In January 2019 the US Federal Energy Regulatory Commission (FERC) published a proposal to swap from Visual FoxPro based e-forms to an XBRL-based data collection system. After a comment period, FERC have now announced that the proposal has passed. The switch recognizes that XBRL is purpose built for reporting, and will make filing easier, more accurate and […]
The Securities and Exchange Commission (SEC) has modified the submission deadlines for registered investment companies filing non-public monthly reports in order to mitigate risks from cybersecurity breaches. The changes mean funds will still be required to maintain non-public monthly records on file (accessible to examiners on demand) before filing data for public consumption every quarter. […]
In another step on the long road to making US state-level financial reports machine-readable the Open Financial Statement Act, SB-598, was introduced into the Californian Senate on 27 February. Currently, Californian counties, cities, school districts, and pension funds send unaudited data to the state controller and also prepare audited financial statements in PDF form, making […]
The Implementation Guidance Task Force (IGTF) working under XBRL International’s Best Practice Board is addressing this question next and is seeking volunteers to join the task force to help. The task force will be producing guidance on the key functions of an XBRL-capable data collection platform, covering features such as the submission gateway, authentication, validation processes, XBRL […]
The Bank for International Settlements has launched FRAME, a public, online and interactive repository of studies on the effects of financial (especially banking) regulations. While many readers of this newsletter are focussed on what and how information is collected from regulated organisations, as well as the rules that underpin those data collections, arguably not enough time […]
The next Global Preparers Forum (GPF) will take place on 22 March. The GPF is an independent body that provides insight and input to the International Accounting Standards Board (IASB) from preparers of financial statements. The GPF provides input into concepts and proposals that the IASB is developing and offers advice on the practical implications […]
A recent article by Amir Ghandar, former Deputy Director, Public Policy & Regulation at the International Federation of Accountants (IFAC), in the Australian Financial Review takes a hopeful angle on the crisis in audit confidence, arguing that the digital age’s thirst for trusted information signals the start of a golden age of audit. Recent years have […]
The European Securities and Markets Authority has published a video (developed with input from XBRL Europe) on ESEF, the EU’s Inline XBRL mandate for IFRS filing public companies.
On 25 February the European Banking Authority (EBA) published new guidelines on outsourcing arrangements for financial institutions. Many financial institutions have been adapting their business models to take advantage of increased digitisation and the growing importance of Fintech firms. Often, this takes the form of outsourcing – a relatively simple way to harness innovation and […]
Speaking of ESEF, Accountancy Europe have published a useful factsheet and infographic guide to the new reporting requirement. Inline XBRL based ESEF will make reports machine-readable, facilitating access, analysis and comparability of financial statements. The European Commission hopes ESEF will make both reporting and investing easier. The factsheet provides an overview of ESEF’s requirements, including how ESEF works and why […]
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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.
