More Data?
Financial regulation has been in the spotlight recently as uncertainty, driven by Silicon Valley Bank (SVB) in the US and Credit Suisse in the EU (see above), continues.
Latest News
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SEC Commissioners Unanimous: More Digital Please
This week the Securities and Exchange Commission (SEC) held an open meeting to discuss amendments that introduce electronic filing and structured data for the remaining forms required under the Exchange Act that are still submitted in paper format.
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Calculations Guidance
Following the publication of the Calculations 1.1 specification as an XBRL Recommendation last month, the XBRL International Best Practices Board this week approved new guidance on optimal processes for adopting Calculations 1.1.
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GAAP taxonomies approved by SEC
This week the US Securities and Exchange Commission (SEC) has accepted the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”).
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EDGAR upgraded for 2023 taxonomies
This week the US Securities and Exchange Commission (SEC) upgraded the EDGAR System to Release 23.1, which means that it now supports the various 2023 taxonomies.
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IASB to consider digital in new disclosure design
The International Accounting Standards Board (IASB) has this week completed the Targeted Standards-level review of Disclosure Project, designed to discover an improved approach to developing new disclosure standards.
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Many companies still lack the resources for climate-related reporting
A recent survey from Workiva and PwC found that two out of five US business leaders believe their company is not prepared for the climate risk disclosure rule set to be published by the US Securities and Exchange Commission (SEC) in May.
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UK inquiry into local government reporting
The UK’s Levelling Up, Housing and Communities Committee (LUHCC) is launching an inquiry into financial reporting and audit in local authorities following calls for more understandable local authority financial statements.
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ECB and ESAs call for enhanced ESG disclosure for securitised assets
This week the European Supervisory Authorities (ESAs), together with the European Central Bank (ECB) published a statement encouraging disclosure standards for climate-related data on securitised assets.
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EFAG issues explanatory documents alongside ESRS
The European Financial Reporting Advisory Group (EFRAG) recently published the basis for conclusions which accompany the first set of draft European Sustainability Reporting Standards (ESRS), submitted to the European Commission in November 2022.
