This week the XBRL Board of Directors has approved the progression to recommendation status of an important new specification: the Transformation Rules Registry (TRR4).
XBRL US has released for public review the third version of the demonstration Comprehensive Annual Financial Reporting (CAFR) Taxonomy. The CAFR Taxonomy demonstrates how comparable data standards are applicable to municipal government annual reports. The third version of the Taxonomy expands on the previous two versions to include seven financial statements, two footnotes, and two schedules from the […]
In 2005 the US Government Finance Officers Association (GFOA) recommended governments monitor the development of standardised electronic reporting, and to apply it when it became appropriate. Since then, financial regulators around the world have harnessed a myriad of benefits by migrating to XBRL for corporate reporting. The same evolution, however, has not been extended to […]
The European Banking Authority (EBA) has published a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting. Rules that have been deactivated either for incorrectness or for triggering IT problems have been highlighted. The EBA notes that data submitted in accordance with these ITSs should not be formally validated against […]
XBRL Italy has announced that the taxonomy to be used for XBRL filing in 2020 remains unchanged. The guidance covers the filing, in 2020, of annual statements referring to financial years from 2016 onwards. The taxonomies to be used are the Italian Accounting Standards taxonomy 2018-11-04, and the taxonomy of the Italian Accounting Principles 2015-12-14. […]
The US Securities and Exchange Commission (SEC) has announced the upgrade of the EDGAR system to Release 20.1.1. The latest update now supports the 2020 US GAAP, 2020 SEC Reporting (SRT), 2020 Countries (Country), 2020 Currencies (Currency), 2020 Exchanges (EXCH), and 2020 Standard Industrial Classification (SIC) taxonomies. The system no longer supports the 2013 and […]
This week the SEC adopted rule 498A under the Securities Act, aiming to help investors make informed decisions on variable annuity and life insurance contracts. Amongst other measures, the adopted rule requires the use of Inline XBRL for certain disclosures in the variable contract statutory prospectus. The SEC has published a draft Variable Insurance Product […]
The European Banking Authority (EBA) have published a guide highlighting the importance of assessing data management when evaluating an entity for resolution. In a year when Europe’s Single Resolution Board (SRB) has shifted to full XBRL reporting, the importance of high quality data in this area is increasingly evident. The SRB collects huge amounts of data […]
As part of a package of recommendations for improving audit trust, the Australian Parliament’s Joint Committee on Corporations and Financial Services has recommended mandating machine-readable digital financial reporting.
Following the successful introduction of the European e-invoicing standard, Estonia is looking to go granular and make some business data standardised and machine-readable at the transaction level. Part of a wider scheme called the Internet of Business (IoB), the project will use XBRL to standardise financial transactional data. The standard will be adapted to fit […]
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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.
