This week the UK’s Financial Reporting Council (FRC) announced their plan for the first structural overhaul of the big four accounting firms since the failure of Carillion in 2018 prompted calls for audit regulation reform.
The Covid-19 crisis has shown just how essential fast, easy, comprehensive access to health and safety data can be. Making sure that this data is in structured, digital format can help accelerate essential research – a lesson the FDA are putting into practice with their new strategy to modernise the submission of regulatory data and […]
Standardising and digitalising data doesn’t just make sense from a regulatory perspective; it also has inherent benefits for all sorts of industries and actors across the reporting supply chain.
The Financial Stability Board (FSB) has issued a statement emphasising the need to transition to LIBOR alternatives by the end of 2021, despite Covid-19 setbacks.
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have called for further standardisation of data and the use of digital entity identifiers in their responses to the European Commission’s consultation on a new EU Digital Finance Strategy.
AI and machine learning (ML) are playing an ever-growing role in financial markets around the world – and while these new technologies can reduce costs and increase speed for firms and investors, they also come with an element of risk.
Data quality is important. While the XBRL standard goes a long way towards improving data quality, by reducing the need to manually enter and re-key data, preparers can also take further steps to ensure that XBRL financials are error free.
The European Banking Authority recently published its final draft Implementing Technical Standards (ITS) on Pillar 3 disclosures and supervisory reporting.
In reporting, the only thing likely to create more confusion than having two standards covering one field, is having two XBRL taxonomies representing the same standard. Computers are terribly literal machines and won’t understand, for example, that Japan.LEI and Mexico.LEI are referencing the same thing.
What would a world where data was restricted by borders look like? This week the Bank of England’s blog, Bank Underground, explored the threat that fragmentation in the global data supply chain could pose to financial services.
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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.
