EFRAG tasked with proposing Non-financial Reporting Standards
The European Commission (EC) continued making headway on non-financial reporting this week with an announcement that the European Financial Reporting Advisory Group (EFRAG) is to develop recommendations for non-financial reporting standards.
EBA and ESMA support EU Digital Finance Strategy
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have called for further standardisation of data and the use of digital entity identifiers in their responses to the European Commission’s consultation on a new EU Digital Finance Strategy.
LEI Taxonomy finalised
In reporting, the only thing likely to create more confusion than having two standards covering one field, is having two XBRL taxonomies representing the same standard. Computers are terribly literal machines and won’t understand, for example, that Japan.LEI and Mexico.LEI are referencing the same thing.
Eurofiling: XBRL Data feeds Explainable AI Models
Amongst several fascinating presentations at the Eurofiling Innovation Day this week was an interesting demonstration on how XBRL reports can be used as the basis of explainable AI for bankruptcy prediction.
ESEF Tools are widely Available
XBRL International has conducted a survey of XBRL Certified Software™ vendors that offer report creation solutions for ESEF. We’ve now completed the production of reports on a country-by-country basis across the EEA and UK.
