Information

Validation

Criteria

Report

Instructions

031/041

Forms

Call Report

Instance


Federal Reserve System

Micro Data Reference Manual (MDRM)

Customer Information

US Bank Regulatory Reporting Framework

Series of Reporting Forms

(Document)

Branch Application

Instance Document

Instance Document

Instance Document

Call Report

Bank Holding Company

Summary of Deposits

Instance Document


Bank and savings industry basi
Bank and Savings Industry (BASI)

  • BASI Framework under development

  • Use by bankers for internal reporting

  • E&Y, KPMG LLP, PwC, FDIC, FRB, and others are participating

  • Analyzed a number bank SEC filings

  • Converting now to XBRL format

  • Expect draft release by year end


Call Report

BASI

BASI equivalent items electronically mapped to Call Report and automatically filled


US Financial Reporting Taxonomy Framework, BASI, and US Bank Regulatory Framework

General Concepts

Assets

Liabilities

Equity

Owner Contributions

Owner Distributions

Comprehensive Income

Income

Expenses

Document and Entity

Primary Terms

Cash

Held to Maturity Securities

Trading Securities

Trade Secrets

Goodwill

Other Assets

Minority Interest

Equity

Common Stock

Net Income

Extraordinary Items

GlobalCommon Document

FRTF

General Concepts

FRTF

Primary Terms

Bank & Savings

Institutions

U.S. Bank Regulatory Reporting Framework


Impacts near term
Impacts – Near Term

  • Earlier access to Call Report data for banks, regulators, analysts and public

  • More accurate data

  • More timely changes to report requirements

  • More comparable data for external analysts

  • Reuse data – banks and regulators


Impacts mid to long term
Impacts – Mid to Long Term

  • Banks automate processing of regulatory reports, begin to use “Off the Shelf” data

  • Develop specialized edits and reports by bank type or rating

  • Rely more upon on offsite monitoring

  • Analysts cover more banks or today’s amount better

  • Become data centric vs. form centric

  • Integration of reports and holistic view of the frequency of reports


Questions?

Philip Walenga, Assistant Director

Federal Deposit Insurance Corporation

[email protected]



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