The past few months have demonstrated just how important timely, accurate data is to making the right policy decisions – and how a lack of coherent data can even cause significant damage.
With the increase in use of XBRL and iXBRL for company financial reports around the world, and the upcoming ESEF requirement in Europe, we’ve seen a growing demand for tools that assist with the process of reviewing XBRL reports.
The Covid-19 crisis has prompted unprecedented, large-scale relief programmes in the US, creating new data collection needs that could benefit from the XBRL standard.
Following the UK Financial Reporting Council’s (FRC’s) recent demands for the big four audit firms to separate audit from other business practices, Deloitte has announced plans to establish an independent Audit Governance Board (AGB).
Professor Monika Kovarova-Simecek, Academic Director Economic and Financial Communications at the St. Pölten University of Applied Sciences, recently shared her thoughts on XBRL’s role in the digital transformation of financial reporting.
Joining regulators around the world who are increasingly concerned about the impact of climate change on financial institutions, the Hong Kong Money Authority (HKMA) recently set out a supervisory approach designed to ensure banks build resilience to climate-related risk.
XBRL has a number of exciting projects in the pipeline – not least the expansion of structured, machine-readable data to all of Europe with next year’s ESEF mandate. However, sometimes it’s worth looking backwards to take note of successful implementations that have been humming along for some time now.
The Deutsche Bundesbank has published an updated XBRL taxonomy (2.0) for reporting risk-bearing capacity.
The European Banking Authority (EBA) is expanding its publication of key risk indicators about some of the world’s largest financial institutions. Globally systemically important institutions (or “G-SIIs”) each have on and off balance sheet exposures in excess of EUR200bn.
Having established a task force, the European Financial Reporting Advisory Group (EFRAG) is poised to proceed with the development of non-financial reporting standards, which, if implemented, would increase comparability, relevance and reliability of non-financial information.
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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.
