IFAC: International regulatory divergence costs $780B
A terrifying study out this week from IFAC says that the burden on internationally operating businesses caused by different regulatory arrangements is in excess of $780 billion USD. That’s more than the GDP of Switzerland. Or Malaysia and Singapore combined. It’s half the GDP of Brazil, population 200M+!
No LEI? No Hope.
Regulators are streamlining identity by adopting the LEI. With more than 1.2 million LEIs already acquired by companies operating in financial markets, this global identifier is now the preferred solution for regulatory reporting right around the world.
Making company-specific reports more comparable
To help with analysis and comparability XBRL International has published draft guidance on Entity Specific Disclosures — disclosures made in a company’s financial statements that are specific to that entity.
BoE Accelerates XBRL Data Analytics
Using a big data approach to drive analytics of large quantities of XBRL data, with necessary data structuring, aggregation, ordering and filtering controlled directly from the XBRL taxonomy (the business-led data definitions) has been something of a holy grail for regulators and other large scale users of the standard for many years.
Improving Government Reporting
Florida is in the last stages of finalising legislation that will require the collaborative design and implementation of XBRL based reporting from municipalities. Comprehensive Annual Financial Reports (CAFRs) will go digital.
