BS ISO 5116-2:2021 - Improving Transparency in Financial and Business Reporting

Harmonization Topics Guidelines for Data Point Modelling

Standard Number: BS ISO 5116-2:2021

Pages: 46

Released: 2021-08-05

ISBN: 978 0 539 13713 2

Status: Standard

Overview

In today's fast-paced financial and business environment, transparency is more crucial than ever. The BS ISO 5116-2:2021 standard provides comprehensive guidelines to enhance transparency in financial and business reporting. This standard focuses on harmonization topics and offers detailed guidelines for data point modelling, ensuring that your financial and business reports are clear, consistent, and reliable.

Why Choose BS ISO 5116-2:2021?

The BS ISO 5116-2:2021 standard is designed to help organizations improve the quality and transparency of their financial and business reporting. By adhering to these guidelines, you can ensure that your reports meet the highest standards of accuracy and reliability. This not only enhances your organization's credibility but also builds trust with stakeholders, investors, and regulatory bodies.

Key Features

• Comprehensive Guidelines: The standard provides detailed guidelines for data point modelling, ensuring that your reports are clear and consistent.
• Enhanced Transparency: By following the guidelines, you can improve the transparency of your financial and business reporting, making it easier for stakeholders to understand and trust your reports.
• Harmonization Topics: The standard covers various harmonization topics, helping you align your reporting practices with international standards.
• Up-to-Date Information: Released on 2021-08-05, the standard includes the latest best practices and guidelines for financial and business reporting.

Who Should Use This Standard?

The BS ISO 5116-2:2021 standard is ideal for a wide range of professionals and organizations, including:

• Financial Analysts
• Accountants
• Auditors
• Business Managers
• Regulatory Bodies
• Investors

Benefits of Using BS ISO 5116-2:2021

Implementing the BS ISO 5116-2:2021 standard offers numerous benefits, including:

• Improved Accuracy: The guidelines help ensure that your financial and business reports are accurate and reliable.
• Increased Trust: Transparent and consistent reporting builds trust with stakeholders, investors, and regulatory bodies.
• Compliance: Adhering to the standard helps you comply with international reporting requirements and best practices.
• Efficiency: The standard provides a clear framework for data point modelling, making the reporting process more efficient and streamlined.

Table of Contents

The BS ISO 5116-2:2021 standard is divided into several sections, each covering a specific aspect of financial and business reporting. The table of contents includes:

1. Introduction
2. Scope
3. Normative References
4. Terms and Definitions
5. General Principles
6. Data Point Modelling Guidelines
7. Harmonization Topics
8. Implementation and Compliance
9. Annexes

Conclusion

The BS ISO 5116-2:2021 standard is an essential resource for anyone involved in financial and business reporting. By following the guidelines provided in this standard, you can enhance the transparency, accuracy, and reliability of your reports, building trust with stakeholders and ensuring compliance with international standards. Whether you are a financial analyst, accountant, auditor, business manager, or investor, this standard will help you achieve the highest standards of reporting excellence.

BS ISO 5116-2:2021

This standard BS ISO 5116-2:2021 Improving transparency in financial and business reporting. Harmonization topics is classified in these ICS categories:

• 03.060 Finances. Banking. Monetary systems. Insurance

This document provides guidelines for data point modelling for supervising experts. The main body consists of four sections. The interrogative form helps in choosing which section may best answer your question and lead you to a good understanding of the subject matter.

After this first introductory section and the section containing terms and definitions, the main part starts to provide basic knowledge about different types of data models and data modelling approaches. The first and the second sections provide an overview of data models in general, in contrast to the third section that highlights the necessity of data modelling for supervisory data. This third section draws on the objectives and background information of the preceding sections. Furthermore, a paragraph classifies the Data Point Model introduced by the Eurofiling Initiative and elaborated by EIOPA and EBA, where many new terms related to DPM are introduced. Another paragraph explains the areas of application for the DPM. The third section concludes with a paragraph introducing a subset of the technical constrains that need to be considered in the creation process of the DPM. The fourth section gives step-by-step instructions on how to create a DPM. The paper concludes with remarks on the progress achieved so far, and provides an outlook on the software that is being developed at the moment to support you during the creation process.