This week a group of US regulators have announced that they will not penalise banks that use artificial intelligence tools to find gaps in existing anti-money laundering programmes. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and […]
We’ve covered the growing support for US state level XBRL several times over the past couple of months, including the move towards local Comprehensive Annual Financial Reports (CAFRs) and the benefits of structured data for municipal bond markets. This week saw another addition to the debate with publication of a report from The Data Foundation and Workiva: Transparent State […]
The Bank of England has released an updated supervisory statement outlining guidelines for completing regulatory reports in the light of the latest updates to the UK’s PRA rulebook. The guidelines include two new regulatory reporting guidelines due to come into effect in January 2019, around the use of financial market infrastructures and excluded activities and […]
Last month we saw two speeches from either side of the Atlantic offering very different views for the future of financial reporting. Financial reporting has traditionally been just that – financial. It has a long history, as investors have always needed this critical information to (hopefully) allocate their capital effectively. However, in the information age […]
To coincide with the G20 meeting in Buenos Aires the Financial Stability Board (FSB) have published its fourth annual report in the implementation and effects of the G20 financial regulatory reforms. Ten years after the crisis, the report evaluates the progress made on the reform agenda, while highlighting the challenges the future is bringing: how to maintain […]
Just over a month ago we reported on the progress being made towards US state level XBRL. Further optimistic thoughts on that this week from Barnet Sherman in Forbes. While the US municipality bond market is larger than any other, the work being done in this context has direct relevance to government reporting in many other parts of the world.
Last week XBRL International CEO John Turner participated in a panel at the European Commission’s high-level conference on “The future of corporate reporting in a digital & sustainable economy” in Brussels. The panel was on “Corporate reporting: time to embrace the digital revolution” and it was an excellent discussion, covering a lot of ground. John’s […]
Governments, companies, and public entities are under increasing pressure to adopt more climate friendly strategies – and central banks aren’t exempt from this expectation. But solving climate change is remote from the primary mandate of a central bank, and can actively clash with bank requirements, argues Yves Mersch, Member of the Executive Board of the […]
The IFRS Foundation published a Proposed IFRS Taxonomy Update yesterday. This proposed update includes a number of suggested changes to the IFRS Taxonomy 2018, to improve the quality of data reported using the IFRS Taxonomy and to make it easier to access and use. This is a consultation draft: issuers, users, data providers, regulators and accounting professionals should consider providing feedback to the IFRS team. You’ve got 60 days to do so, through 4 February 2019.
Remember the Y2K problem? Now imagine Y2K but without being told what number comes after “19” until December 1st 1999. That’s the challenge currently facing IT systems in Japan.
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