An alternative angle on last week’s CAFR demonstration taxonomy comes from Marc Joffe, a senior policy analyst at the Reason Foundation. Joffe sees the development of the taxonomy as essential for modernising the data-collection and reporting tools of state governments – and argues that XBRL implementation will actually reduce costs Data collection in the US […]
We hear a lot about how beneficial structured data can be for businesses and regulators. Having open access to digital, comparable, searchable information makes it easier for investors to analyse performance and regulators to assess compliance. However, the transparency benefits of machine-readable data extend beyond the business case: XBRL-tagged data also provides a valuable and […]
Last week XBRL US advanced the push for state-level XBRLby releasing a demonstration taxonomy that shows how data standards can be used in portions of the Comprehensive Annual Financial Report (CAFR). While significant progress has been made at the federal level towards machine-readable reporting, at the state level, financial information is still submitted in the PDF-based […]
Acsone SA is the latest company to gain Certified Software™ status for their product. Acsone’s AREVIO has been certified as XBRL report creation software, meaning that the company has proven to XBRL International’s satisfaction that the tool validates all reports using a certified processor. Amana have expanded their suite of certified software with their AMANA XBRL Tagger product gaining certified […]
The Financial Reporting Council (FRC) have published a deep-dive report investigating the role AI will play across corporate reporting. The report covers AI basics, how AI can be used for corporate reporting and suggested actions to ensure quality reporting can be powered by AI. Annual reports and other regulatory documents have high levels of standardisation […]
The XBRL Standards Board has approved an initial Public Working Draft of a new version of the Transformation Rules Registry (TRR) and a further Candidate Recommendation of the Extensible Enumerations 2.0 specification. Internationalised Date Transformations for ESEF The TRR is used to transform information presented in an Inline XBRL report into the standard formats required […]
Last week Canada took the next step towards following the UK, Europe and much of the world into open banking with the publication of a review into the merits of standards and consistent controls in this area. Currently, the data which Canadians create through day-to-day banking transactions are controlled by the financial institutions they bank with. As […]
This week the EU agreed upon a revision to the Directive on the re-use of public sector information. The new Directive, the Open Data and Public Sector Information Directive, will require member states to make public sector and publicly funded data open and available for re-use. The Directive includes materials held by public sector bodies at […]
What lies ahead for Europe’s supervisors? In an interesting speech last week at the Future Supervisory Landscape conference Ms Sabine Lautenschläger of the European Central Bank attempted to tackle this question, outlining some the challenges that European supervisors will face in 2019 – including the increasing involvement of tech in finance. Of course, predictions are […]
Earlier this month the Italian Ministry of Economic Development announced that the 2019 version of the XBRL taxonomy for financial statements is available on the AGID website. The new taxonomy will come into effect for annual and consolidated accounts from 1 March 2019. The new taxonomy makes minor changes to the supplementary notes disclosures, and to […]
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