The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have called for further standardisation of data and the use of digital entity identifiers in their responses to the European Commission’s consultation on a new EU Digital Finance Strategy.
AI and machine learning (ML) are playing an ever-growing role in financial markets around the world – and while these new technologies can reduce costs and increase speed for firms and investors, they also come with an element of risk.
Data quality is important. While the XBRL standard goes a long way towards improving data quality, by reducing the need to manually enter and re-key data, preparers can also take further steps to ensure that XBRL financials are error free.
The European Banking Authority recently published its final draft Implementing Technical Standards (ITS) on Pillar 3 disclosures and supervisory reporting.
In reporting, the only thing likely to create more confusion than having two standards covering one field, is having two XBRL taxonomies representing the same standard. Computers are terribly literal machines and won’t understand, for example, that Japan.LEI and Mexico.LEI are referencing the same thing.
What would a world where data was restricted by borders look like? This week the Bank of England’s blog, Bank Underground, explored the threat that fragmentation in the global data supply chain could pose to financial services.
This week we are pleased to announce that two new software tools have reached XBRL Certified Software status. Report creation software Amelkis XBRL by Amelkis and CtrlPrint XBRL by CtrlPrint have passed the rigorous tests that ensure the interoperability of all XBRL Certified Software products.
An article by Romane Maguet and Thomas Verdin, of XBRL Europe, in Revue Banque this week calls for ESEF-style tagging to be extended to non-financial information.
Amongst several fascinating presentations at the Eurofiling Innovation Day this week was an interesting demonstration on how XBRL reports can be used as the basis of explainable AI for bankruptcy prediction.
Non-financial (or environmental, social and governance – ESG) reporting is very much on the radar right now, especially in Europe. This week Accountancy Europe added to the debate with a number of new reports, including a follow up to their recent paper, Interconnected Standard Setting for Corporate Reporting.
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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.
