There is a feast of food for thought in a recent pair of in-depth interviews in the Winter 2021 issue of ThinkTWENTY20, exploring how XBRL supports more meaningful corporate financial reports in regulatory filings, providing better insights and transparency to the marketplace.
Data how you need it: XBRL US case study explores huge ROIs of automated custom normalisation in data collection
A new XBRL US case study examines how Liberty Mutual Surety has used XBRL to automate the generation of normalised data in the format the company needs, freeing employee time for higher value work.
This year we celebrated new ways to use the XBRL standard, with xBRL-JSON and xBRL-CSV reaching final recommendation status in October as part of our new suite of specifications. xBRL-CSV is ideally suited for collecting huge quantities of granular data, making it an exciting tool for today’s regulators, while xBRL-JSON is designed to simplify analysis and make XBRL data easy to use.
The Hong Kong Inland Revenue Department (IRD) looks set to launch Inline XBRL-based digital tax reporting for business within the next 18 months. An new consultation paper sets out progress so far and proposals for moving forward.
A new pilot programme in Flint, Michigan will explore how the use of XBRL can improve transparency in fiscal reporting and lead to better governance, potentially averting crises in municipal finance.