GLEIF published the semantically correct model in the form of a taxonomy relevant to integrating the Legal Entity Identifier (LEI) into eXtensible Business Reporting Language (XBRL). XBRL, which is the open international standard for digital business reporting, is managed by XBRL International, a global not-for-profit consortium. GLEIF has initiated work, together with other organizations that are using the LEI as an element in their standards and standard frameworks, to develop semantically correct models of LEI data records relevant to the integration of LEI into other key standards.
The purpose of the project is to represent the LEI in a standard way in key standards and to make available the same documentation, in terms of context, text, and element descriptions, regardless of the differing graphical representations or syntax of the LEI in other standards. The initiative also facilitates providing the LEI in machine-readable form to enable its inclusion in the technical representations of other standards. This will result in correct and consistent usage of the semantic representation of the LEI and its reference data by each organization. Consequently, stakeholders will have one semantically correct model in each standard for the LEI and its reference data. GLEIF establishes and participates in the relevant formal groups for development work on the semantic representations of the LEI and its reference data with the standards organizations.
Keywords: International, Banking, Insurance, Securities, XBRL, Taxonomy, LEI, Semantically Correct Model, XBRL International, GLEIF
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