In December, Colombia’s Superintendency of Residential Public Services (Superintendencia de Servicios Públicos Domiciliarios, or Superservicios) launched a new quarterly reporting requirement for Special Financial Information (Información Financiera Especial, IFE), based on a newly published XBRL taxonomy.
In December 2020, the US Securities and Exchange Commission (SEC) adopted new rules on resource extraction payment disclosure, which require XBRL-based reporting for the first time. The rules require public companies involved in extractive industries to report annually on payments made both to the US Federal government and to foreign governments for the purpose of […]
The European Banking Authority (EBA) has updated its reporting framework v3.0, and its Implementing Technical Standards (ITS) on institutions’ Pillar 3 public disclosures. These changes are driven by the European Commission’s adoption of the ITS on supervisory reporting (v3.0), which includes changes introduced by the revised Capital Requirements Regulations (CRR2) and the Prudential Backstop Regulation.
Touted as one of the big innovations set to shakeup the coming decades, artificial intelligence (AI) and machine learning (ML) are playing an increasingly central role in financial reporting and analysis. With the age of big data meaning the volume of data sets is growing ever larger, it helps to have a computer aid with the analysis.
Late last year, following an accelerated amendment process, the International Accounting Standards Board (IASB) issued a package of amendments to the IFRS Standards designed to help ease the ongoing Inter-Bank Offered Rates (IBOR) transition. The amendments should ensure that investors and regulators have sufficient, useful information about the effects of the reform on entities.
The UK’s Prudential Regulation Authority (PRA) has issued an updated version of its ‘Guidelines for completing regulatory reports’, taking effect from 29 December 2020. Its supervisory statement now includes a new chapter on third-country branch reporting.
The Open Information Model (OIM) is XBRL International’s strategic effort to simplify and modernise important aspects of the XBRL Standard. It will allow XBRL data to be used in new and simpler ways by detaching the standard from a single syntax. This means the same powerful features of XBRL can be used with various different […]
It’s been twenty years since XBRL first went public. Proven benefits, an active software ecosystem, significant modernisation and a growing network effect ensures that XBRL projects and implementations continue to accelerate in all corners of the globe. This year there were a number of new XBRL disclosure mandates in the Middle East, specifically in Qatar, Oman, and Jordan.
XBRL International’s various task forces have been hard at work across 2020 to bring us new guidance materials that help point users of XBRL in the right direction.
2020 saw significant momentum build for non-financial (sustainability) standards. The year kicked off with a paper from Accountancy Europe proposing that a new sustainability standards board be launched under the auspices of the IFRS Foundation, and ended with the IFRS consulting on just that.
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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.
