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 […]
Last week the Bank of England published an update to the release note published alongside the Bank of England Banking Taxonomy 3.3.0. The update includes minor amendments to the validation files included with the taxonomy. Read more and access the files here.
Ahead of the UN summit in Glasgow this November, Christine Lagarde, President of the European Central Bank (ECB), recently urged companies and central banks to speed up climate risk assessment and improve environmental disclosures. Speaking at the launch of the finance agenda for the UN climate summit COP26, Lagarde spelled out the serious financial risks […]
Turkey’s electronic Public Disclosure Platform (KAP) demonstrates the potential of the XBRL format for enabling enhanced business transparency and data usability. All documents requiring public disclosure in Turkey – that is, financial statements and material events – must be certified with a secure electronic signature and published on KAP. This offers everyone – including investors, […]
In a recent report the European Banking Authority (EBA) has noted some improved consistency in Pillar 3 prudential disclosures, although further improvements are necessary. Pillar 3 disclosures are designed to foster increased transparency and market discipline by requiring regulated firms to make a range of prudential information about banks (and insurance companies) public. However, the […]
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