Digital technologies from blockchain to AI and big data to XBRL’s own computer-readable reporting format are transforming global business and the financial world. The world’s four largest auditors – Deloitte, Ernst & Young, KPMG and PwC – are working with 20 Taiwanese banks to test blockchain technology that provides a new way to conduct bank […]
In May, India’s Securities and Exchange Board (SEBI) updated their regulations with a package of updates, some of which will begin to take effect from 1 October 2018. The updates are designed to enhance corporate governance by improving the structure, checks and balances and independence of boards, auditors and other gatekeepers. Importantly, the amendments included […]
As reported in July, it was great news to hear that the cost of XBRL formatting for small US reporting companies have declined 45% since 2014.
The AICPA study surveyed price data from 1,032 small reporting companies for 2017 services, showing that 68.6% of companies paid $5,500 or less annually for fully outsourcing their XBRL filings.
Cost is no barrier to even small companies preparing financial statements with the global digital standard for business reporting, as the average annual cost of XBRL preparation has dropped by 45% over the last three years in the US. Recognizing that computer-readable reports make financial information easier for regulators and investors to analyse, the US […]
In a guest article on the XBRL International Blog this week, Mohini Singh summarises aspects of the CFA Institute’s submission to the European Commission’s ‘Fitness Check on the EU Framework for Public Reporting by Companies’ consultation. The Institute urges policymakers to ‘see the power of XBRL in facilitating analysis for investment decision-making,’ arguing that ‘lowering the barriers in […]
The UK’s Prudential Regulation Authority (PRA) has set out proposals for minor regulatory reporting amendments. This consultation is relevant to banks, building societies, PRA-designated investment firms, and dormant account fund operators. The proposals would result in changes to the Glossary, Regulatory Reporting, Reporting Pillar 2, and Close Links Parts of the PRA Rulebook. The authority […]
Recognising that in today’s visual age, elegant graphics can transform data into a powerful language, the Financial Times appointed Alan Smith as their first Data Visualisation Editor. This month, at the ECB Statistics Conference, Smith shared the FT’s strategy and guidelines for a visual vocabulary which will help your data tell a story rich in […]
The Financial Stability Institute (FSI) has published a new report on innovative technology in financial supervision (or “Suptech” as it seems be known). Examining the experiences of early users of this new technology, the report yields some useful insights into the potential benefits – and risks – for supervisory agencies adopting a Suptech strategy. Read the […]
The Ukrainian National Finance Service has begun discussing its plans to enhance Ukranian regulatory reporting with XBRL. This is part of a wider effort to enhance transparency within the Ukranian finance sector, initially within non-bank finance. The regulator has started by holding introductory seminars with staff and market participants to explain how the new mandate […]
How’s that for alphabet soup? The Bank of England (BoE) has completed a Proof of Concept (PoC) to understand how a renewed Real Time Gross Settlement (RTGS) service could support settlements in systems operating through innovative payment technologies. In March, the Bank announced that it was running a POC in this field. The purpose was […]
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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.
