Transcript XBRL Formula

XBRL Formula
December 6th, 2006
1:30pm EST
Jon Wisnieski & Mark Montoya
Federal Deposit Insurance Corporation
(FDIC)
Why XBRL formulas?
• Data consistency
- Simple calculations
- Advanced calculations
• Data exchange with software vendors
- Word and Excel documents
• Limitation of XBRL calculations
- Required more than basic summations
Does XBRL solve the problem?
• Central Data Repository (CDR)
- XBRL as standard for data exchange
- Meta data source (taxonomy)
• the XBRL data model
- XML
- XLink
• Unique process for formulas
- Process model
- Additional guidance for software vendors
Main Presentation
• Formula Types
From simple to advanced
• Formula Use
Multiple levels
• Future Work
Legacy formulas to event-driven formulas
• Summary
Process model
Formula Types
• “Hard & Fast”
..items must not be negative
• Consistency
- Data within same period
- Prior period data
• Characteristic
Financial data provides patterns through time
Formula Use
• Meta Data Testing
Testing and verification before publishing
• Vendor Level
Software incorporates taxonomy formulas
• Institution Level
Through software, institution initiates validation
• CDR Level
Same taxonomy formulas are used for validation
Summary
XBRL formula do work and addressed FDIC’s
business needs
- Data exchange
- Data consistency
- More advanced calculations
Future Work
• Inter-Series Formula
Across financial reports
• Uniform Business Performance Report (UBPR)
Ratios based on peer groups
• Event Driven Formula
Based on current or prior event
Jon Wisnieski
email - [email protected]
office - (1) 202-898-3846
Mark Montoya
email - [email protected]
office - (1) 202-898-3829