The European Parliament and EU member states have reached a political agreement on 7 March on the new rules governing disclosure requirements for sustainability investments. This latest agreement is part of the EU’s Action Plan on Financing Sustainable Growth.
In a talk at the 2018 IFBM Conference Professor Penelope Tuck, Birmingham University Business School, examined the role financial reporting plays in response to calls for increased transparency about the tax affairs of multinationals.
We are pleased to announce that Karla McKenna, Head of Standards at the Global Legal Entity Identifier Foundation (GLEIF) has been elected to the XBRL International Board of Directors.
Yves Mersch, Member of the Executive Board of the European Central Bank (ECB), recently made a speech on the upheaval fintech is causing to the lending and payments system. Financial technology uptake has been accelerating fast, with new technologies giving entrants better and cheaper ways to compete for core banking business. Regulation like the Payments […]
Regulators around the world continue to adopt the XBRL standard for structured digital business reporting. The standard streamlines the process, enhances comparability and improves the way that risk-based supervision works. Coming up fast in Europe: pension fund reporting. IORP II is an updated European regulation for occupational pension funds, designed to increase pensioner protection by […]
In January 2019 the US Federal Energy Regulatory Commission (FERC) published a proposal to swap from Visual FoxPro based e-forms to an XBRL-based data collection system. After a comment period, FERC have now announced that the proposal has passed. The switch recognizes that XBRL is purpose built for reporting, and will make filing easier, more accurate and […]
The Securities and Exchange Commission (SEC) has modified the submission deadlines for registered investment companies filing non-public monthly reports in order to mitigate risks from cybersecurity breaches. The changes mean funds will still be required to maintain non-public monthly records on file (accessible to examiners on demand) before filing data for public consumption every quarter. […]
In another step on the long road to making US state-level financial reports machine-readable the Open Financial Statement Act, SB-598, was introduced into the Californian Senate on 27 February. Currently, Californian counties, cities, school districts, and pension funds send unaudited data to the state controller and also prepare audited financial statements in PDF form, making […]
The Implementation Guidance Task Force (IGTF) working under XBRL International’s Best Practice Board is addressing this question next and is seeking volunteers to join the task force to help. The task force will be producing guidance on the key functions of an XBRL-capable data collection platform, covering features such as the submission gateway, authentication, validation processes, XBRL […]
The Bank for International Settlements has launched FRAME, a public, online and interactive repository of studies on the effects of financial (especially banking) regulations. While many readers of this newsletter are focussed on what and how information is collected from regulated organisations, as well as the rules that underpin those data collections, arguably not enough time […]
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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.
