20 february, 2012 katrin heinze, bundesbank cen/ws xbrl cwa1: european filing rules cwa1: data point...
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20 February, 2012
Katrin Heinze, Bundesbank
CEN/WS XBRL
CWA1: European Filing RulesCWA1: Data Point Meta Model
CWA1Page 1
Objectives
Standardisation of the European XBRL architecture and common instance filing rules to
cover appropriately the list of harmonisation topics listed in Annex B of the CEN WS XBRL Business PlanFacilitate transparency on the harmonised reporting data across Europeincrease interoperability between services and applicationsovercome lack of harmonisation in the use of the XBRL standardsreduce the reporting burden of international acting reporting entities by providing the possiblity to standardize the reporting processes
Definition of an European Data Point Methodology to
represent the requirements of European reporting frameworks in a data modellink the business requirements with the technical transfer formatdescribes the rules to be recognised in the process of modelling
Page 2 CWA1
Level of Harmonisation in Europe
Page 3
European Supervisor
Reporting entity
Data Point Model
?
© cundus AG
XBRL Data Format &XBRL Filing
EuropeanReporting
Frameworks
Harmonised Not harmonised
Not harmonised
Deliverables of CWA1
Official CEN DeliverablesSpecification document European XBRL ArchitectureSpecification document European Filing Rule setNon-normative document European Data Point Methodology
Complementary deliverables (depending on time constraints)
Definition of Best Practices onTagging of cellsVersioning of European taxonomiesDealing with European taxonomy extensions
Conformance Suite on taxonomy syntax rules
CWA1Page 4
Organisation of CWA1 team work
Regular conference calls via powwownow.com Cooperation on documents via Wiki technology
Regular CEN WS XBRL F2F meetings
Page 5 CWA1
Filing rules as first deliverable of CWA1
Background for the definition of filing rulesXBRL is a framework for the definition of data formatsprovides a high degree of flexibility for the creation of taxonomies and instance documentsflexibility requires complex IT systems to react appropriately on all possible variants that the standard allows,
like definition of units, accuracy of values, usage of footnotes, periods, identifiers etc.
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European Filing Rules (EFR)Rules to be followed for the preparation and validation of instance documents in an European filing processPlace additional constraints on XBRL instance document
AdvantagesHarmonization on a technical levelEnhance the interoperability of IT systemsEase of comparison of reporting dataEase the validation of instance documentsGiving rules to reporting entities as guidanceHarmonized rules decrease the reporting burden for reporting entities across EuropeCodified rules can be automatically tested
currently only with proprietary software
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?XBRL Filing
Related approaches Approach Year Status Publisher Coverage Rules on
FRIS1 2004 PWD2 XII3 XBRL 2.1 - only XBRL Instances
Global Filing Manual
2010 Best Practices
SEC, FSA Japan, IFRS XBRL Standard XBRL Instances and Taxonomies
European Filing Rules
2013 PWD2 CEN XBRL Standard XBRL Instances
Page 81 Financial Reporting Instance Standards2 Public Working Draft3 XBRL International Inc.
European Filing Rules: part of the CWA1 deliverables of the standardization process of CEN/WS XBRLDe-jure standard by 2014oriented to reporting entities preparing the filings on basis of EIOPA and EBA taxonomiesRecommendations to be adopted by NSAs and European Supervisory Authorities
FRIS
GFM
EFL
Structure of the Deliverable
Currently 45 rules separated in two chaptersFiling syntax rules
Rules for the complete document to be filedInstance syntax rules
Syntax rules for the instance document and its subordinated objectsContextsFactsUnitsFootnotes
Open discussions (small selection)
How to ensure validity according to XBRL Formula in huge instance files?Should it be allowed to send partial datasets?Should XML fragments in scenario be prohibited?How to define the language,
accept multiple languages in one instance?
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Modeling aspects for standardization
Filing rules need to be implemented on sender and receiver side to ensure that the requirements of the filings are metFRIS and GFM define rules in natural language exclusively possible ambiguities while interpreting the rules
Rules must be easily understandable by software developers
Way forward by using modeling techniques for the defined constraints Current rules are based on texts and represent an informal modelFormal models limit the margin of interpretation for persons with mathematical backgroundFormal models are based on an appropriate meta model which provide formal syntax and semanticAim: Rules should be covered to a high degree in a formal model
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Modeling the European Filing Rules
Object system comprises the clearly delimited real system and also its relevant environment.
The object system is the XBRL instance document and the constraints defined on the preparation of XBRL instance documents. The constraints are based on the objects contained in an instance document and the relations among each other.
Meta model provides model components, rules on how to combine components and the meaning (semantic) for the components and relations.
UML class diagram to describe the structure of the XBRL instance by showing the classes, their attributes and possible methods.OCL (Object Constraint Language) is a formal language for specifications, which refers to an UML model to describe constraints about the objects in the model.
Model system must be consistent and complete. It must reflect the structure of the object system.
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Object system
Model system
Meta model
modeling
Draft model system for EFR
Page 12
Data Point Methodologyas second deliverable of CWA1
Page 13
Definition of a Data Point ModelDPM is a dictionary of business concepts and their properties used in tables (explicitly indicated in annotation)identifying the content of every data point and its relation to other data points.
Data Point Modelrepresented in
represented in
Concept of Data Point Modelling
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A Data Point as a financial concept is characterized by defining its basic financial meaning (nature) and specifying information of breakdowns in which it is described in different tables or paragraphs of documentation.
Data Point Methodologyas second deliverable of CWA1
Backgroundambiguity in the understanding of the concept of a Data Point Modelmissing rule set to be followed in the process of Data Point modelling different constraints depending on the field of applicationmissing abstraction layer to ease the understanding for IT expertsmissing description of the relations between the different components of a Data Point Model
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Design-oriented models
Modelling is an activityOf a personBased on his perceptionBased on the knowledge of modellingTo construct a representation of a real object system
Modelling is purposeful and targetedPurpose is defined by the model usersComponents of the model must be seen as relevant for the purposeComponents are selected by the modeller
Models can be defined in natural language, semi-formal language or by using a formal notation.16
Consequences for design-oriented models
A model is never objectively right or wrong.Models might at most not appropriate for the purpose it was modelled.Model depends on the decision of the modellers.It is needed to ensure that the model services its purposes by getting a consensus between designers of the model and the users.
Two roles in the process of modelling:Knowledge carrier is the domain expert. He knows about the scope of the model and he is able to understand the model.Model designer has modelling experience and appropriate modelling languages. He constructs the model.
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Consequences for design-oriented models
Reflect: considerations about what needs to be modelledGain: Information about the object system and intensions of the knowledge carriers (read, ask, search, analyse, check back…)Describe: understand, order, structure, assess the gained informationValidate: models need to be reviewed by the knowledge carrier
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Understands the scopeDesigns the model
Reflects the scopeUnderstands the model
Gain
Describe
Validate
Reflect
knowledgecarrier
modeldesigner
Process of Data Point modelling
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Data Warehouse
Representation of the model
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Data Point Model ?XBRL Data Format
Transformation
Constraints for the different fields of application need to be taken into account when
Transforming DPMs into XBRL or other data formatsUsing the dimensional structures in Data Warehouses.
Model hierarchy
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Meta model
Meta meta model
ModelObject system
Modelling language
Meta modelling language
conforms to
conforms to
represented by
described by
described byconforms to
defines notation
defines notation
How to describe Data Point modelling?
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Meta model
Meta meta model
Modelling language
Meta modelling language
conforms to
conforms to
represented by
described by
described byconforms to
defines notation
defines notation
Data Point Model
How to describe Data Point modelling?
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Data Point Meta Model
UML Model
UML + OCL
UML
conforms to
conforms to
represented by
described by
described byconforms to
defines notation
defines notation
Data Point Model
Different perspectives on the model
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Perspectives reduce the complexity and provide views on different aspects of the object systemPerspectives needed to be consistent and complete as a whole
Inconsistency
Front view Side view
Top view
Model system
Object system
modelling
Data Point Meta Model
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The Data Point Meta Model provides (1) the model components for the creation of a formal models on sets of data points for European supervisory reporting frameworks, (2) rules on how to combine these components and (3) the meaning (semantic) of the components and relations.
Similar to a model construction kit for toys it provides the modelling principles with all characteristics available for use by the modeller.
Data Point Meta Model - perspectives
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Constraints on Data Point Models
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A conformance suite based on this rules could be implemented when the Data Point Model has been transformed in a formal language, like XBRL.
Collaborative work progresses in XBRL Wiki
Page 28
http://xbrlwiki.info/index.php?title=European_Filing_Ruleshttp://www.wikixbrl.info/index.php?title=European_Data_Point_Methodology
How to contribute
Take part in the discussions on XBRL WikiLogin request via [email protected]
Via Google group CEN-WS-XBRL-CWA1
Page 29
discussion
Next steps
Finalising the work on the Data Point Meta ModelReview welcomed!
Cookbook on Data Point ModellingOriented to business expertsExplaining the advantage of using Data Point ModelsIntroducing the concept of modellingExplaining the process and method of Data Point ModellingProviding an illustrative example
Creation of a normative document for standardising the European Taxonomy Architecture
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