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Homepage>BS Standards>03 SOCIOLOGY. SERVICES. COMPANY ORGANIZATION AND MANAGEMENT. ADMINISTRATION. TRANSPORT>03.060 Finances. Banking. Monetary systems. Insurance>BS ISO 5116-1:2021 Improving transparency in financial and business reporting. Harmonization topics European data point methodology for supervisory reporting
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immediate downloadReleased: 2021-09-28
BS ISO 5116-1:2021 Improving transparency in financial and business reporting. Harmonization topics European data point methodology for supervisory reporting

BS ISO 5116-1:2021

Improving transparency in financial and business reporting. Harmonization topics European data point methodology for supervisory reporting

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Standard number:BS ISO 5116-1:2021
Pages:28
Released:2021-09-28
ISBN:978 0 539 13367 7
Status:Standard
BS ISO 5116-1:2021 - Improving Transparency in Financial and Business Reporting

BS ISO 5116-1:2021 - Improving Transparency in Financial and Business Reporting

Standard Number: BS ISO 5116-1:2021

Pages: 28

Released: 2021-09-28

ISBN: 978 0 539 13367 7

Status: Standard

Overview

The BS ISO 5116-1:2021 standard is a pivotal document designed to enhance transparency in financial and business reporting. This standard focuses on harmonization topics and introduces the European data point methodology for supervisory reporting. Released on September 28, 2021, this 28-page document is an essential resource for professionals in the financial and business sectors who are committed to improving the clarity and consistency of their reporting practices.

Key Features

  • Comprehensive Guidance: The standard provides detailed guidance on improving transparency in financial and business reporting, ensuring that all stakeholders have access to clear and consistent information.
  • Harmonization Topics: It addresses key harmonization topics, facilitating a unified approach to reporting across different jurisdictions and sectors.
  • European Data Point Methodology: The standard introduces the European data point methodology for supervisory reporting, a crucial tool for regulatory compliance and effective supervision.
  • Up-to-Date Information: Released in 2021, the standard reflects the latest developments and best practices in financial and business reporting.

Benefits

Implementing the BS ISO 5116-1:2021 standard offers numerous benefits, including:

  • Enhanced Transparency: By following the guidelines in this standard, organizations can significantly improve the transparency of their financial and business reports, fostering trust and confidence among stakeholders.
  • Regulatory Compliance: The European data point methodology helps organizations meet regulatory requirements, reducing the risk of non-compliance and associated penalties.
  • Consistency and Comparability: The harmonization topics covered in the standard promote consistency and comparability in reporting, making it easier for stakeholders to analyze and interpret financial information.
  • Improved Decision-Making: Clear and transparent reporting provides a solid foundation for informed decision-making, benefiting both internal and external stakeholders.

Who Should Use This Standard?

The BS ISO 5116-1:2021 standard is designed for a wide range of professionals and organizations, including:

  • Financial Institutions: Banks, investment firms, and other financial institutions can use this standard to enhance the transparency and consistency of their reporting practices.
  • Regulatory Bodies: Supervisory authorities and regulatory bodies can leverage the European data point methodology to improve the effectiveness of their oversight and supervision.
  • Business Enterprises: Companies across various sectors can benefit from the harmonization topics and guidelines provided in the standard, ensuring that their financial and business reports meet the highest standards of transparency.
  • Auditors and Accountants: Professionals involved in auditing and accounting can use this standard to enhance the quality and reliability of their work, providing greater assurance to stakeholders.

Structure and Content

The BS ISO 5116-1:2021 standard is structured to provide clear and actionable guidance on improving transparency in financial and business reporting. The document is divided into several key sections, including:

  • Introduction: An overview of the importance of transparency in financial and business reporting and the objectives of the standard.
  • Harmonization Topics: Detailed discussion of key harmonization topics, including definitions, principles, and best practices.
  • European Data Point Methodology: Comprehensive guidance on the European data point methodology for supervisory reporting, including practical examples and case studies.
  • Implementation Guidelines: Step-by-step instructions for implementing the standard within an organization, including tips for overcoming common challenges.
  • Annexes: Additional resources and reference materials to support the implementation and use of the standard.

Conclusion

The BS ISO 5116-1:2021 standard is an invaluable resource for any organization or professional committed to improving transparency in financial and business reporting. By providing comprehensive guidance on harmonization topics and the European data point methodology, this standard helps ensure that financial and business reports are clear, consistent, and reliable. Whether you are a financial institution, regulatory body, business enterprise, or professional auditor, the BS ISO 5116-1:2021 standard offers the tools and insights you need to enhance the quality of your reporting and build trust with your stakeholders.

DESCRIPTION

BS ISO 5116-1:2021


This standard BS ISO 5116-1:2021 Improving transparency in financial and business reporting. Harmonization topics is classified in these ICS categories:
  • 03.060 Finances. Banking. Monetary systems. Insurance

This document defines the Data Point Methodology for the creation of Data Point Models in the context of European supervisory reporting. Data Point Models are published by a European supervisory authority. To reflect the defined structures in a machine-readable form, they can be accompanied by an XBRL taxonomy. It is also possible to extend the described methodology to other environments.


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