Innovation and collaboration in jurisdictions across the world
Our jurisdictions around the world continue to break new ground in a range of activities, including XBRL research, experimentation and implementation. We would like to highlight just three here – but we would also love to hear your news from wherever you are in the world!
XBRL Italy has been highly active and innovative this year, playing a leading role in the development of preferred national extensions for European Single Electronic Format (ESEF) reporting by the banking and insurance sectors, which should foster data comparability. It has helped to extend XBRL filings to Confidi, non-profit credit guarantee consortia that are an important part of the Italian financial landscape, and is leading a large-scale testing project. XBRL Italy has also carried out training for companies on the basics and industry-specifics of XBRL, and helped to support ESEF implementation with workshops and examples.
XBRL Russia and Bank of Russia have carried out ground-breaking experimentation with and implementation of xBRL-CSV for granular data collection – scroll back to the start of this newsletter for more on this! It has also created a collaboration forum for software vendors and implementors, and a formal education program for financial reporting professionals within regulated financial institutions.
XBRL US has been instrumental in expanding and exploring ways of using XBRL in a range of reporting, as discussed here. Work by the XBRL US Data Quality Committee (DQC) is starting to have real and long-term impact in improving data quality, including through the adoption of its rules by the US Financial Accounting Standards Board in its taxonomy. The ongoing expansion of the XBRL US Data Platform, offering an easy entry into XBRL analytics for US data, also provides both a valuable tool and model.