GREAT Act Passed by US Congress
On Monday the US Congress passed the GREAT or “Grant Reporting Efficiency and Agreements Transparency” Act, previously agreed by the Senate.
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Report Package Requirements 1.0 Released
XBRL International has released requirements designed to improve the process of combining multiple XBRL or iXBRL reports into a package without losing the references between them.
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FASB Issue 2020 Draft Taxonomy Release Notes
The Financial Accounting Standards Board (FASB) has issued proposed taxonomy updates and improvements for 2020. Stakeholders are invited to comment on the proposed changes, with the deadline for comments being 3 January 2020. The proposed changes are pending SEC acceptance of the 2020 FASB US GAAP Financial Reporting Taxonomy. Read more and access the release […]
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ESMA Review of MiFID II Recommends Establishing Consolidated Tape for Equity
The European Securities and Markets Authority (ESMA) review of market data prices has found that the Markets in Financial Instruments Directive (MiFID II) has not delivered on its objective of reducing the cost of market data or of establishing a consolidated tape for equities. MiFID II requires venues and data providers to publish market data […]
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Where Next for Data?
As the year draws to a close ITProPortal has taken a stab at predicting how data use will change in 2020. Much of their predictions centre around improvements in AI analysis – which the expansion of structured data around the world will help facilitate. They predict that developments in AI and machine learning will mean patterns across […]
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Europe Needs a Way to Discover Corporate Reports
This week we are pleased to feature a guest post from Mohini Singh, Director, Financial Reporting Policy at CFA Institute. In her post she highlights the “missing piece” in the digitisation of reporting in the EU: the need for a single way to discover reports. As things stand, while digital reporting in Inline XBRL is […]
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US Federal Regulators Accept Alternative Data
Five US Federal financial regulatory agencies have issued a joint statement outlining their thoughts on the use of alternative data in underwriting and credit analysis by banks, credit unions and financial firms. The statement, issued by the Federal Reserve Board (Federal Reserve), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the […]
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FSB Assess Financial Threat of BigTech
This week also sees the Financial Stability Board (FSB) chiming in on the growing number of reports and speeches examining the financial stability implications of BigTech and the digitisation of finance with two reports. Firstly, the FSB looks at the range of issues raised by the entry of BigTech firms into finance in BigTech in finance: […]
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Audit of Inline XBRL: First Guidelines Published
The Committee of European Auditing Oversight Bodies (CEAOB) has published important guidance for auditors reviewing financial reports published in accordance with the new ESEF regulations.
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France Calls for Compulsory Sustainability Reporting
France has joined the UK in the push to make environmental reporting standards compulsory in order to tackle greenwashing and enable sustainable investment. France’s finance minister, Bruno Le Maire, told the Financial Times recently that France is encouraging the EU to introduce compulsory environmental reporting standards for European companies and to apply a common definition of […]
