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OIM and xBRL-JSON Progress

January 11, 2019

We were pleased to announce at the end of last year that new versions of the Open Information Model (OIM) and xBRL-JSON specifications have been released for public review. The release includes some significant improvements and simplifications to the xBRL-JSON representation, which provides an alternative representation for XBRL data. This is part of a larger XBRL International effort to modernise and simplify the standards and make XBRL data much easier to work with in modern software.

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Robot Criminals Cuffed

January 11, 2019

Last month the Securities and Exchange Commission (SEC) took enforcement action against two robo-advisors for the first time. Technology is rapidly changing the way investment works, and one way it is changing is through the proliferation of robo-advisors; automated, software-based portfolio management services. With AI on the way there’s been increased concerns that AI’s ability to synthesise data […]

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New Reporting Rules for Ukraine’s Banks

January 11, 2019

December saw Ukraine make progress towards the upcoming 2019 introduction of XBRL for financial reporting. On 28 December the National Bank of Ukraine (NBU) published new rules for financial reporting, based on the IFRS taxonomy, as part of the implementation of the Ukraine’s new single Financial Reporting System. Starting in 2019 eligible enterprises (all enterprises of […]

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Sustaining Partner News

January 11, 2019

 Fujitsu, a Direct Member and Sustaining Partner of XBRL International, has entered into a strategic partnership with BOARD International to incorporate its market-leading XBRL processing engine INTERSTAGE XWand to the BOARD solution, enhancing its Financial Consolidation and Disclosure Management offering. “Fujitsu prides itself in being at the forefront of innovation and we share with BOARD […]

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Big Tech and Finance Pose Regulatory Challenges

January 11, 2019

In recent years big tech firms have grown increasingly active in the financial industry. Starting out with payments, then expanding into credit,  now insurance and wealth management. Augustin Carstens, general manager at the Bank for international Settlements (BIS) spelt out some concerns in a speech at the FT Banking Summit in December, asking “Is the expansion […]

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IFRS Update: New Standard on Leasing

January 11, 2019

IFRS 16 Leases, the new standard on leases, became mandatory on 1 January 2019, requiring companies to bring most leases on-balance sheet.  Under the new standard companies will recognise new assets and liabilities, bringing more transparency, and for many, substantially increasing the size of the company’s assets and liabilities. The change will impact a large […]

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XBRL US Data Quality Committee Approves 7th Ruleset

January 11, 2019

The XBRL US Data Quality Committee (DQC) has approved its 7th ruleset which includes 13 types of validation checks for filings prepared using the US GAAP Financial Reporting Taxonomy as well as two guidance documents. The DQC also published an 8th Ruleset for a public review and comment period, which ends on 1 February 2019.The DQC […]

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Taxonomy Architecture Taskforce: Call for Participation

January 11, 2019

Given a taxonomy, how do I specify which items are mandatory in a report? The XBRL International Best Practices Board seeks XII participants to contribute to the Taxonomy Architecture Guidance Task Force (TAGTF). The taskforce is moving on to look at a new topics and would like to solicit contributions from interested parties. The Task force welcomes members […]

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Green Light for EU public company digital reports!

December 22, 2018

Just in time for the end of the year, the European Commission this week endorsed technical standards requiring Inline XBRL filings for IFRS annual reports for public companies.   The RTS that has been transmitted to the European Council and European Parliament includes a complete translation of the IFRS taxonomy into all 23 official languages used […]

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EBA

Interactive EBA Transparency Tool

December 22, 2018

More EU news! Last week the European Banking Authority (EBA) launched its fifth annual EU-wide transparency exercise. This includes the 2018 Risk Assessment Report and an interactive viewing tool that allows the public to access and compare data on the EU banking system. The annual Risk Assessment Report provides an overview of the risks and vulnerabilities in the EU […]

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