What is ISO 5116-3 about?
ISO 5116 discusses methods to improve transparency in financial and business reporting. ISO 5116-3 aims to provide an introduction to the topic of creating a conceptual model for storing multidimensional data which is received as XBRL instances that follow the rules defined by European taxonomies published by the European Banking Authority (EBA) or by the European Insurance and Occupational Pensions Authority (EIOPA).
ISO 5116-3 consists of eight sections, save the bibliography. Section one explains working with a Multidimensional Data Model as a step towards working with the Relational Data Model. Section two makes a study of the architecture of XBRL, the databases and their aims, requirements and preconditions in catering for XBRL. Section three defines the conditions used for mapping from Data Point Model to Multidimensional Data Model.
Section four details point by point mapping. Section five shows the metamodel defined by the European Banking Authority (EBA) through the FINREP (Financial Report) and COREP (Common Solvency Report) taxonomies and its mapping into Multidimensional Data Model. Section six displays the Multidimensional Data Model implemented in a relational database. Sections seven and eight show two implementation examples.
Who is ISO 5116-3 for?
ISO 5116-3 on methods to improve transparency in financial and business reporting is useful for:
- IT specialists
- Chartered accountants
- Auditors
- Financial analysts
- National banking supervisors
Why should you use ISO 5116-3?
Data Point Modelling is a data-oriented methodical procedure to create semantic and multidimensional models that reflect the reporting requirements of European supervisors. The Multidimensional Data Model presented in ISO 5116-3 works as a starting point for a subsequent modelling process to be adjusted and extended to specific analytical or transactional needs. The Multidimensional Data Model is used instead of the relational model because the European architecture of economic-financial reports is relying on dimensions heavily, which makes implementation in Multidimensional Data Model the logical choice. Moreover, the performance of queries is better in this type of database.
The goal of ISO 5116-3 is to assist your organization in digitizing your financial and business reporting in a structured and organized manner. The Data Point Model and the Multidimensional Data Model help you to do that in an efficient and easy way.
