Did you catch our story in December on the forthcoming introduction of Inline XBRL-based digital tax reporting for business by the Hong Kong Inland Revenue Department (IRD)?
The European Insurance and Occupational Pension Authority (EIOPA) has launched a consultation on draft application guidance on carrying out assessments of climate change materiality and using climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
The International Financial Reporting Standards (IFRS) Foundation has published a proposed update to the IFRS Taxonomy 2021.
This year we celebrated new ways to use the XBRL standard, with xBRL-JSON and xBRL-CSV reaching final recommendation status in October as part of our new suite of specifications. xBRL-CSV is ideally suited for collecting huge quantities of granular data, making it an exciting tool for today’s regulators, while xBRL-JSON is designed to simplify analysis and make XBRL data easy to use.
2021 has in many ways been the “year of ESG” – of environmental, social and governance issues – and has seen several crucially important developments, particularly in terms of sustainability reporting standards and requirements.
2021 has seen the initial implementation of the Inline XBRL-based European Single Electronic Format (ESEF) for financial reporting across Europe. This shared, machine-readable format aims to make European data consistent and comparable and offers potentially important insights.
It is rapidly becoming clear that Inline XBRL is now the new normal for corporate reporting. The European Single Electronic Format (ESEF), discussed elsewhere in this newsletter, might be this year’s biggest attention-grabber but it is by no means the only game in town.
One of the most interesting developments of recent years for reporting nerds has been the adoption of XBRL by the US Federal Energy Regulatory Commission (FERC) for disclosures by energy utilities. In Q3 it completed its transition to XBRL, activating its new Forms portal and ceasing to accept submissions in the legacy Visual FoxPro system.
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!
In addition to the new xBRL-CSV and xBRL-JSON specifications discussed above, this year has seen a number of ongoing and incremental improvements to the XBRL standard. Various new and updated draft specifications are available for experimentation, review and comment.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
