Standardisation is widespread in society and a crucial component of the modern economy. In a new paper this week, The Data Standardization Challenge, Professors Richard Berner of the NYU Stern School of Business and Kathryn Judge of Columbia Law School look at what slows down the development of financial services standards. They point out that standardisation […]
This week the IFRS published a feature reflecting on the changes they have made to the concept of materiality in light of the IASB’s recent finalised revised definition of ‘material’. At the crux of business disclosure is the question: what gets reported? For preparers, too much irrelevant information can be a burden, whereas for investors, more […]
Last Friday the Indonesian Finance Ministry’s Taxation Directorate General and the Indonesian Stock Exchange (IDX) signed a memorandum initially enabling 33 state-owned companies to simplify their tax returns by reporting to the tax office in XBRL. Previously, companies were required to submit hard copies of their financial statements to the tax office, a lengthy process […]
Bond Buyer this week published one of two takes on the latest push for state-level XBRL in the US, arguing that while machine-readable technologies should bring more transparency to the municipal bond market, they could also cause ‘headaches’ for issuers. But are the concerns voiced legitimate, simply a fear of technology, lack of education – […]
Filing rules are crucial for reporting programmes as they define the specific technical requirements of the filing system. Preparers and software vendors need to ensure that their XBRL reports comply with these filing rules and are not invalidated at the point of submission. Over the years data collectors have adopted different practices for defining and publishing these filing rules. XBRL International has […]
An alternative angle on last week’s CAFR demonstration taxonomy comes from Marc Joffe, a senior policy analyst at the Reason Foundation. Joffe sees the development of the taxonomy as essential for modernising the data-collection and reporting tools of state governments – and argues that XBRL implementation will actually reduce costs Data collection in the US […]
We hear a lot about how beneficial structured data can be for businesses and regulators. Having open access to digital, comparable, searchable information makes it easier for investors to analyse performance and regulators to assess compliance. However, the transparency benefits of machine-readable data extend beyond the business case: XBRL-tagged data also provides a valuable and […]
Last week XBRL US advanced the push for state-level XBRLby releasing a demonstration taxonomy that shows how data standards can be used in portions of the Comprehensive Annual Financial Report (CAFR). While significant progress has been made at the federal level towards machine-readable reporting, at the state level, financial information is still submitted in the PDF-based […]
Acsone SA is the latest company to gain Certified Software™ status for their product. Acsone’s AREVIO has been certified as XBRL report creation software, meaning that the company has proven to XBRL International’s satisfaction that the tool validates all reports using a certified processor. Amana have expanded their suite of certified software with their AMANA XBRL Tagger product gaining certified […]
The Financial Reporting Council (FRC) have published a deep-dive report investigating the role AI will play across corporate reporting. The report covers AI basics, how AI can be used for corporate reporting and suggested actions to ensure quality reporting can be powered by AI. Annual reports and other regulatory documents have high levels of standardisation […]
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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.
