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The unexpected Benefits of a Digital Economy

April 10, 2020

The current pandemic has proven how crucial digitisation is to future-proofing economies, businesses and regulators. A recent article on Money Control looks at the impact India’s lockdown measures will have on shareholder meetings. Timely shareholder meetings are essential for many material aspects of business – and forgoing them could raise the threat of non-compliance. Offering […]

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EBA Updates Remain on Track.

April 10, 2020

National economies and the global economy are relying on central banks more than perhaps they ever have, with a host of emergency funding mechanisms in place right around the world. Central banks run on data. This week the European Banking Authority (EBA) published the next update to the package of reporting rules that comprise Phase […]

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Draft LEI Taxonomy Guidance Available

April 10, 2020

The LEI in XBRL Working Group, working under XBRL International’s Best Practice Board, has published guidance on how to use the recently updated LEI Taxonomy to incorporate LEIs into XBRL reports. Legal Entity Identifiers (LEIs) provide uniform and unique identification of legal entities, improving the consistency and comparability of data. LEIs are governed by the independent not for profit Global […]

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20 Years of XBRL

April 10, 2020

This Tuesday marked twenty years since XBRL first went public with a draft specification, a taxonomy, and a vision of vastly improved business transparency with benefits across the entire business reporting supply chain. Today, hundreds of implementations around the world benefit from the freely licensed XBRL standard – with an interactive map of global projects available […]

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SEC requires iXBRL Reporting for BDCs

April 10, 2020

It’s great to see that the US Securities and Exchange Commission (SEC) is doubling down on its commitment to digital disclosures across a wide area. This week the SEC adopted an amendment mandating Inline XBRL reporting for closed-end investment companies. Today’s modern securities regulators need well defined, searchable, structured and digital data. The Securities Offering Reform […]

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Quality Reporting Vital During Uncertain Times

April 10, 2020

While COVID-19 has been causing delays and adjustments to financial reporting regimes around the world, ensuring that financial reporting, when it is submitted, remains high quality is vital. This week Sagar Teotia, Chief Accountant at the US Securities and Exchange Commission (SEC), delivered a public statement underlining the importance of high-quality reporting during the crisis. […]

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FERC calls for XBRL Taxonomy Comment

April 10, 2020

Following the recent (online) Federal Energy Regulatory Commission (FERC) conference, FERC is calling for post-conference comments on the draft taxonomy discussed. In June 2019 the US FERC announced that they were adopting the XBRL standard for utilities reporting, in order to make it easier to submit and analyse data, automate filings, and, over time, reduce costs. In […]

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ESMA on ESG Enforcement Actions

April 3, 2020

The recent European Securities and Markets Authority (ESMA) annual report on enforcement of corporate disclosure demonstrates the increased attention paid by regulators to Environmental Social and Governance (ESG) disclosures. The report presents the 2019 activities of ESMA and European accounting enforcers when examining the compliance of financial and non-financial statements provided by European issuers. Enforcement […]

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SEC considers iXBRL for certain Market Data Reforms

April 3, 2020

The US Securities and Exchange Commission (SEC) has proposed updates to National Market System (NMS) regulation designed to improve the transparency, efficiency and fairness of market data.

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IFRS Foundation issue guidance on COVID-19 and IFRS 9

April 3, 2020

Not sure how to account for Expected Credit Losses (ECL) in the current uncertain climate? IFRS Foundation have issued guidance in order to support a consistent application of IFRS 9, Financial Instruments. IFRS 9 sets out a framework for determining when a significant increase in credit risk on a financial instrument requires an Expected Credit […]

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