The UK’s FRC Lab says that the changing demands of users, supported by upcoming regulatory changes mean that boards can no longer ignore digitisation of listed company reporting. In a new report it urges regulators, investors, vendors and issuers to work together to maximise the benefit of Inline XBRL reports.
There is no requirement to audit or provide any level of assurance on digitally formatted XBRL and Inline XBRL financial statements. This is not in the interest of investors.
The IFRS taxonomy is used to create digital financial statements that conform to the International Financial Reporting Standards. The IFRS Foundation has now published the first version of a Preparer’s Guide to using this taxonomy.
MAS announces regulatory reporting will be achieved machine-to-machine via structured data and that the regulator will work to eliminate duplication within their structured data collections.