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Could Open Data address the SME Funding Gap? 

March 20, 2020

Inspired by the early success of Open Banking, in a paper this week the Bank of England(BoE) explores a vision for open data across the whole economy. The Bank thinks it could help close a £22bn funding gap for Small and Medium Enterprises (SMEs) in that country. Data has unique properties that make it more beneficial to access […]

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Non-Financial Reporting in the EU: Changes Ahead? 

March 20, 2020

The EU Commission recently announced an ambitious review of the Non-Financial Reporting Directive – which will include work on non-financial reporting standards. Taking into account the host of measures and expectations set out in European Commission Executive Vice-President Valdis Dombrovskis’s speech, it is likely that companies in the European Union should expect major changes in the […]

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IFRS Publishes 2020 Taxonomy

March 20, 2020

This week the IFRS Foundation published the IFRS Taxonomy 2020, based on the latest IFRS Standards. It incorporates an update designed to help data users understand how uncertainty relating to interest rate benchmark reform affects an entity’s hedging relationships. The publication is accompanied by the updated IFRS Taxonomy Formula Linkbase 2020 which can help validate […]

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An AI Regulatory Roadmap

March 20, 2020

A recent Centre for Finance Technology and Entrepreneurship (CFTE) paper develops a regulatory roadmap for addressing the increasing role of AI in finance, focusing on how human involvement can deal with ‘black box’ issues. The paper identifies three regulatory challenges from AI in finance. Firstly, AI algorithms increase information asymmetries between various users and developers. […]

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XBRL US comments on SEC Resource Extraction Payments proposal

March 20, 2020

XBRL US has submitted a comment letter expressing support for the SEC proposal Disclosure of Payments by Resource Extraction Issuers, File Number S7-29-14. The proposal would require machine-readable XBRL for the disclosure of payments by resource extraction firms. It is designed to provide more information to global commodity markets, and to hold governments accountable for the […]

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SEBI Extends Filing Deadline

March 20, 2020

Amid the disruption caused by the COVID-19 outbreak the Securities and Exchange Board of India (SEBI) has extended the deadline to file the fourth quarter results until 30 June. SEBI has also relaxed the listing obligations and disclosure requirements for listed companies – including a relaxation of one month on half-yearly compliance certificates on the […]

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Extensible Enumerations 2.0 Specification achieves Recommended Status

March 16, 2020

This week the XBRL Board of Directors has approved the progression to recommendation status of an important new specification: the Extensible Enumerations Specification (EE). Version 2 of the Extensible Enumerations specification provides improved support for reporting values that are taken from a prescribed list, such as a list of countries.  The use of Extensible Enumerations […]

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Transformation Rules Registry v4 Specification achieves Recommended status

March 13, 2020

This week the XBRL Board of Directors has approved the progression to recommendation status of an important new specification: the Transformation Rules Registry (TRR4).

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XBRL US issues third CAFR Taxonomy

March 13, 2020

XBRL US has released for public review the third version of the demonstration Comprehensive Annual Financial Reporting (CAFR) Taxonomy. The CAFR Taxonomy demonstrates how comparable data standards are applicable to municipal government annual reports. The third version of the Taxonomy expands on the previous two versions to include seven financial statements, two footnotes, and two schedules from the […]

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The time has come for Municipal XBRL

March 13, 2020

In 2005 the US Government Finance Officers Association (GFOA) recommended governments monitor the development of standardised electronic reporting, and to apply it when it became appropriate. Since then, financial regulators around the world have harnessed a myriad of benefits by migrating to XBRL for corporate reporting. The same evolution, however, has not been extended to […]

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