A new regional collaboration to investigate and implement Standard Business Reporting has been launched in the Nordics. Dubbed Nordic Smart Government, it aims to transform the way that data is collected and used between business and government as well as business to business. Initial efforts call for: A refined Business Case, starting by estimating B2B benefits […]
According to the European Banking Federation, 9000 bank branches closed across Europe last year. It seems that given the choice between lining up at a branch, or banking through internet, app or ATM… the customers have spoken. It’s a stark example of the impact of digitisation. Where are the next changes going to happen? Are […]
Recess is over! Time to focus on the future of business reporting. It’s September and in the Northern hemisphere the temperatures are beginning to cool down and people are back at work. With financial regulators working to improve the way they analyse data collected from regulated firms, and securities regulators, exchanges, business registrars and corporates all focussed on […]
Don’t miss this week’s guest post from CFA Institute Director, Financial Reporting Standards, Mohini Singh. Her post this week summarises a new position paper entitled “The Cost of Structured Data: Myth vs Reality”.
The FASB has released the proposed 2018 GAAP Financial Reporting Taxonomy, and new for 2018, the proposed 2018 Shared Reporting Taxonomy (SRT) for public review and comment. FASB’s taxonomies are used by public companies in the US to prepare financial statements for filing to the SEC. The new shared taxonomy is designed to allow US […]
The XBRL Standards Board has approved the publication of Extensible Enumerations 2.0 as a Public Working Draft. Extensible Enumerations allow taxonomies to define concepts that must take their value from a list of prescribed values. Extensible Enumerations provides benefits found in other XBRL features, including multi-lingual labeling, modification of the allowed values by extension taxonomies, […]
According to an item in ZDNet magazine, the Australian Tax Office (the “ATO”) is faced with a range of challenges associated with the resilience and stability of their systems as the tax authority moves to embrace a much more connected world. The ATO has been home to a raft of innovations (not least their SBR program […]
The Companies and Intellectual Property Commission (CIPC) in South Africa will, as expected, mandate the use of Inline XBRL-based reporting for all qualifying entities from 1 July 2018. The CIPC aims to ensure that South African companies can comply with their reporting obligations while at the same time reducing the burden that these requirements create. Embedding […]
The level of investment and innovation that has gone into the Fintech sector over the last few years is extraordinary. And why not? New approaches to almost every aspect of finance – taking none of today’s norms for granted – promises to deliver better services to customers, lower clearing and settlement risks, bypass intermediaries and digitise and automate huge […]
Just after we put the newsletter to bed for a few weeks, an interview with XBRL International CEO John Turner appeared. It’s an outline of a number of fields that have seen adoption around the world. You can find it here.
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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.
