This week the US Financial Accounting Standards Board (FASB) Chairman Russell Golden gave some insightful remarks on the development, utility and future potential of XBRL data at the 2019 XBRL US Investor Forum on Driving Actionable Analytics. Golden joined FASB at the beginning of the SEC’s voluntary programme of XBRL filing, and has seen the […]
We are delighted to announce that Hans Buysse will be taking up the role of Chairperson of the XBRL International Board of Directors. Robert Tarola will swap seats with Hans and shift into the Vice Chair role. Hans brings a wealth of experience to the role with extensive knowledge of financial analysis, M&A and structured […]
A new UK Financial Reporting Council (FRC) report indicates that companies are falling short of investor expectations for quality, granular climate-related reporting. As we heard from SASB at Data Amplified, demand for climate-related reporting is growing. However, for reporting to be useful for investors, it needs to be clear and comparable. The FRC report provides practical guidance to […]
XBRL US has submitted a comment letter strongly recommending that the SEC adopts financial data standards for information affected by the Modernization of Regulation S-K proposals. As previously reported, the SEC recently submitted a proposal to amend regulation S-K, including various changes to disclosure requirements designed to improve the readability of disclosures, discourage repetition and discourage […]
The European Banking Authority (EBA) have pushed back the deadline for the migration to Strong Customer Authentication (SCA) standards across Europe until 31 December 2020, giving national authorities a 15-month extension to implement the new rules. EBA have acknowledged a lack of clarity around the complex requirements and the importance of a harmonised approach across […]
The European Securities and Markets Authority (ESMA) has published priorities for European regulators to consider when examining the 2019 annual financial reports of listed companies. In particular, ESMA have prioritised enforcing the recent changes made to financial reporting standards. This includes exercising significant judgement in the application of Lease disclosures under IFRS 16, noting the improvement […]
On Friday 24 October the US Securities and Exchange Commission (SEC) published a new rule proposal aiming to ensure all required information for fee calculation is in structured format using Inline XBRL. The proposal would amend fee bearing forms, schedules and statements so that the fee table and explanatory footnotes for the fee table are […]
Interesting news from the Global Legal Entity Identifier Foundation (GLEIF) this week as research shows that wider use of the Legal Entity Identifier (LEI) by banks could unlock an estimated US $2-4 billion across the global banking sector annually. While the LEI has been proving beneficial for identification in regulatory environments for some time now, […]
A new financial health dashboard tool launched by the California State Auditor allows the public to compare the finances of 471 cities within California. The hope is that this dashboard can help provide the kind of oversight needed to identify cities at risk of filing for bankruptcy or defaulting on municipal bonds. The dashboard found […]
A Bank of England (BoE) report has found that the use of machine learning (ML) is on the rise in financial services. The report is based on a joint survey from BoE and the Financial Conduct Authority in 2019 of 106 firms. The UK economy is increasingly powered by big data, with financial services in particular […]
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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.
