In the era of artificial intelligence (AI), there is a growing interest in the use of AI models like ChatGPT to enhance financial reporting processes. However, it is crucial to recognise the importance of structured, machine-readable data in training AI models effectively.
In July 2021 the Financial Stability Board (FSB) released a comprehensive Roadmap, which aims to strengthen risk management practices and enhance financial system resilience to climate-related risks. It outlined key actions to be taken in four areas: firm-level disclosures, data, vulnerabilities analysis, and regulatory practices.
In a recent letter addressed to G20 Finance Ministers and Central Bank Governors, the Financial Stability Board (FSB) notes that it is intensifying its efforts to address climate-related financial risks by working closely with the International Organization of Securities Commissions (IOSCO) to support the roll out of the International Sustainability Standards Board (ISSB) final standards.
The European Banking Authority (EBA) published the technical package for phase 2 of version 3.3 of its reporting framework. The technical package provides standard specifications and includes the validation rules, the Data Point Model (DPM) and the XBRL taxonomies for this phase of version 3.3.
The accurate reporting of greenhouse gas emissions is essential for driving sustainability in both countries and corporations, argues Liv Watson (senior digitisation advisor for Capitals Coalition) and Marian Van Pelt (senior vice president of climate and clean energy at ICF International) in a recent article.
Accountancy Europe has expressed its support for the European Sustainability Reporting Standards (ESRS) as a critical tool in promoting relevant and verifiable information for sustainable business models.
The International Financial Reporting Standards (IFRS) Foundation is taking over monitoring companies’ progress in climate-related disclosures.
The UK’s Financial Reporting Council (FRC) has released its annual inspection and supervision results for the largest audit firms, including BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC. The report reveals that 77% of audits inspected were deemed good or required only limited improvement, representing a consistent year-on-year improvement over the past four years.
The European Securities and Markets Authority (ESMA) has found that disclosures of costs and charges under MiFID II do not always meet the quality levels required. The findings of its 2022 Common Supervisory Action (CSA) and mystery shopping exercise showed that most firms demonstrate compliance with the ex-post cost and charges requirements.
The International Federation of Accountants (IFAC) has submitted feedback on the European Commission’s (EC) European Sustainability Reporting Standards (ESRS), emphasising the importance of transparency and interoperability to support a global reporting system and avoid regulatory fragmentation.
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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.
