Sixty percent of financial statement data is already being consumed electronically, and this figure will continue to grow, according to International Accounting Standards Board Chairman, Hans Hoogervorst in a speech in which he outlined the importance of digital reporting amongst several other priorities.
An important part of high quality structured data is the application of business rules that uncover simple mistakes and business logic errors. XBRL International urges all regulators to use machine executable business rules in order to significantly enhance data quality. To help environments that report based on the IFRS accounting standards, the IFRS Taxonomy Formula Linkbase […]
The SEC has updated its FAQs on preparing Inline XBRL documents and issued a new FAQ for Foreign Private Issuers on the preparation of XBRL or Inline XBRL documents using the IFRS taxonomy.
The IFRS taxonomy team has published a set of labels in Ukrainian for the IFRS 2017 taxonomy. With several new XBRL projects under development in that country in the coming months, this is excellent news. To further assist, the updated Ukrainian labels include an IFRS illustrated taxonomy. Need the new labels? The IFRS website has […]
This proposed update incorporates the IFRS Taxonomy elements for applying IFRS 17 Insurance Contracts. The IFRS Foundation is seeking comment on this Taxonomy update with the comment period remaining open until 18 September 2017. Further information and supporting materials can be found here.
The IFRS Foundation this week published a new webinar on its Disclosure Initiative. This is a broad-ranging project examining the purpose and effectiveness of disclosure requirements as well as the problems that currently exist in financial disclosures. The webcast covers: the background and objective of the Principles of Disclosure project; disclosure issues identified by the Board; […]
The International Accounting Standards Board is currently seeking applications for membership of the IFRS Taxonomy Consultative Group to fill two open positions. The IFRS Taxonomy Consultative Group contributes to the development of the IFRS Taxonomy by providing technical advice to the Board on taxonomy related issues. Candidates are expected to have taxonomy-related expertise or skills. […]
Last week, the Saudi Stock Exchange (Tadawul) announced an upgrade in its disclosure system to comply with IFRS standards, including the use of the IFRS taxonomy. The changes will allow the publication of XBRL formatted financial results under IFRS. Tadawul will hold a number of awareness workshops for listed companies in Riyadh, Jeddah and Khobar […]
On Tuesday 28 March, the IFRS Taxonomy team held a live webinar on the IFRS Taxonomy 2017, featuring IASB member Gary Kabureck. Play back the recorded version of the webinar and access the IFRS Taxonomy 2017 and its supporting materials here.
Accelerating the modernisation of securities regulation in the Gulf region, Kuwait’s Capital Markets Authority recently announced details of its soon to be released XBRL reporting platform.