After over four years of preparations, multiple draft proposals and a mammoth effort translating the IFRS standards into all official EU languages, the European Single Electronic Format (ESEF) became law this week on May 29. The mandate is due to take effect for all IFRS based annual reports issued by public companies and PIEs for […]
The International Financial Reporting Standards (IFRS) Foundation has published a webinar on improving the comparability of international financial reporting. Standards aim to promote accountability, transparency and efficiency in financial markets around the world – and one key way they do that is through facilitating the comparison of reports. Comparable financial reporting leads to better analysis […]
On 27 March the IFRS Foundation published the IFRS Taxonomy 2019 files. The new taxonomy includes a general improvement update and an update to common practice.
This week the IFRS published a feature reflecting on the changes they have made to the concept of materiality in light of the IASB’s recent finalised revised definition of ‘material’. At the crux of business disclosure is the question: what gets reported? For preparers, too much irrelevant information can be a burden, whereas for investors, more […]
Right at the end of 2018 the European Commission endorsed the technical standards (RTS) requiring Inline XBRL filings for IFRS annual reports for public companies from 2020.
Just in time for the end of the year, the European Commission this week endorsed technical standards requiring Inline XBRL filings for IFRS annual reports for public companies. The RTS that has been transmitted to the European Council and European Parliament includes a complete translation of the IFRS taxonomy into all 23 official languages used […]
The IFRS Foundation published a Proposed IFRS Taxonomy Update yesterday. This proposed update includes a number of suggested changes to the IFRS Taxonomy 2018, to improve the quality of data reported using the IFRS Taxonomy and to make it easier to access and use. This is a consultation draft: issuers, users, data providers, regulators and accounting professionals should consider providing feedback to the IFRS team. You’ve got 60 days to do so, through 4 February 2019.
The IFRS Foundation is seeking candidates to join the IFRS Taxonomy Consultative Group from 1 April 2019. The IFRS Taxonomy Consultative Group contributes to the development of the IFRS Taxonomy by providing regular input on taxonomy related issues. Members are drawn from a variety of business and geographical backgrounds. The Board is keen to appoint […]
The IFRS Foundation’s set of Taxonomy business rules for 2018 is also now available to download. It can be used with software tools supporting XBRL Formula. The release is accompanying material to the IFRS Taxonomy 2018 and has been updated from the 2017 version to reflect changes in the IFRS Taxonomy content. The business rules can […]
A recent Chartered Financial Analyst (CFA) Institute survey indicates that segmented reporting information is critical to investors, yet disclosures need improving dramatically. Recent exchanges between investors and tech giants such as Amazon and Alphabet (aka Google) show the struggle: Amazon and Alphabet cloak the performance of important sections of their business such as Alexa, Amazon […]