A terrifying study out this week from IFAC says that the burden on internationally operating businesses caused by different regulatory arrangements is in excess of $780 billion USD. That’s more than the GDP of Switzerland. Or Malaysia and Singapore combined. It’s half the GDP of Brazil, population 200M+!
A widely reported briefing note from Citi this week, entitled “Digital Disruption Revisited” suggests that RegTech startups are harnessing Artificial Intelligence to cut significant costs — yes, mostly people — out of compliance activities within Financial Services firms. With the average compliance costs in the banking sector having doubled since 2008, it would make sense to automate […]
The UK’s Financial Reporting Council, in conjunction with the Charities Commission, has released an XBRL taxonomy to tag charity accounts for electronic filing and for other analytical purposes. Both the business registrar, Companies House, and HM Revenue and Customs (HMRC) are updating their systems this month to accept company filings from registered charities that have been […]
Join public company accountants and auditors at a practical, 1 ½ day workshop in XBRL SEC reporting with an emphasis on interactive exercises and solution discussions. The high instructor to attendee ratio guarantees that every registrant will walk away with questions and specific issues in XBRL creation addressed. The advanced program minimizes general presentations in […]
A recently completed pilot program conducted by the Netherlands Institute of Chartered Accountants tested the use of digitally signed auditor’s reports.
Delegates at the International Standards of Accounting and Reporting workshop as part of the UNCTAD World Investment Forum were briefed on the benefits of XBRL in Geneva this week.The program highlighted how to address challenges in corporate reporting, social responsibility, environment protection, and corporate governance. XII Best Practices Chair Ian Hicks offered his perspective on how XBRL supports […]
The Financial Accounting Standards Board (FASB) will hold a forum to discuss financial disclosures on December 1, 2014. Pace University will be hosting the event at the Schimmel Center in New York City. The forum is designed to provide an opportunity to engage in a constructive dialogue regarding the current state of financial disclosure and […]
Investors don’t want paper according to research by the University of Leipzig in Germany, with 96 percent of investors basing their investment decisions on information they find online (we assume the other 4% are using a dart board). And governments around the world are right behind them. According to Grant Hehir, Auditor-General of New South Wales, […]
A Financial Executive Research Foundation study points to more in-house application of XBRL. 2012 Survey Highlights include: Companies across the board expect to take greater responsibility for their XBRL filings, with the percentage of respondents not planning to outsource XBRL at all over the next year increasing and the respondents planning to use full outsourcing over […]