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, […]
Following the European Single Electronic Format (ESEF) passing into law on 29 May with the publication of the Regulatory Technical Standards (RTS), ESMA has published a draft update to the RTS. The new draft updates the RTS’s core taxonomy, which has been based on the 2017 IFRS taxonomy, to the 2019 IFRS taxonomy, ensuring the ESEF […]
Mohini Singh, ACA, Director of Financial Reporting, CFA Institute and Campbell Pryde, President and CEO, XBRL US have published a blog on the XBRL US website demonstrating why blockchain and AI cannot replace the XBRL standard. We sometimes hear the argument that XBRL is old technology and should be replaced with technologies like blockchain or […]
The Task Force on Climate-related Financial Disclosures (TCFD) have published their second Status Report, analysing the extent to which companies have aligned their disclosures with the TCFD’s core recommendations. The Status Report has found an encouraging steady increase in the support for TCFD recommendations – with more than 800 organizations expressing support – and has […]
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