Re-engineering a financial information supply chain with xbrl: An exploration of co-operative ios design and development

Martin Fahy; Joseph Feller; Patrick Finnegan; Ciaran Murphy

Re-engineering a financial information supply chain with xbrl: An exploration of co-operative ios design and development

Martin Fahy
, Joseph Feller
, Patrick Finnegan
, Ciaran Murphy

University of Galway
University College Cork

Research output: Chapter in Book or Conference Publication/Proceeding › Conference Publication › peer-review

1 Citation (Scopus)

Abstract

Financial markets worldwide have been experiencing dramatic changes since the mid-1990s. It has been claimed that XBRL, an XML vocabulary for business reporting, is capable of introducing greater integration and transparency into financial information systems, and thus addressing some of the challenges presented by these changes. This paper presents an exploratory case study of the cooperative design, development and implementation of an XBRL-enabled inter-organisational system (IOS) by the Australian Prudential Regulation Authority (APRA), the Reserve Bank of Australia (central bank) and the Australian Bureau of Statistics to revolutionise reporting by financial institutions in Australia. The study describes how the three agencies modernised and harmonised reporting requirements through a gradual review of the reporting returns required by each agency. This harmonisation enabled the reengineering of the reporting process, as each financial institution now has to submit just one set of figures to meet the needs of all three agencies. The findings illustrate that the complexity of data consumption patterns drove increased interdependence within the financial information supply chain requiring the co-operative development of context sensitive data exchanges and commodity-like IT infrastructures. The paper concludes that the co-operative approach to IOS development exhibited in this study is likely to be more suited to the development of XBRL-enabled systems for financial information supply chains than the hub and spoke' model characteristic of IOS developments in other industrial sectors.

Original language	English
Title of host publication	Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005
Publication status	Published - 2005
Externally published	Yes
Event	13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005 - Regensburg, Germany Duration: 26 May 2005 → 28 May 2005

Publication series

Name	Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005

Conference

Conference	13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005
Country/Territory	Germany
City	Regensburg
Period	26/05/05 → 28/05/05

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 10 Reduced Inequalities

Cite this

Fahy, M., Feller, J., Finnegan, P., & Murphy, C. (2005). Re-engineering a financial information supply chain with xbrl: An exploration of co-operative ios design and development. In Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005 (Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005).

Fahy, Martin ; Feller, Joseph ; Finnegan, Patrick et al. / Re-engineering a financial information supply chain with xbrl : An exploration of co-operative ios design and development. Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005. 2005. (Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005).

@inproceedings{1511baf37e3248c6b59c49fef3e8b349,

title = "Re-engineering a financial information supply chain with xbrl: An exploration of co-operative ios design and development",

abstract = "Financial markets worldwide have been experiencing dramatic changes since the mid-1990s. It has been claimed that XBRL, an XML vocabulary for business reporting, is capable of introducing greater integration and transparency into financial information systems, and thus addressing some of the challenges presented by these changes. This paper presents an exploratory case study of the cooperative design, development and implementation of an XBRL-enabled inter-organisational system (IOS) by the Australian Prudential Regulation Authority (APRA), the Reserve Bank of Australia (central bank) and the Australian Bureau of Statistics to revolutionise reporting by financial institutions in Australia. The study describes how the three agencies modernised and harmonised reporting requirements through a gradual review of the reporting returns required by each agency. This harmonisation enabled the reengineering of the reporting process, as each financial institution now has to submit just one set of figures to meet the needs of all three agencies. The findings illustrate that the complexity of data consumption patterns drove increased interdependence within the financial information supply chain requiring the co-operative development of context sensitive data exchanges and commodity-like IT infrastructures. The paper concludes that the co-operative approach to IOS development exhibited in this study is likely to be more suited to the development of XBRL-enabled systems for financial information supply chains than the hub and spoke' model characteristic of IOS developments in other industrial sectors.",

author = "Martin Fahy and Joseph Feller and Patrick Finnegan and Ciaran Murphy",

year = "2005",

language = "English",

isbn = "3937195092",

series = "Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005",

booktitle = "Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005",

note = "13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005 ; Conference date: 26-05-2005 Through 28-05-2005",

}

Fahy, M, Feller, J, Finnegan, P & Murphy, C 2005, Re-engineering a financial information supply chain with xbrl: An exploration of co-operative ios design and development. in Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005. Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005, 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005, Regensburg, Germany, 26/05/05.

Re-engineering a financial information supply chain with xbrl: An exploration of co-operative ios design and development. / Fahy, Martin; Feller, Joseph; Finnegan, Patrick et al.
Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005. 2005. (Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005).

Research output: Chapter in Book or Conference Publication/Proceeding › Conference Publication › peer-review

TY - GEN

T1 - Re-engineering a financial information supply chain with xbrl

T2 - 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005

AU - Fahy, Martin

AU - Feller, Joseph

AU - Finnegan, Patrick

AU - Murphy, Ciaran

PY - 2005

Y1 - 2005

N2 - Financial markets worldwide have been experiencing dramatic changes since the mid-1990s. It has been claimed that XBRL, an XML vocabulary for business reporting, is capable of introducing greater integration and transparency into financial information systems, and thus addressing some of the challenges presented by these changes. This paper presents an exploratory case study of the cooperative design, development and implementation of an XBRL-enabled inter-organisational system (IOS) by the Australian Prudential Regulation Authority (APRA), the Reserve Bank of Australia (central bank) and the Australian Bureau of Statistics to revolutionise reporting by financial institutions in Australia. The study describes how the three agencies modernised and harmonised reporting requirements through a gradual review of the reporting returns required by each agency. This harmonisation enabled the reengineering of the reporting process, as each financial institution now has to submit just one set of figures to meet the needs of all three agencies. The findings illustrate that the complexity of data consumption patterns drove increased interdependence within the financial information supply chain requiring the co-operative development of context sensitive data exchanges and commodity-like IT infrastructures. The paper concludes that the co-operative approach to IOS development exhibited in this study is likely to be more suited to the development of XBRL-enabled systems for financial information supply chains than the hub and spoke' model characteristic of IOS developments in other industrial sectors.

AB - Financial markets worldwide have been experiencing dramatic changes since the mid-1990s. It has been claimed that XBRL, an XML vocabulary for business reporting, is capable of introducing greater integration and transparency into financial information systems, and thus addressing some of the challenges presented by these changes. This paper presents an exploratory case study of the cooperative design, development and implementation of an XBRL-enabled inter-organisational system (IOS) by the Australian Prudential Regulation Authority (APRA), the Reserve Bank of Australia (central bank) and the Australian Bureau of Statistics to revolutionise reporting by financial institutions in Australia. The study describes how the three agencies modernised and harmonised reporting requirements through a gradual review of the reporting returns required by each agency. This harmonisation enabled the reengineering of the reporting process, as each financial institution now has to submit just one set of figures to meet the needs of all three agencies. The findings illustrate that the complexity of data consumption patterns drove increased interdependence within the financial information supply chain requiring the co-operative development of context sensitive data exchanges and commodity-like IT infrastructures. The paper concludes that the co-operative approach to IOS development exhibited in this study is likely to be more suited to the development of XBRL-enabled systems for financial information supply chains than the hub and spoke' model characteristic of IOS developments in other industrial sectors.

UR - https://www.scopus.com/pages/publications/84870994223

M3 - Conference Publication

AN - SCOPUS:84870994223

SN - 3937195092

SN - 9783937195094

T3 - Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005

BT - Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005

Y2 - 26 May 2005 through 28 May 2005

ER -

Fahy M, Feller J, Finnegan P, Murphy C. Re-engineering a financial information supply chain with xbrl: An exploration of co-operative ios design and development. In Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005. 2005. (Proceedings of the 13th European Conference on Information Systems, Information Systems in a Rapidly Changing Economy, ECIS 2005).

Re-engineering a financial information supply chain with xbrl: An exploration of co-operative ios design and development

Abstract

Publication series

Conference

UN SDGs

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