Business Regulator aims to improve efficiency, effectiveness and quality of financial reporting, and pave the way for other regulators in South Africa to adopt XBRL.
Not enough acronyms in your life? We didn’t think so. New identifier will help provide a new kind of financial transaction audit trail, reducing risk and enhancing transparency.
Is the existing legal, economic and political framework ready for a digital transformation? In a digital world that relies on distributed ledgers, the way we regulate and maintain contracts, transactions, and the records that support them will have to change dramatically. There are many possible scenarios but a new article in the Harvard Business Review […]
To underline the point made in the previous article, this week the SEC rejected an application to create the first bitcoin-backed exchanged trade fund or ETF. The application came from the sometimes controversial Winklevoss twins, which may or may not have had anything to do with the result. Based on the SEC’s decision, it seems unlikely that […]
To perhaps round out the question of adoption speed, the – unregulated – world of digital advertising has a new entrant this week in the form of NYIAX, or New York Interactive Advertising Exchange. The new intermediary will seek to improve the way that digital ad buyers and sellers do business. The NYIAX will use […]
Hot on the heels of announcements from the European regulator, ESMA and the US regulator, the SEC, that IFRS disclosures will shortly need to be made digitally, the IASB announced yesterday that the 2017 IFRS Taxonomy is available, representing the IFRS accounting standards as they stand on 1 January 2017. The IFRS taxonomy has been […]
Standardised Business Reporting (aka “SBR”) takes an important idea: that clear reporting definitions, applied consistently across government agencies can reduce red tape and make it easier to do business. Countries such as the Netherlands and Australia have been showing the way in this area for years. They have developed the necessary collaboration mechanisms to allow […]
It’s clearly a big week for taxonomy updates, with the US SEC also announcing that its EDGAR system has been updated to accept filings that conform to the 2017 US GAAP taxonomy that was published by the FASB in December. A number of other, more minor changes were made at the same time, as well […]
The UK is leading the way to open up access to its financial system, according to the UK Payments System Regulator which published its annual report yesterday. The UK has been a prime mover in the effort to ensure that new financial services providers (such as Fintech payment startups) can compete by forcing banks to […]
On 28 February the SEC announced that it will now accept financial statement filings from international companies listed in the US in XBRL or iXBRL format using the IFRS taxonomy. From December it will be obligatory.
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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.
