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How to publish a Taxonomy? What are Taxonomy Packages?

By Revathy Ramanan on December 19, 2017

Taxonomy is at the heart of an XBRL program, publishing taxonomies for stakeholder consumption needs to be given a careful thought. Guidance note now is available for taxonomy owners. The Best Practices Board’s Implementation Guidance Task Force have come-up with guidance for the right way of publishing a taxonomy and business-friendly explanation of Taxonomy Packages […]

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Financial Reporting Lab: Digital Future of Corporate Reporting

By Editor on December 15, 2017

The UK’s FRC Lab says that the changing demands of users, supported by upcoming regulatory changes mean that boards can no longer ignore digitisation of listed company reporting. In a new report it urges regulators, investors, vendors and issuers to work together to maximise the benefit of Inline XBRL reports.

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IFRS publishes Preparer’s Guide

By Editor on December 15, 2017

The IFRS taxonomy is used to create digital financial statements that conform to the International Financial Reporting Standards. The IFRS Foundation has now published the first version of a Preparer’s Guide to using this taxonomy.

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Analytics for fun and fraud detection

By Editor on December 15, 2017

There’s an interesting experiment over on the CoreFiling blog this week. Benford’s Law, or the law of First Digits, is an observation about the frequency distribution of the leading digit in numbers appearing in a range of data sets. These are not evenly distributed, but tend to start with small digits. The digit “1” will […]

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Taxonomy Package Guidance

By Editor on December 15, 2017

Taxonomies, or the dictionaries of terms that define a set of reporting concepts are the core of any XBRL based reporting effort. XBRL International strongly recommends that taxonomies are made available in the form of Taxonomy Packages – dictionaries wrapped up in meaningful terms and tied with a bow. Furthermore, taxonomies should always be registered on the XBRL International taxonomy […]

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More Interoperable Software

By Editor on December 15, 2017

This week, DataTracks Disclosure Management System became the latest software package to gain XBRL Certified Software™ status, meeting the certification requirements for Report Creation software. XBRL Certified Software has passed the objective tests defined by XBRL International. In the case of Report Creation software, this obliges vendors to embed an XBRL Certified validator in their […]

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fintech

£1 Million for Inspirations on New Products and Services Using Open Banking APIs

By Editor on December 15, 2017

In a concerted effort to encourage small businesses to compete in the digital economy, in February this year UK innovation foundation Nesta announced its Open Up Challenge. This challenge sought to encourage Fintech firms to explore the opportunities provided by Open Banking APIs. The impending initiation of Open Banking APIs holds the potential to transform […]

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CryptocurrenciesICOSEC

SEC Chair on Cryptocurrencies.

By Editor on December 15, 2017

The world’s social media platforms and financial markets are abuzz about cryptocurrencies and “initial coin offerings” (ICOs). But are these new digital revolutions going to stand the test of time? The SEC’s chairman thinks so, but also heeds caution to investors seeking to get behind the trend. With the incredible growth in the BloThe world’s […]

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IFRS: Proposed Annual Improvements for 2017 Taxonomy

By Editor on December 8, 2017

The IFRS Foundation has published proposals for updates to the IFRS taxonomy. Comments close on 29 January.

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AuditCFA IbsInline XBRL

77% of Investors want independent review of XBRL financials

By Editor on December 8, 2017

There is no requirement to audit or provide any level of assurance on digitally formatted XBRL and Inline XBRL financial statements. This is not in the interest of investors.

Latest News

How to publish a Taxonomy? What are Taxonomy Packages?

Financial Reporting Lab: Digital Future of Corporate Reporting

IFRS publishes Preparer’s Guide

Analytics for fun and fraud detection

Taxonomy Package Guidance

More Interoperable Software

£1 Million for Inspirations on New Products and Services Using Open Banking APIs

SEC Chair on Cryptocurrencies.

IFRS: Proposed Annual Improvements for 2017 Taxonomy

77% of Investors want independent review of XBRL financials

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