President of the European Central Bank, Mario Draghi, argues that the disjointed nature of national supervision and resolution in Europe in 2008 led to markets fragmenting down national fault lines – with individual nations creating negative spillovers by defending domestic policy at the expense of united efficiency and stability.
Here at XBRL International, strongly believe that access to transparent, high-quality data can create a fairer, safer financial environment. Earlier this month, the SEC gave us an example of the potential data has to prevent and find fraud. On 12 September the Commission charged a New Jersey-based broker with misusing his access to customers’ brokerage […]
This summer we’ve talked a lot about new SEC rules requiring the use of Inline XBRL for US financial reporting, but if you’re still getting your head around questions like “Why now?”, “What the change is going to mean?” and “How to prepare for the transition?”, this weeks episode of the Financial Executives International Podcast […]
Last week saw the World Economic Forum’s Annual Meeting of the New Champions, this year held in Tianjin, China. A host of debates and presentations are available to view and read from the global summit. Talks tackled the global collaboration and standards necessary to ensure the interoperability of Fourth Industrial Revolution technologies such as AI, […]
In a speech this week, Steven Maijoor, the ESMA chair, reiterated how the democratisation of information and increased scope for AI applications presents a novel chance to build a better, more trusting future. The notion that information can, in the most profound of ways, radically transform markets is clear. Combined with the fact that many […]
The XBRL Best Practices Board has published a first full release of the XBRL Glossary. Until now, there haven’t been better terms available for referring to XBRL features and functionality. The glossary seeks to change that by providing a set of simplified terms with a clear description to help newcomers get to grips with XBRL.
The IFRS Foundation has issued a call for commentson a Proposed Taxonomy Update, covering common practice disclosures associated with IFRS 13 – Fair Value Measurement. This is relevant to public companies that are now filing IFRS financial statements to the SEC as foreign private issuers, and those filing, or preparing to file, IFRS financial statements in a […]
Abu Dhabi Global Markets (ADGM), the Emirate’s international financial centre, expand their Fintech ambitions with the launch of a digital sandbox. The aim is to offer banks, fintech companies and watchdogs an open digital marketplace in which to collaborate on the creation, testing and adoption of new products, while also promoting local Fintech firms to […]
In September 2018, XBRL US submitted a letter in response to the U.S. Office of Management and Budget (OMB) request for information on a proposed public/private partnership called the Government Effectiveness Advanced Research (GEAR) Center. The goals of this partnership are stated as “re-imagining possibilities for how citizens interact with the Government; rethinking the delivery […]
In a recent release, the European Commission has iterated the importance of exploring the impact of artificial intelligence, not only economically but ethically as well. A strong European approach to coordinating and regulating AI is, of course, necessary. However, in order to maximise the benefits of AI investments, ensuring that there is an ethical framework in place […]