The past few months have demonstrated just how important timely, accurate data is to making the right policy decisions – and how a lack of coherent data can even cause significant damage.
The Covid-19 crisis has prompted unprecedented, large-scale relief programmes in the US, creating new data collection needs that could benefit from the XBRL standard.
XBRL has a number of exciting projects in the pipeline – not least the expansion of structured, machine-readable data to all of Europe with next year’s ESEF mandate. However, sometimes it’s worth looking backwards to take note of successful implementations that have been humming along for some time now.
This is a guest post by Mohini Singh, ACA, Director Financial Reporting Policy at CFA Institute. Companies generally have regulatory filing requirements to multiple parties within and across different jurisdictions – and investors are also looking to use data from varied sources. Europe is currently testing blockchain as a distribution mechanism, in the hope that […]
In a recent speech Benoît Cœuré, Head of the Bank for International Settlements (BIS) Innovation Hub, asked the listener to imagine a world where regulators have access to big data sets of high granularity, diversity, and frequency.
In Montreal, a financial planner can set a trigger to distribute a financial report the moment their budget is exceeded. In New Hampshire, accountants can easily look at the number, type and relationship between a taxpayer’s bills, all in a single portal. And in LA, a self-service data analytics tool allows users to create the […]
The Covid-19 crisis has made it clear how important it is to be able to quickly access and interpret data in a rapidly moving market. While public companies in the US report XBRL-tagged financial information to the SEC quarterly, making up-to-date data relatively easy to analyse, municipal data is much harder to find.
With the criminal justice system and police reform in the spotlight recently, it would make sense to examine the data to make informed, effective changes. There’s one problem: the data itself.
At a recent forum the Financial Services Commission (FSC) Vice Chairman Sohn Byung-doo called on industry players to ‘open up their data assets as much as possible’ to enable innovation in financial services.
The Covid-19 crisis has shown just how essential fast, easy, comprehensive access to health and safety data can be. Making sure that this data is in structured, digital format can help accelerate essential research – a lesson the FDA are putting into practice with their new strategy to modernise the submission of regulatory data and […]
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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.
