Time has now run out. Well, for those legal entities that have yet to obtain an LEI that is. Since June 3rd, EU investment firms without a Legal Entity Identifier have been subject to a restriction on providing any services that trigger an obligation to submit a transaction report for a transaction entered into on behalf […]
축하해요 or Gratulálok – or perhaps just congratulations – might be the words coming the IFRS Foundation’s way as they take their taxonomy further towards truly global applicability. In a move to support both Korean and Hungarian-speaking users of the IFRS Taxonomy, the foundation has now published translations of their taxonomies in both languages. The […]
The South African Companies and Intellectual Property Commission does not take non-compliance lightly. In a recent move, the CIPC’s power to impose administrative fines on those entities that ignore compliance notices was confirmed by the SA High Court. With a strong mandate to engage in matters relating to non-compliance, the CIPC strives to ensure that high standards […]
At last week’s Warsaw meeting of the European XBRL community, Jon Rowden from PwC gave a talk on assurance and ESEF. To recap, once mandatory inline XBRL filings are being prepared by public companies in the EU, there is a need for independent review to help ensure that users (especially investors) can rely on them. Rowden reassured […]
The need for standardised reporting is not isolated to the financial industry. Indeed, we see the need for structured, standardised report data for a huge variety of different purposes right around the world. This week saw new calls for enhanced and consistent (ie: standardised and structured) for corporate and government reporting on climate action and carbon emissions. […]
The Eurofiling/XBRL Europe meeting in Warsaw last week provided updates from ESMA, the European Securities Markets Authority about ESEF. What is ESEF? The European Single Electronic Format – aka – Inline XBRL. The shift towards digital reporting for public companies across Europe is underway. ESEF kicks in for Annual Financial Reports prepared under IFRS for […]
Industry, regulators, software vendors and academia came together last Thursday at Moscow’s Financial University for the official launch of XBRL Russia and the opening of the XBRL Development Centre at the University. With some 700 non-bank financial institutions already filing data to the Russian Central Bank, and a host of other data collections on the […]
European Commission Vice President Valdis Dombrovskis, addressed the EC conference on “Preparing Supervisory Reporting for the Digital Age” in Brussels today. This is part of the EC’s fitness check of supervisory reporting. Following a consultation process commenced in 2016, the Commission is clear that not everyone is happy about the changes to financial sector supervisory […]
Many readers familiar with financial supervision and regulation will be aware of the so-called “Pillar 3” disclosure requirements which oblige banks and insurance companies to make a range of quantitative and qualitative public disclosures about the risks that they face and they way they manage them. There is much to be said for using disclosure as an additional policy […]
The XBRL US Data Quality Committee (DQC) has approved, finalized, and published its 6th ruleset which includes validation checks for filings prepared using the US GAAP Financial Reporting Taxonomy and the IFRS Taxonomy. DQC rules and guidance are designed to be used by issuers to identify and correct errors in their SEC filings. The DQC, […]
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