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Trust, Access and Expansion

November 8, 2019

In a powerful keynote speech at Data Amplified, Leslie Seidman, former Chair of the FASB and now an independent board member and Audit Committee Chair made some key recommendations for regulators around the world.

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Preventing Audit Extinction

November 8, 2019

PCAOB Board Member J. Robert Brown’s speech at Data Amplified has now been published on the Audit Regulator’s website. Mr Brown urges regulators and the audit profession alike to consider the impact of potential irrelevance – “Investors and other consumers of the financial statements are increasingly relying on information not subject to the audit. The effect is […]

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XBRL Drives Actionable Analytics

November 8, 2019

This week the US Financial Accounting Standards Board (FASB) Chairman Russell Golden gave some insightful remarks on the development, utility and future potential of XBRL data at the 2019 XBRL US Investor Forum on Driving Actionable Analytics. Golden joined FASB at the beginning of the SEC’s voluntary programme of XBRL filing, and has seen the […]

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Hans Buysse moves from Vice Chair to Chair of XBRL International’s Board of Directors

November 8, 2019

We are delighted to announce that Hans Buysse will be taking up the role of Chairperson of the XBRL International Board of Directors. Robert Tarola will swap seats with Hans and shift into the Vice Chair role. Hans brings a wealth of experience to the role with extensive knowledge of financial analysis, M&A and structured […]

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Climate Reporting Falls Short of Investor Expectations

November 8, 2019

A new UK Financial Reporting Council (FRC) report indicates that companies are falling short of investor expectations for quality, granular climate-related reporting. As we heard from SASB at Data Amplified, demand for climate-related reporting is growing. However, for reporting to be useful for investors, it needs to be clear and comparable. The FRC report provides practical guidance to […]

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XBRL US Comments on Modernisation of S-K

November 8, 2019

XBRL US has submitted a comment letter strongly recommending that the SEC adopts financial data standards for information affected by the Modernization of Regulation S-K proposals. As previously reported, the SEC recently submitted a proposal to amend regulation S-K, including various changes to disclosure requirements designed to improve the readability of disclosures, discourage repetition and discourage […]

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EBA Extends EU-Wide Deadline for New Payment Security Rules

November 8, 2019

The European Banking Authority (EBA) have pushed back the deadline for the migration to Strong Customer Authentication (SCA) standards across Europe until 31 December 2020, giving national authorities a 15-month extension to implement the new rules. EBA have acknowledged a lack of clarity around the complex requirements and the importance of a harmonised approach across […]

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EU Enforcers Prioritise New Reporting Standards

November 8, 2019

The European Securities and Markets Authority (ESMA) has published priorities for European regulators to consider when examining the 2019 annual financial reports of listed companies. In particular, ESMA have prioritised enforcing the recent changes made to financial reporting standards. This includes exercising significant judgement in the application of Lease disclosures under IFRS 16, noting the improvement […]

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IASB to Review Goodwill

SEC Propose Structured Data for Fee Calculations

November 8, 2019

On Friday 24 October the US Securities and Exchange Commission (SEC) published a new rule proposal aiming to ensure all required information for fee calculation is in structured format using Inline XBRL. The proposal would amend fee bearing forms, schedules and statements so that the fee table and explanatory footnotes for the fee table are […]

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Adopting the LEI Could Save Banks Billions

November 8, 2019

Interesting news from the Global Legal Entity Identifier Foundation (GLEIF) this week as research shows that wider use of the Legal Entity Identifier (LEI) by banks could unlock an estimated US $2-4 billion across the global banking sector annually. While the LEI has been proving beneficial for identification in regulatory environments for some time now, […]

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