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 […]
The XBRL US Data Quality Committee (DQC) has approved its 7th ruleset which includes 13 types of validation checks for filings prepared using the US GAAP Financial Reporting Taxonomy as well as two guidance documents. The DQC also published an 8th Ruleset for a public review and comment period, which ends on 1 February 2019.The DQC […]
Given a taxonomy, how do I specify which items are mandatory in a report? The XBRL International Best Practices Board seeks XII participants to contribute to the Taxonomy Architecture Guidance Task Force (TAGTF). The taskforce is moving on to look at a new topics and would like to solicit contributions from interested parties. The Task force welcomes members […]
Just in time for the end of the year, the European Commission this week endorsed technical standards requiring Inline XBRL filings for IFRS annual reports for public companies. The RTS that has been transmitted to the European Council and European Parliament includes a complete translation of the IFRS taxonomy into all 23 official languages used […]
More EU news! Last week the European Banking Authority (EBA) launched its fifth annual EU-wide transparency exercise. This includes the 2018 Risk Assessment Report and an interactive viewing tool that allows the public to access and compare data on the EU banking system. The annual Risk Assessment Report provides an overview of the risks and vulnerabilities in the EU […]
Dramatic changes to the UK audit sector were proposed in a report this week setting out recommendations from an independent review of the Financial Reporting Council (FRC). The audit profession and its regulator have been under intense scrutiny following a number of high profile corporate failures. The recommendations address gaps in FRC powers, setting a course for […]
The Financial Accounting Standards Board (FASB) earlier this week announced that the 2019 GAAP Financial Reporting Taxonomy and 2019 SEC Reporting Taxonomy (SRT) are both available. The GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements. The 2019 SRT contains elements necessary to meet SEC requirements for financial schedules, condensed consolidating financial information for guarantors, […]
We are very pleased to round out the year by being able to announce 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 our effort to […]
The Securities and Exchange Commission (SEC) are seeking input on the on-going debate surrounding the effects of mandated quarterly reporting. Earlier this week the SEC published a request for comments on how the Commission can reduce the burden on reporting companies while making sure disclosures are still (or more) effective and ensuring that investors have […]
Join our Newsletter mailing list to
stay plugged in to the latest
information about XBRL around the world.
By clicking submit you agree to the XBRL International privacy policy which can be found at xbrl.org/privacy
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.
