Standardised, machine-readable definitions have made reporting simpler for regulators of all kinds across the world – however, the power of that same technology for internal monitoring is only just being realised.
With the 2020 switch to European Single Electronic Format (ESEF) fast approaching the European Securities and Markets Authority (ESMA) have released the first in a series of tutorial videos designed to guide relevant market participants through the new requirements.
The theme of the importance of easy access to data was continued at the XBRL US Investor Forum 2018: Powering Fintech the week before last, with SEC Commissioner Robert J. Jackson’s keynote speech highlighting the need to improve access to publicly available data.
Jackson argued that the investing public view data as either public or private – but that this misses a third type of data, public but hidden. Acquiring publicly available data from the SEC disclosure website can be costly, error-prone and time-consuming, creating an exclusionary barrier to this information.
On Tuesday the Corporate Reporting Dialogue, an umbrella organisation of standards setters including the Global Reporting Initiative (GRI), the Climate Disclosure Standards Board (CDSB), the Sustainability Accounting Standards Board (SASB), with participation also from the accounting standards setters, all convened by the International Integrated Reporting Council (IIRC) announced an initiative towards alignment for Environmental, Social and Governance (ESG) reporting.
We hear a lot about how disruptive the fourth industrial revolution is going to be: AI and distributed ledger are rapidly transforming the reporting landscape – but how? What practical impact will tech development actually have, and with changes occurring so quickly, how can organisations best prioritise and prepare?
A Deutsche Bank white paper published this month recognises the importance of regulators in driving innovation and the uptake of new technology in finance.
Standardisation, be it in the realm of technology or definitions/semantics, is essential for clarity, comparability and efficiency.
It’s clear that XBRL makes a lot of sense for financial reporting, and the standard’s increased uptake around the world has done much to promote financial transparency – however, currently, XBRL’s potential capabilities are being underused for non-financial reporting. Sustainability reporting is moving into the mainstream, as boosting transparency on environmental, social, and governance (ESG) […]
This week the Securities and Exchange Commission (SEC) published a rule proposal on “Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts” that would require the use of Inline XBRL. The proposed amendments are intended to “harness technology to allow investors, data aggregators, financial analysts, Commission staff, and other data […]
The US National Association of Surety Bond Producers (NASBP) says that the fast-growing uptake of XBRL data standardisation in the surety industry indicates that the day’s of re-keying data could soon come to an end. The “surety” industry is the US term for construction completion insurance: building contractors large and small are required to take […]
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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.
