A considerable focus at the IOSCO event was the waning of the global consensus that has driven reform in securities markets regulation since the global financial crisis. IOSCO has benefitted from clear guidance from political policy makers at the G20 level, which have then been focussed by the Financial Stability Board, turned into policy and principles at […]
As we mentioned last week, the FASB has issued an invitation to comment asking for input on ways to assess the efficiency and effectiveness of the US GAAP taxonomy. FASB’s invitation to comment provides detailed background and technical questions focused on how to make the taxonomy easier for users to navigate and how to improve […]
This proposed update incorporates the IFRS Taxonomy elements for applying IFRS 17 Insurance Contracts. The IFRS Foundation is seeking comment on this Taxonomy update with the comment period remaining open until 18 September 2017. Further information and supporting materials can be found here.
The XBRL International Standards Board has approved a draft of the Assertion Sets 2.0 specification, a modular extension to the XBRL Formula specification. XBRL Formula provides a powerful mechanism for embedding business validation rules in an XBRL taxonomy, helping to ensure data quality in reports. It is common that in a large taxonomy there will […]
Bank regulators across the world are beginning to examine the utility of having extremely fine grained data to assist with bank supervision, sectoral risk analysis, and the enhancement of monetary policy data. At a recent workshop run at the ECB, Mr Pedro Duarto Neves, Vice-Governor of the Banco de Portugal, described a number of related […]
The US accounting standards setter, FASB, is seeking comments on the efficiency and effectiveness of the US GAAP taxonomy. With the FASB’s international counterpart, the IASB, having moved over the last year or so to more tightly integrate the process for the development and maintenance of its accounting standards with the concurrent development, maintenance and […]
The Central Bank of Russia is leading the modernisation and digitisation of the financial sector in that country and the use of XBRL for data collection is a key part of this initiative. The XBRL Russia website (it translates very effectively in Chrome) has recently been formally launched and contains a wealth of information about […]
Professors (and brothers) Rani and Udi Hoitash propose a simple way to measure “financial complexity”. The idea of financial complexity is pretty much what it sounds like: the more complex a financial disclosure is, the more likely that it is impossible for the professionals responsible for it to properly understand all of the relevant accounting […]
Machine Learning technology might take the drudge work out of many occupations, and might in turn, reduce the number of jobs that require low level skills. But if that happens, how do junior and new employees gain the skills required for higher level roles that require knowledge and judgement? Skills that today are developed while […]
The annual conference for the global XBRL community, is now open! Data Amplified is where the world’s most influential accounting professionals, policy makers, standards setters, regulators, technologists, issuers and innovaters meet to define the future of business reporting. Register today to join us in Paris between 6 and 8 November 2017 for this year’s most important event in our […]
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