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FRC 2018 Taxonomies Amended

December 22, 2017

Last week we covered the work of the UK’s Financial Reporting Council Labs on XBRL. This week the FRC published amendments to their suite of taxonomies, which come following changes made to the UK GAAP reporting standards. This impacts the ~3 million companies filing Inline XBRL financial statements to the UK’s tax authority and the […]

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XBRL US Comments on SEC FAST Act Modernization Proposal

December 22, 2017

This week, our colleagues at XBRL US submitted a response to the Securities and Exchange Commission’s proposal – FAST Act Modernization and Simplification of Regulation S-K. This comment letter advocated their support for the SECs proposal, as well as offering recommendations for improvement. Definitely worth a read, not least for the detailed analysis that XBRL […]

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EVENTS AROUND THE WORLD

December 22, 2017

XBRL Tagging in IFRS Attend this free, one-hour webinar to hear from the Securities and Exchange Commission and the International Accounting Standards Board about how to prepare XBRL financials using the IFRS Taxonomy. 1:00 PM EDT Wednesday, January 31, 2018 Register here. Find more information about the Data Quality Committee here. CFA View on Standards: Why Structured […]

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And that’s a wrap!

December 22, 2017

2017 has been an extremely important year for the global shift towards structured digital reporting using the XBRL standard. On the adoption front we’ve seen securities market regulators recognise that the technological and regulatory changes impacting capital allocation require a wholesale shift away from paper to data. We’ve seen major countries, including Russia, adopt the standard for […]

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Ukraine Moves To Minimise Red Tape, Centralise Reporting. 

December 22, 2017

After a significant amount of preparation and planning, Ukraine this week announced plans to move towards a “Hub and Spoke” based single financial reporting system using XBRL.

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How to publish a Taxonomy? What are Taxonomy Packages?

December 19, 2017

Taxonomy is at the heart of an XBRL program, publishing taxonomies for stakeholder consumption needs to be given a careful thought. Guidance note now is available for taxonomy owners. The Best Practices Board’s Implementation Guidance Task Force have come-up with guidance for the right way of publishing a taxonomy and business-friendly explanation of Taxonomy Packages […]

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Financial Reporting Lab: Digital Future of Corporate Reporting

December 15, 2017

The UK’s FRC Lab says that the changing demands of users, supported by upcoming regulatory changes mean that boards can no longer ignore digitisation of listed company reporting. In a new report it urges regulators, investors, vendors and issuers to work together to maximise the benefit of Inline XBRL reports.

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IFRS publishes Preparer’s Guide

December 15, 2017

The IFRS taxonomy is used to create digital financial statements that conform to the International Financial Reporting Standards. The IFRS Foundation has now published the first version of a Preparer’s Guide to using this taxonomy.

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Analytics for fun and fraud detection

December 15, 2017

There’s an interesting experiment over on the CoreFiling blog this week. Benford’s Law, or the law of First Digits, is an observation about the frequency distribution of the leading digit in numbers appearing in a range of data sets. These are not evenly distributed, but tend to start with small digits. The digit “1” will […]

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Taxonomy Package Guidance

December 15, 2017

Taxonomies, or the dictionaries of terms that define a set of reporting concepts are the core of any XBRL based reporting effort.  XBRL International strongly recommends that taxonomies are made available in the form of Taxonomy Packages – dictionaries  wrapped up in meaningful terms and tied with a bow. Furthermore, taxonomies should always be registered on the XBRL International taxonomy […]

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