Exploring the Playbook 2: How do I set up the right technical infrastructure for digital reporting?
XBRL International’s Regulatory Playbook is now available. It offers regulators an essential guide to planning and implementing an XBRL-based digital reporting framework, including key considerations and best practices drawn from international experience. To celebrate the launch, this series will dive into a few of the questions that regulators often ask themselves, and that the playbook helps to answer.
Technical readiness is not the only thing to think about when planning a digital reporting project, but getting the right systems and processes in place is certainly critical to successful implementation. The Playbook will take you through the key strategic decisions you need to make early on, covering:
- internal vs external approaches for developing and hosting your data collection platform
- the essential XBRL software components you’ll need for a healthy data collection and processing ecosystem
- how to support software availability and whether to provide reporting tools
- planning for data consumption and publication to meet stakeholder needs and provide maximum value
The Playbook leverages the wide international experience associated with implementing XBRL reporting across the ecosystem and across the world over the last 25 years. It highlights some of the frequently encountered challenges you may face in building your technical architecture, such as ensuring a reliable and secure platform, selecting the right tools for effective data-quality validation, and designing for interoperability with other regulatory systems, scalability and long-term sustainability.
All those pieces in place? Now it’s time for implementation – and a deep dive into all the technical aspects of XBRL, from reporting formats to taxonomy development to data validation. The Playbook is here to guide you as you build the technical expertise you need to create a robust reporting framework that meets your needs and objectives.
