Applying XBRL:Applying XBRL:U.S. Bank Regulators’ Call U.S. Bank Regulators’ Call
Report Modernization ProjectReport Modernization Project
Phil Walenga, Assistant Director, FDICPhil Walenga, Assistant Director, FDIC
XBRL International Regulatory ChairXBRL International Regulatory Chair
OMG ConferenceOMG Conference
November 18, 2002November 18, 2002
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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.
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1) UpdateReport
SchedulesFew Formats
Read,ManuallyInterpretUpdate
ManualDataEntry
Edit After
Submission
CorrectErrors
ViaPhone
Publish60+
Day Old Data
Imprecise
Data
Inconsistent
InflexibleRekey Data and Analyze
Time consuming & not comparable
Stale
information
Laborious and error prone
Cycle ofInefficiency
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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
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• 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
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XBRL Components/Terminology
XBRL-TaxonomyXBRL-Taxonomy
XBRL- InstanceXBRL- Instance
XBRL-SpecificationXBRL-Specification
Schema andLinkbases
Schema andLinkbases
Schema: dictionary of terms
Linkbases: using xlink – labels, definitions, presentation, references, calculations, formulas and versions control
Framework1 or more taxonomies =
Rules to governs creation of XBRL compliant files and conformance to the specification
A collection of financial facts for a certain period of time for a reporting entity. By report purpose, industry and jurisdiction.
‘Output’ result of tagging data using one or more taxonomies
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Pilo
ts
NASDAQPilot
US C&I
Specifications, Taxonomies, Pilots and Implementations
2001 2002 20032000
APRAV1 Live
Inland RevLive
XBRL V2XBRL V1
Call ReportLive
FormulasVersion
UK C&I PFS
XBRL V2.1
UKTaxes
IASIntl Fin Rpt
IASDisclosu
res
US C&I PFS
US Fin. Rpt.
Framework
JapanPFS
GermanyPFS
2004
Call ReportPilot
Bank &
SavingsT
axo
no
mie
s Fra
mew
ork
s
Imp
lem
enta
tio
ns
FDICPOC
Sp
ecif
icat
ion
APRAV2 Live
Credit RiskAssessment
CallReport
s
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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.
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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
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Future: Regulatory Report Supply Chain
Internet Internet
XBRLCall ReportFramework
ReportVendors
Banks
MetaData
Repository
Instructions
Report Forms
Edits
Test and
Intraseries Edit
Data
MDRMDictionary
Demographic
Business Rules
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XBRL Validation Only- Time Savings
0 10 20 30 40 50 60 70 80
Domestic Banks
Banks with Foreign
Bank w/o Foreign Bank w/Foreign Validation Distribution
2 Weeks Less
Current
Current
Proposed
Proposed
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XBRL Call Report Framework
Call ReportInstance
Federal Reserve SystemMicro Data Reference Manual (MDRM)
Customer Information
ReportInstructions
ValidationCriteria
031/041Forms
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US Bank Regulatory Reporting Framework
Instance Document
Instance Document
Instance Document
Instance Document
Series of Reporting Forms(Document)
Call ReportBank
Holding Company
Summary of Deposits
Branch Application
Federal Reserve SystemMicro Data Reference Manual (MDRM)
Customer Information
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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
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Call Report BASI
BASI equivalent items electronically mapped to Call Report and automatically filled
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US Financial Reporting Taxonomy Framework, BASI, and US Bank Regulatory Framework
Global Common Document
FRTFGeneral Concepts
FRTFPrimary Terms
Bank & SavingsInstitutions
U.S. Bank Regulatory Reporting
Framework
General ConceptsAssetsLiabilitiesEquity Owner Contributions Owner Distributions Comprehensive IncomeIncomeExpenses
Primary TermsCashHeld to Maturity SecuritiesTrading SecuritiesTrade SecretsGoodwillOther AssetsMinority InterestEquityCommon StockNet IncomeExtraordinary Items
Document and Entity
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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
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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
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Questions?
Philip Walenga, Assistant DirectorFederal Deposit Insurance Corporation
[email protected] 202-736-0569
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