Abu Dhabi Global Markets (ADGM), the Emirate’s international financial centre, expand their Fintech ambitions with the launch of a digital sandbox. The aim is to offer banks, fintech companies and watchdogs an open digital marketplace in which to collaborate on the creation, testing and adoption of new products, while also promoting local Fintech firms to […]
In September 2018, XBRL US submitted a letter in response to the U.S. Office of Management and Budget (OMB) request for information on a proposed public/private partnership called the Government Effectiveness Advanced Research (GEAR) Center. The goals of this partnership are stated as “re-imagining possibilities for how citizens interact with the Government; rethinking the delivery […]
In a recent release, the European Commission has iterated the importance of exploring the impact of artificial intelligence, not only economically but ethically as well. A strong European approach to coordinating and regulating AI is, of course, necessary. However, in order to maximise the benefits of AI investments, ensuring that there is an ethical framework in place […]
A recent paper by the CFA Institute’s Financial Reporting Director, Mohini Singh, discussed the changing use of structured data by investors and analysts. Singh has followed this up with another piece focusing on reporting to lenders, tax authorities, and other regulating bodies around the world. More details about these case studies here.
The IFRS Foundation’s set of Taxonomy business rules for 2018 is also now available to download. It can be used with software tools supporting XBRL Formula. The release is accompanying material to the IFRS Taxonomy 2018 and has been updated from the 2017 version to reflect changes in the IFRS Taxonomy content. The business rules can […]
It’s the 10th anniversary of the 2008 financial crisis and many commentators are looking back. “From the great moderation to the great recession and beyond – how did we get here and what lessons have we learned?” asks Donald Kohn, member of the UK’s Financial Policy Committee, in a speech given at the 200th anniversary of the […]
Following the European Banking Authority’s proposal for amendments to the ‘Supervisory Reporting ITS’, the UK Prudential Regulation Authority has since issued their own consultation paper to reiterate and augment the intended reporting requirements. The consultation paper issued by the PRA includes numerous changes with the aim of improving the synergy between PRA reporting and the […]
Another speech looking at the lessons learned from the financial crisis was delivered recently by Mr Agustín Carstens, General Manager of the BIS, at the Ninth Irving Fisher Committee (IFC) Conference in Basel. Mr. Carstens is asking if post-crisis statistical initiatives have been completed. While we have come a long way to achieving post-crisis statistical […]
We’re pleased to announce that two more software products have gained XBRL Certified Software status. UBPartner’s XBRL Processing Engine and XT Portal products have met the stringent technical criteria that ensure the interoperability XBRL Certified Software products. Details of all certified software can be found on our certification portal. Vendors of software holding a current certification are entitled to […]
AI is quickly transforming the financial industry – with the impact on accounting already being felt. Robotic Process Automation (RPA), for example, has started to reduce some types of contractual processing times, while EY and Deloitte have started to use AI to update their document review process, with AI systems reviewing quite complex contracts after […]
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