The UK’s Financial Reporting Council (FRC) has opened consultation on the draft Streamlined Energy & Carbon Reporting (SECR) Taxonomy, with comments welcome until September 30. On April 1 2019 the UK government introduced the new SECR policy, building on the previous Mandatory Greenhouse Gas Reporting policy to extend mandatory energy reporting to more companies. The […]
The Financial Reporting Council (FRC) have published a deep-dive report investigating the role AI will play across corporate reporting. The report covers AI basics, how AI can be used for corporate reporting and suggested actions to ensure quality reporting can be powered by AI. Annual reports and other regulatory documents have high levels of standardisation […]
Dramatic changes to the UK audit sector were proposed in a report this week setting out recommendations from an independent review of the Financial Reporting Council (FRC). The audit profession and its regulator have been under intense scrutiny following a number of high profile corporate failures. The recommendations address gaps in FRC powers, setting a course for […]
The UK’s Financial Reporting Council (FRC) has amended its XBRL accounting taxonomies to reflect changes introduced in the UK GAAP triennial review and three new IFRS documents. UK IFRS reporters to HMRC and Companies House will need to use this collection to file their annual accounts. UK GAAP reporters applying the Triennial Review Amendments can […]
Investors have clear ideas about the way company metrics can help with asset allocation. Wouldn’t this work better if these disclosures were digital?
Nice write up this week from the FRC’s Thomas Toomse-Smith, in the Governance Institute’s online magazine, with a set of prescriptions for all those starting to get ready for the ESMA mandate for Inline XBRL filing. The FRC prescribes a strict regime of public-private collaboration. In short: regulators and standards setters need to work together […]
The UK’s Financial Reporting Council Lab has sent out a call for those working on the potential uses of Artificial Intelligence for the production and consumption of corporate reporting to participate in the next phase of the Digital Future project. The Lab’s innovative Digital Future project is an initiative to investigate the impact of technology […]
The UK’s FRC Lab says that the changing demands of users, supported by upcoming regulatory changes mean that boards can no longer ignore digitisation of listed company reporting. In a new report it urges regulators, investors, vendors and issuers to work together to maximise the benefit of Inline XBRL reports.
In May, the UK’s Financial Reporting Council (FRC) Lab released a report on the first phase of the Digital Future Project. This set out a framework which will be important to embed into any future system for digitally enabled reporting. As part of the Lab’s Digital Future Project, a roundtable regarding XBRL will be held […]