Following feedback to the Third Agenda Consultation, designed to help the International Accounting Standards Board (IASB) define its priorities for the next five years, the IASB will slightly increase its focus on digital financial reporting.
On Monday, our CEO John Turner gave a talk at the World Congress of Accountants in Mumbai as part of the “Technology and the Future” session. The session concentrated on new skills and capabilities that members of the accounting and audit profession, working both in industry and in practice, will need going forward.
“Why is there such hesitation regarding standardisation, and why are people afraid that it will put a dampener on innovation?” asks Björn Fastabend. He argues that standardisation, such as in the introduction of XBRL for digital reporting, can in fact nurture and facilitate innovation.
Measures to reform the UK business registrar Companies House have been introduced to Parliament in part two of the Economic Crime Bill. They are intended to improve the company information available and help prevent economic crime.
This is a guest opinion piece from Björn Fastabend. Björn is head of the XBRL collection and processing unit at BaFin, Germany’s Federal Financial Supervisory Authority, where he supervises all related activities and propagates international relations and initiatives. He also brings us his wealth of experience in implementing digital reporting as Chair of XBRL International’s […]
Europe is requiring companies to report on alignment of their activities with the EU Taxonomy, providing sustainability information to investors. CoreFiling and Greenomy demonstrate how these rules can be captured in digital form, in an XBRL taxonomy and report.
Earlier this month, Georgia’s Service for Accounting, Reporting and Auditing Supervision (SARAS) held a kick-off workshop for its ‘Feasibility Study of the XBRL Standard Implementation in Georgia.’
CPA Australia’s INTHEBLACK magazine discusses ‘Why digital financial reporting should be mandatory,’ as momentum toward digitisation Down Under continues to build.
‘What can be done differently in 2023 to improve your financial close process?’ asks a thought-provoking post and related webinar from Wolters Kluwer.
The Financial Stability Board recommends greater convergence in cyber incident reporting, including a common format for incident reporting exchange, or FIRE. We urge a digital-first approach using XBRL to ensure comparability and effective analysis.