A recent paper by Mike Power, professor of accounting at London School of Economics (LSE), argues that the UK needs to address fundamental weaknesses within its financial reporting system.
The XBRL Standards Board has approved an initial Public Working Draft of the Report Packages specification, along with an update to the requirements document.
The past year has seen growing consensus on the need for non-financial reporting standards in order to mitigate climate-related financial risks and help investors divert capital towards more sustainable ends. However, sustainability reporting is a complicated task, and a number of difficult questions need to be answered before effective standards can be established.
In other sustainability standards news, the US Securities and Exchange Commission’s (SEC’s) Asset Management Advisory Committee recently published its recommendations on Environmental, Social and Governance (ESG) disclosure.
A recent speech by Benoît Cœuré, Head of the Bank for International Settlements Innovation Hub, at the World FinTech Festival, outlined the role central banks have to play in innovation.
The XBRL Standards Board has approved a Proposed Recommendation release of the Filing Indicators specification. Filing Indicators are a mechanism used by some XBRL filing systems to enable filers to explicitly record which sections (or templates) within a report they have completed.
With the centrality of technology and innovation to the financial sector only growing, the US’ SEC recently announced that the Strategic Hub for Innovation and Financial Technology, commonly referred to as FinHub, is to become a stand-alone office.
Last week the US Commodity Futures Trading Commission (CFTC) adopted a proposal to expand the use of Legal Entity Identifiers (LEIs).
ING Bank in the Netherlands recently launched a new XBRL-based project designed to increase efficiency, trust and transparency in real estate valuation. Following the introduction of XBRL for real estate valuation reports, this new initiative includes the final piece in the puzzle: qualified, digital signatures.
The UK’s Financial Conduct Authority (FCA) is set to replace the old Gabriel reporting system with RegData, a new, more efficient data collection platform central to its data strategy.
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