This week the European Securities and Markets Authority (ESMA) published a European Single Electronic Filing (ESEF) conformance suite to facilitate implementation of the regulations that came into effect at the start of this year. The Conformance Suite is aimed at XBRL software developers and is designed to test whether Inline XBRL software can create and […]
ThinkTwenty20’s recent spring issue focused on regulatory reporting, drawing from a number of interesting perspectives in the field. Mike Willis, the US SEC’s Assistant Director of the Office of Structured Disclosures, highlighted the importance of standardisation in all supply chains – from the railways, to barcodes, to business information, and now, for data that will enable […]
The XBRL Best Practices Board has approved the publication of an updated version of the Legal Entity Identifier (LEI) taxonomy. This taxonomy, developed by the LEI in XBRL Working Group seeks to standardise the ways in which LEIs are used in XBRL Reports. LEIs provide globally unique identifiers for companies and other entities, and standardising the […]
The US Securities and Exchange Commission (SEC) has adopted long-proposed changes to filer definitions, designed to ease the reporting burden and compliance costs for small filers. The amendments mean smaller reporting companies – those with less than $100 million in revenue – will no longer need to obtain a separate attestation of their ability to maintain […]
As meetings move online, businesses scramble to offer digital services and the world gets used to working remotely, Australia and Singapore have concluded a sign-of-the-times virtual meeting by signing the Australia-Singapore Digital Economy Agreement (DEA). The DEA is designed to reduce barriers to and increase the benefits of digital trade and the digital economy. It […]
Following announcements from India’s SEBI and the SEC in the US, further authorities are delaying and relaxing reporting requirements and planned updates in the wake of the COVID-19 crisis. Italy has relaxed rules surrounding annual statement drafting procedures and extended the deadline for financial statements to December. Columbia’s Supersociedades has also extended the deadline for companies to […]
As the UK continues to increase mandatory environmental disclosure requirements, Companies House and the Financial Reporting Council (FRC) have released a new XBRL taxonomy making it easier for firms to comply.
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 […]
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 […]
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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