XBRLandtheFutureofFinancialReporting-ffiec.ppt

XBRL in the New Call Reporting Process What is the CDR? CDR = Central Data Repository ~ a storage facility Share data rather than copy data Uses Internet-based business reporting language Standard language for expressing content Supports a real-time data dissemination process Leverages existing resources Internal – meta-data External – technologies and industry standards CDR Objectives Increase the efficiency of collecting Call Report data from respondents and releasing the data to users (FFIEC, other government entities, and the public) Enhance the FFIEC’s ability to quickly incorporate new business requirements into the Call Report process Adopt a collaborative, interagency approach to collecting, validating, processing, and distributing Call Report data Enhance Call Report data integrity, accuracy, and consistency Why use XBRL? Provides a database-like structure, using text files Defines a collection of financial facts for a specific report, industry, and jurisdiction (taxonomy) Facilitates the data exchange between proprietary systems Promotes the re-use of data with far less effort Why use XBRL for Call Reports? Call Report data is a key input for bank oversight and industry analysis Call Report data structures are well-documented and broadly used More than 8,400 institutions report quarterly Currently collect 2,000 data fields Nearly 400 pages of instructions 1,500 edit formulas to promote data quality Used for bank supervision, deposit insurance assessments, industry analysis, and other purposes XBRL promotes effective data exchanges across legacy systems without significant re-programming Benefits for Bankers and Vendors XBRL can help lower long-term costs Little or no impact on bank legacy systems Improved data quality and timeliness Vendor products easier to maintain and leverage XBRL frameworks are “extensible” Developing additional frameworks can be simplified when data requirements are shared Many institutions report similar data items to federal