With global markets expected to move away from discredited interbank offered rates such as LIBOR by 2022, the Financial Accounting Standards Board (FASB) have issued a proposed Accounting Standards Update (ASU). The update is designed to provide temporary and optional accounting relief that should ease the extra burden associated with accounting for contracts affected by […]
Want to know more about the key issues surrounding goodwill impairment currently being weighed up by standard setters? Calcbench and Valuation Research Corporation (VRC) have recently collaborated on a video taking a deep dive into this important topic. Goodwill is an accounting value recorded when a company acquires another company, measuring the value of intangible […]
The UK’s Prudential Regulation Authority (PRA) have issued a supervisory statement updating their guidelines for completing regulatory reports. The guidelines have been updated over the summer following the adoption of the European Banking Authority Taxonomy 2.9, and again in September following the revision of the branch return for international banks. Changes to the branch return […]
The Financial Accounting Standards Board (FASB) recently released a draft proposal for technical and other conforming improvements to the SEC 2020 taxonomy. The changes include improvements to four standard labels, improvements to four documentation labels and eight new elements. The proposal is open for comment until 8 November 2019. Interested parties should email their comments […]
The Bank of Russia has released XBRL Taxonomy version 3.1, which replaces version 3.0 from 30 September 2019. The updated taxonomy contains adjusted control ratios and a number of improvements aimed mainly at the reporting of joint-stock investment funds and investment fund management companies, mutual funds and non-state pension funds. Read more here. It is mandatory for affected […]
With the volume and complexity of data gathered by regulators ever increasing, RegTech provides an opportunity to automate elements of the regulatory process, improving efficiency, speed and effectiveness. The Shanghai Stock Exchange’s (SSE’s) recently launched Company Profile System does exactly that, making full use of digital reporting’s potential to reduce the need for manual data […]
This week the XBRL International Board of Directors has voted to formally rescind the Financial Reporting Taxonomies Architecture (FRTA) recommendation. The FRTA was a no-longer relevant 2005 recommendation on taxonomy design, predating more relevant experience and the 2006 Dimensions specification. It was a guidance document which had been left behind by a decade of real-world […]
The global digital payments market is booming – with standardisation and new open data regulation playing no small part in the rapid growth. Banks, however, seem to be struggling to keep up with big tech competition in the payments industry. The 2019 Capgemini World Payments Report shows non-cash payments growing rapidly, particularly in developing markets […]
After 2019 updates to the IFRS Taxonomy were published earlier this year, the IFRS Foundation’s taxonomy team has now made those files available in both Ukrainian and Spanish. To provide support to Ukrainian and Spanish speakers, the IFRS Taxonomy Illustrated (ITI) has also been translated. This provides a simplified guide to the IFRS Taxonomy in […]
On August 8 the Securities and Exchange Commission (SEC) published a proposed amendment, the Modernization of Regulation S-K, which aims to revise and modernise Regulation S-K, which governs a host of non-financial disclosures by US registrants.
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