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.
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 […]
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 […]
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 […]
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 […]
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 […]
The IFRS Foundation has published proposals for updates to the IFRS taxonomy. Comments close on 29 January.
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.
This week Rob Grupetta, Head of the Financial Crime Department at the UK’s FCA, spoke out on AI at an Anti Money Laundering (AML) event in London. With UK banks spending a reported £5 billion each year — more than the the cost of the UK prison system — on financial crime prevention, there is every […]
Or, hopefully less cryptically, the Australian Stock Exchange has become a blockchain, or distributed ledger first mover, announcing a decision to update its clearing and settlement system. The ASX announced this week that it would put into production the Digital Asset Holdings developed — blockchain based — system that it has been working on for the […]
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