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Advancing XBRL Best Practices: Insights from the 2011 BPB Meeting in Brussels

The XBRL International Best Practices Board (BPB) convened on May 18, 2011, in Brussels, Belgium to strategize on enhancing the implementation of XBRL specifications. The meeting focused on defining the BPB's mission, including the creation and dissemination of resources to aid in effective XBRL adoption. Key goals included improving taxonomy recognition processes, developing modeling guidance, and providing valuable white papers. The session also addressed integrating XBRL in both internal and integrated reporting processes to overcome existing challenges and maximize benefits.

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Advancing XBRL Best Practices: Insights from the 2011 BPB Meeting in Brussels

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  1. Technology and Practices Track (Track 6)18 May 2011Brussels, Belgium BPB Update Makoto Koizumi Chair, Best Practices Board

  2. BPB Mission Statement • BPB Mission • The XBRL International Best Practices Board (BPB) actively manages the production, dissemination, and continual improvement of products and resources that describe practices, methods, and processes for successful implementation, integration, maintenance, and usage of XBRL specifications • BPB charter can be found at: http://www.xbrl.org/BestPractices/

  3. BPB 2011 Goals • Provide XBRL value propositions to the market • Project Listing Database • White papers • Best Practice Development • Modeling Guidance & Rules for taxonomy development • Taxonomy Recognition • Improve Taxonomy Recognition Process • New template to explain taxonomy (Taxonomy Evaluation Framework) • New FRTA (Financial Reporting Taxonomy Architecture)

  4. Positioning of Deliverables Before decision making XBRL Project Decision making • Guidance documents: • Resources and documents that help • XBRL projects • For Project Managers • For Technical • White paper documents & Project Listing DB: • documents that help decision making • For business side • For IT side Taxonomy Recognition

  5. Activity List

  6. Activity List (cont’d)

  7. FRTA 1.5 • Shweta Gupta, TAPWG Chair lead this activity • Minor updates from 1.0 • Removed: • all outdated rules • all rules inconsistent with additional spec • Clarify ambiguous rules • Public Working Draft is published in this week

  8. Consuming XBRL data • White paper which introduces case studies Contents • Business Requirements • Benefits and challenges for consuming XBRL data • Implementation • Target XBRL documents • Technologies and other standards • High level architecture Note: covered contents are discussed and decided with key contributors

  9. XBRL and Internal Reporting • Introduces XBRL adoption in internal reporting process in multinational enterprise Contents • Target area for XBRL adoption (e.g. consolidated accounting, internal control, financial analysis) • Existing issues in the business operation and business requirements • Benefits and challenges for XBRL adoption in internal reporting process

  10. XBRL and Integrated Reporting • Introduces how XBRL works in Integrated Reporting Contents

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