How can XBRL be improved to help Taxonomy authors for large reporting systems?
A recent article identified the potential for conflict between the modelling approaches of XBRL and the Data Point Methodology (DPM). However, no discussion would be complete without reviewing why the European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA) selected to use DPM and then translate to an XBRL taxonomy, rather than starting with XBRL in the first place.
Was it a lack of features in XBRL, was it a lack of understanding, or just simply a lack of tools? This article argues there are still some features missing, many of these are on XBRL International’s Open Information Model (OIM) work plan. but some like ‘versioning’ are yet to be addressed.
The other key insight is that there appears to be no incentive for software vendors to build the type of data modelling tools that large XBRL Taxonomy authors need.
Reviewing the key requirements of large reporting frameworks, like those for EBA CRD and EIOPA Solvency, this paper assesses the status of XBRL specifications to meet them and to enable XBRL to provide master data management capabilities for reporting frameworks.
The rest of this article can be read on Medium for free – here