The XBRL Standards Board has approved an initial Public Working Draft of a new version of the Transformation Rules Registry (TRR) and a further Candidate Recommendation of the Extensible Enumerations 2.0 specification. Internationalised Date Transformations for ESEF The TRR is used to transform information presented in an Inline XBRL report into the standard formats required […]
Last week Canada took the next step towards following the UK, Europe and much of the world into open banking with the publication of a review into the merits of standards and consistent controls in this area. Currently, the data which Canadians create through day-to-day banking transactions are controlled by the financial institutions they bank with. As […]
This week the EU agreed upon a revision to the Directive on the re-use of public sector information. The new Directive, the Open Data and Public Sector Information Directive, will require member states to make public sector and publicly funded data open and available for re-use. The Directive includes materials held by public sector bodies at […]
What lies ahead for Europe’s supervisors? In an interesting speech last week at the Future Supervisory Landscape conference Ms Sabine Lautenschläger of the European Central Bank attempted to tackle this question, outlining some the challenges that European supervisors will face in 2019 – including the increasing involvement of tech in finance. Of course, predictions are […]
Earlier this month the Italian Ministry of Economic Development announced that the 2019 version of the XBRL taxonomy for financial statements is available on the AGID website. The new taxonomy will come into effect for annual and consolidated accounts from 1 March 2019. The new taxonomy makes minor changes to the supplementary notes disclosures, and to […]
The EU is working to link finance and sustainability across the region through a number of related initiatives. Last week its Technical Expert Group (TEG) on Sustainable Finance published its draft report on climate-related disclosures. This report proposes climate related metrics recommended for inclusion in the European Commission’s (initially non-binding) guidelines for Non-Financial disclosure. The […]
Late yesterday the US Federal Energy Regulatory Commission, the FERC, published a proposal to switch up from its aged Visual FoxPro based e-forms to an XBRL-based data collection system. The FERC was originally going to use custom XML, but after experimentation now proposes XBRL.
In a succinct interview this week the Financial Reporting Lab spoke to the CFA Institute’s Mohini Singh to shed some light on how structured data is driving changes in corporate reporting. Singh outlines how essential the transparent, consumable information that XBRL data offers is to analysing and comparing financial statements of companies large or small. […]
Encouraging news for transparency in the US this week as the Open, Public, Electronic, and Necessary (OPEN) Government Data Act was signed into law on 14 January. The sweeping, bipartisan legislation will make vast amounts of federal government data much more accessible and usable. It requires federal agencies, wherever possible, to release all non-sensitive information […]
A year on from the introduction of the European Union’s revised Markets in Financial Instruments Directive (MiFID II) there is growing pressure on the financial research industry. MiFID requires brokers to unbundle the provision of investment research from trading services, forcing fund managers to pay for it separately. Unsurprisingly, investors have become much more selective […]
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