Why should more US (and, indeed, worldwide) government data agencies switch to standards? In a recently published video XBRL US lays out the clear case for requiring businesses, grantees, and state or local governments to report information in standardised, machine-readable format. Fundamentally, data standards are the best way to simplify, speed up and reduce the […]
After updating or deactivating a number of validation rules in the Implementing Technical Standards (ITS) on supervisory reporting, the European Banking Authority (EBA) has issued a revised list of ITS for filing across the EU. EBA cautions that data submitted in line with the ITS should not be validated against this list of incorrect, deactivated […]
The recently released New Vision for Europe’s Capital Markets Report sets out an in-depth and granular plan of action to tackle the obstacles that have discouraged cross-border and foreign investment in the EU – including a single access portal for freely accessing all financial and non-financial data on eligible EU entities.
Francois Denimal, Managing Director at FIS, an international provider of financial services technology, has emphasised that Vietnam’s banking sector must adopt international reporting standards and financial regulations to compete on the world stage. Vietnam’s economy has been growing at pace, and after demonstrating a world-leading response to Covid-19, should continue to grow in 2020, even […]
How should banks model potential extreme shocks to the financial system? Banks need to calculate all risk factors, however, while some future risks can be modeled with relevant price and transaction data, others can’t. In the case of non-modellable risks, institutions must calculate prudent measures that take into account a potential scenario of extreme future […]
The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) are holding a public hearing to explain and discuss their current consultation on sustainability-related disclosures. The consultation explores requiring certain sustainability metrics for financial service providers and products to be disclosed. The aim is to reduce greenwashing by standardising the metrics that are used to classify financial […]
In December 2019, Sir Donald Brydon recommended improvements to the Internal Controls over Financial Reporting (ICFR) as part of a reform agenda in UK audit. More effective ICFR could provide management and users of financial statements with better quality information and facilitate better decision-making. A new ICAEW report explores the scope of a future UK […]
This week the Jordan Securities Commission (JSC) published draft details of their XBRL disclosure project, calling for feedback and comment from relevant stakeholders. The Foundations Project obliges entities and agencies subject to the JSC’s control to solely disclose information in XBRL format via a new online system. Designed to keep pace with international regulatory standards […]
The Taxonomy Architecture Guidance Task Force (TAGTF) are a group of taxonomy experts who work to produce reliable and high-quality XBRL International guidance to save taxonomy authors time and ensure consistency with other taxonomies. If you would like to help define international best practice in XBRL taxonomies and be recognised for your expertise, then the […]
Earlier this year the European Insurance and Occupational Pensions Authority (EIOPA) held a consultation in advance of their review of technical implementation methods for Solvency II supervisory reporting and public disclosure. Insurance Europe and the CFO Forum have submitted a joint response to the consultation outlining, in the large part, support for the proposals. In […]
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