GREAT Act Senate Reading
The Data Coalition’s proposed GREAT Act – Grant Reporting Efficiency and Agreements Transparency – was introduced in the US Senate this week.
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New Tutorial
One of the most powerful features of XBRL is the ability to embed sophisticated business rules for validation into a taxonomy in the form of XBRL formula rules. XBRL formula is a very powerful language, but with that power comes some complexity. To help new users get to grips with the language, the XBRL Best Practices Board has just approved the publication […]
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Data Privacy Concerns
Although big data is a valuable tool for analysing broad trends, individual intrusions into private, personal data raise important privacy questions for regulators. Life insurance company John Hancock has been in the spotlight this week after announcing that in future all of their insurance policies in the United States will include Vitality – an interactive, […]
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SASB and GRI Step Up Project to Align Reporting Standards
The Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI) announced ahead of the Global Climate Action Summit (GCAS) last week that they will soon move forward with a project to bring their standards in line with each other. This joint effort is aimed at simplifying non-financial reporting standards to align with the […]
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DiFin Proves Popular
Earlier this year we reported on the launch of Germany’s Digital Financial Report system, DiFin, which leverages existing capabilities that exist in Germany to generate XBRL financial statements for tax reporting, to be reused in bank credit assessments. DiFin is a voluntary system, offering a secure web-based services gateway, and some specific legal protections for tax advisors […]
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XBRL Recommended as Key Skill for Forensic Accountants
Research published in the British Journal of Research looks at how best to utilise the expertise of forensic accountancy to improve corporate governance in India. Recent accountancy scandals have rocked confidence in India’s financial reporting practice and the effectiveness of corporate governance. Well trained forensic accounting professionals, by helping companies detect and prevent fraud and […]
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Award for XBRL Japan’s Mizutani-san
On September 20 The Japanese Ministry of Economy, Trade and Industry announced that Manabu Mizutani, former president of PCA and lead vice chairman of the Computer Software Association (CSAJ), is this years’ winner of the “Individual Award for Contributions to Digitisation.” Mizutani-san is a leading member (and a Director) of XBRL Japan and our congratulations […]
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The Future of Work
Can we apply the lessons from the history of the first three industrial revolutions to the fourth to secure a future that benefits all? Mark Carney, Governor of the Bank of England, examined the scope, scale and speed of the rise of AI, big data and machine learning in his Whitaker Lecture at the Central […]
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FASB Taxonomy Updates
The Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) have issued release notes describing the proposed technical improvements to the 2018 US GAAP Financial Reporting Taxonomy. The release notes address technical improvements to the 2018 taxonomy based on public comments, common reporting practices, improving utility, reducing inconsistencies and enhancing the intended uses […]
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Europe-wide Supervision for Stronger Banks
President of the European Central Bank, Mario Draghi, argues that the disjointed nature of national supervision and resolution in Europe in 2008 led to markets fragmenting down national fault lines – with individual nations creating negative spillovers by defending domestic policy at the expense of united efficiency and stability.
