The latest wave of penalties from China’s bank regulator suggests the country is taking a firm approach to bad debts, according to UBS research reported in Euromoney this week. The research shows that the number of bank fines issued by the China Bank and Insurance Regulatory Commission (formed in April 2018 after a merger of […]
The 4 February deadline for commenting on the IFRS Foundation’s proposed taxonomy updates is fast approaching. First published in December 2018, the draft contains a number of proposed changes that aim to improve the quality of data reported using the Taxonomy and to make the IFRS Taxonomy easier to use. Measures to reduce tagging errors, […]
This week the Group of Central Bank Governors and Heads of Supervision (GHOS) endorsed the Basel Committee for Banking Supervision’s (BCBS) final revisions to the minimum capital requirements for the market risk standard. The newly approved market framework will come into effect on 1 January 2022. The minimum capital requirement framework in this area exists […]
Right at the end of 2018 the European Commission endorsed the technical standards (RTS) requiring Inline XBRL filings for IFRS annual reports for public companies from 2020.
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.
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 […]
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 […]
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 […]
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 […]
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 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.
