|December 12, 2006, 11:00am - 1:00pm ET |
Financial Reporting Using XBRL
|SPEAKER FOR THIS EVENT:|
- Martin Henning, Associate Director, FDIC Division of Insurance & Research, Statistics Branch
Successful Implementation and Future Applications
XBRL (eXtensible Business Reporting Language) provides an identifying tag for each individual item of financial data. Computers recognize these tags in any document form and are able to extract, analyze and store the data automatically and present the data in a variety of formats.
XBRL is flexible, handles data in different languages and accounting standards and is adaptable to individual business requirements. Preparers and users alike are benefiting from the use of XBRL in financial reporting.
In 2005 the FDIC requested that over 8000 financial institutions submit their financial reporting using XBRL (Extensible Business Reporting Language). In September, a majority of these institutions were able to fulfill this request and the overall submission of information was faster and more accurate than ever before.
The FDIC sees this as a major victory in the updating of a very routine transaction. In this session you will hear from Jerry Russomano, the Deputy CIO of the FDIC as well as the Project Manager for this highly successful system, Martin Henning, discussing how they achieved their goals and how they are now looking to implement XBRL in other areas of the organization.
|THIS PROGRAM IS INTENDED FOR:|
C-level Officers, VPs and Directors involved with:
- Information Technology
- Corporate Governance
|ABOUT OUR SPEAKER:|
Martin Henning, Associate Director, FDIC Division of Insurance & Research, Statistics Branch
Martin is responsible for the collection, processing, and distribution of information collected from insured financial institutions. Most recently he led the successful implementation of a new inter-agency process for managing quarterly financial statement submissions from U.S. banks. The new process makes extensive use of XBRL and other Internet-based standards to significantly improve communication between reporters and regulators. The new process has resulted in regulator receipt of high quality data earlier, at a lower cost, with little impact on the reporters.
Martin began his career with the FDIC over fifteen years ago as a bank examiner in Orange County, California. He has been involved in several technology initiatives at the FDIC ranging from the development of examination software to web-based economic data delivery tools. Martin has also been an instructor for the FDIC in technological, and management excellence seminars.
Martin has a bachelor’s degree in business administration from the University of San Diego and a masters degree in information systems technology from George Washington University. He now lives in Arlington, Virginia with his wife and three sons.