This week the IFRS Foundation released its 2024 progress report on corporate climate reporting that it has made to the Financial Stability Board. The 2024 report showcases significant progress in global climate-related disclosure practices, following the integration of TCFD guidance into the ISSB Standards.
Deloitte’s IFRS Global Office has recently published a comprehensive update on where countries around the world stand with adopting the ISSB’s new sustainability standards. Released on 8 November 2024, this overview breaks down, in an easy-to-follow table, the status of each jurisdiction’s adoption journey, including timelines, approaches, assurance requirements, and the types of entities affected […]
At the start of July, the Korean Financial Supervisory Service (FSS) announced that, from 2025, KOSPI- and KOSDAQ-listed financial companies with assets exceeding KRW 10 trillion must adopt XBRL for their financial disclosures. In their 2025 semi-annual reports, these companies will be required to tag the financial statements notes in XBRL.
As part of a programme of tax reporting modernisation, the Directorate General of Taxes (DJP) in Jakarta is embarking on phase II of its trial for submitting financial reports using XBRL.
The UK’s Financial Conduct Authority (FCA) has made an upgrade to their filing system, adopting the recently finalised specification update Calculation 1.1 specification and permitting .xbri file extensions in line with the Report Packages specification.
The Egyptian Exchange (EGX) is set to roll out an ambitious new electronic trading system – not only to upgrade EGX’s technological infrastructure, but also introducing XBRL for electronic disclosure by 2025.
The Global Legal Entity Identifier Foundation (GLEIF) plays a pivotal role in monitoring and facilitating the adoption of the Legal Entity Identifier (LEI) in regulatory reporting and supervision. GLEIF regularly updates its list of current and proposed regulatory activities involving the utilisation of LEIs, reflecting the ongoing commitment to transparency and regulatory compliance.
The US Securities and Exchange Commission (SEC) recently implemented several rule amendments aimed at enhancing the settlement cycle for broker-dealer transactions and related processes. A draft taxonomy – the 2024 Self-Regulatory Organizations (SRO) Taxonomy – has now been published to support the new rules.
With South Korea expanding the scope of XBRL tagging to include the notes to accounts, FNN news recently interviewed Hyeong-nam Lee, Director of Deloitte’s XBRL Center, about their experiences with the standard.
In a recent interview with Mr Lee Byungrhae (이 병 래 ), Secretary General of XBRL Korea and Vice Chairman of the Korean Institute of Certified Public Accountants, he highlighted the pivotal role of XBRL expansion in fortifying global trust, addressing the “Korea discount,” (international valuation gap) and enhancing corporate transparency.
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