The IFRS Foundation has proposed updates to the IFRS Accounting Taxonomy 2023. This Proposed Update 2 addresses three key areas: common practice for financial instruments, general improvements, and technology updates.
As we discussed last week, comment letters from the US Securities and Exchange Commission (SEC) can be a useful resource – not just for the individual companies they are addressed to, but for many of us using Inline XBRL both stateside and elsewhere.
In a “fireside chat” last week, the Securities and Exchange Commission (SEC) Chair, Gary Gensler, refrained from confirming the release date of the pending US climate disclosure rule, indicating further delays, possibly into 2024.
Switzerland’s Federal Department of Finance (FDF) is set to propose rules which will involve regulating the use of labels like ‘sustainable,’ ‘green,’ or ‘ESG’ on financial products.
The Committee on Payments and Market Infrastructures (CPMI) a part of the Bank for International Settlements (BIS), has released harmonized ISO 20022 data requirements, establishing a consistent minimum set of messaging standards to enhance the efficiency of cross-border payments.
The European Banking Authority (EBA) has published the technical package for phase 3 of version 3.3 of its reporting framework. This package comprises standard specifications, including validation rules, the Data Point Model (DPM), and XBRL taxonomies, specifically designed to facilitate the new reporting on Interest Rate Risk in the Banking Book (IRRBB).
The European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and European Securities and Markets Authority (ESMA) have jointly released criteria on the independence of supervisory authorities.
The UK’s Financial Reporting Council (FRC) is spearheading a ‘materiality mindset,’ designed to push businesses towards a strategic approach to assessing materiality that can result in better reporting.
Continuing the theme, the Financial Reporting Council (FRC) recently released a research report delving into the increased uptake of Artificial Intelligence (AI) and Machine Learning (ML) in the UK actuarial landscape.
The US Financial Accounting Standards Board (FASB) has released a proposed Taxonomy Implementation Guide, ‘Financial Statement Location Dimensions: A Guide for Preparers.’ This guide is based on the forthcoming 2024 GAAP Financial Reporting Taxonomy, pending SEC acceptance.
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