As we have reported here before, from January 2020, under ESEF, all IFRS annual report face financial statements issued in the EU’s regulated markets will need to be marked up with Inline XBRL tags. ESMA are using the ESEF taxonomy, an extension of the IFRS taxonomy. To accommodate non-standard disclosures, ESMA are allowing taxonomy extensions. […]
The XBRL Standards Board has approved an important new release of the Open Information Model and xBRL-JSON specifications. The Open Information Model is a strategic initiative to simplify and modernise XBRL, allowing the free exchange of XBRL data into other formats.
This week Steven Maijoor, Chair of the European Securities and Markets Authority, made a speech at the 2019 Eurofiling Conference on the continuous work ESMA are doing to improve the quantity, quality, and availability of data, including in the context of financial reporting. Maijoor says “Financial reporting is a means of communicating and in the digital age […]
Yesterday, the Federal Energy Regulatory Commission (FERC) announced that they are adopting the XBRL standard for utilities reporting on Form Nos. 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714. The final rule states: “The use of XBRL will make the information in these forms easier for filers to submit […]
This week regulators, supervisors, industry and vendor representatives met in Frankfurt for the 2019 Eurofiling Conference to discuss regulation, technology and data collection today and into the future. We’ll have a full run down next week, including links to presentations.
All files for the IFRS Taxonomy 2018 are now available in Ukrainian. In addition, supporting materials to support Ukrainian-speaking users of the Taxonomy are also available. These include the IFRS Taxonomy Illustrated, a simplified, visual version of the Taxonomy that doesn’t require XBRL knowledge. IFRS Taxonomy versioning information, which shows the changes between the IFRS […]
The International Organization of Securities Commissions (IOSCO) has published a report compiling information from member jurisdictions regarding their frameworks for cyber-regulation. The report is intended to serve as a resource for financial market regulators and firms, to raise awareness of existing international cyber guidance and to encourage adoption of good practice across the IOSCO community. […]
The implementation costs for digitising almost any aspect of society are easy to calculate, but what about the productivity benefits? In a speech at Eurofiling Conference 2019 Erkki Liikanen, Chair of the Trustees of the IFRS Foundation, discussed whether digitisation will eventually deliver increased productivity for the global economy. With the economic benefits of globalisation […]
Dr. Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank, recently gave a speech on the role central banks, policymakers and standardisation have to play in scaling up green finance. Mauderer discussed the work of the Central Banks and Supervisors Network on Greening the Financial System (NGFS). The NGFS’s key message is that […]
The International Monetary Fund (IMF) have added their voice to those highlighting the unique challenge big tech and fintech pose to financial stability at the opening of the G20 Seminar on “Our Future in the Digital Age” in Japan last week. Christine Lagarde, head of the IMF, voiced concerns that, if not managed with balance, […]
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