In the realm of Inline XBRL, quality assurance is paramount. Xmetric Ltd recently released a report highlighting their lessons learnt in diagnosing and resolving quality matters in FRC-tagged accounts across the UK and Ireland. The report is designed to inspire and guide software vendors and preparers to soar to new heights in tagging quality.
Following last week’s publication of EFRAG’s research conclusions on the status of climate-related risk reporting in financial statements, the International Accounting Standards Board (IASB) has announced next steps to follow up on recommendations.
XBRL International’s Entity Specific Disclosure Task Force (ESDTF) has released its first publication, titled “How to address Entity Specific Disclosures in XBRL reports.” The primary goal of this guidance is to identify and recommend mechanisms that taxonomy architects and authors can employ to incorporate Entity Specific Disclosures (ESDs) within the base taxonomy.
Andreas Barckow, Chair of the International Accounting Standards Board (IASB), reflected on the importance of financial reporting standards at the recent World Standard-setters Conference in London. Barckow reaffirmed the vital role played by national standard-setters in the global standard-setting process and expressed his anticipation of continued collaboration in the coming years.
It’s been said that artificial intelligence – AI – replaces the need for structured data, but we believe that idea could not be further from the truth. It is certainly possible to skip digital tagging and use AI to get answers out of unstructured data, but they are often not very good answers.
What’s in a name? The US Securities and Exchange Commission (SEC) is adopting amendments, including introducing Inline XBRL tagging, to the Fund Names Rule (rule 35d-1). The aim is to reduce the risk of investment companies misleading investors with misnomers not aligned with the actual investments held.
The International Federation of Accountants (IFAC) has published a broad examination of sustainability disclosure and assurance practices beyond the G20, showing a need for alignment and assurance.
Earlier this month the European Banking Authority (EBA) launched its annual EU-wide transparency exercise, with the aim of enhancing risk monitoring, vulnerability assessment, and the promotion of market discipline.
Jean-Paul Servais, Chair of the International Organization of Securities Commissions (IOSCO), recently addressed the EUROFI 2023 Financial Forum, highlighting IOSCO’s plans to support the transition towards sustainability-related digital data reporting via a capacity building program.
The US Securities and Exchange Commission (SEC) has proposed rule and form amendments aimed at enhancing access to and management of accounts on the SEC’s EDGAR system. These changes are part of the broader initiative known as ‘EDGAR Next,’ which aims to improve filer access and account management.
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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.
