An insight into the upcoming IReF
Reporting entities and regulators are constantly seeking to evolve requirements and processes to maintain financial stability. A recent podcast interviewing Invoke Software’s Joasia Popowicz touches on an upcoming evolution in the regulatory reporting world: the ECB’s plans for an Integrated reporting framework (IReF) and EBA’s plans for an Integrated Reporting System (IRS).
The aim is to modernise the European data collection system, unifying requirements and processes, to take advantage of working as a European system, rather than in silos. The XBRL format is likely to underpin the system, with the xBRL-CSV update meaning the standard is capable of handling the large volumes of data that will be required.
Listen to the podcast here.