A highly useful new report from the UK Financial Reporting Council’s Financial Reporting Lab aims to support companies in the move towards high-quality digital reporting.
Just last week we posted on rounding of figures in reports, and how it can cause validation processes to flag calculation inconsistencies that – while they should be checked – should not be a cause for concern, since there is (generally) no underlying error.
The UK Financial Reporting Council (FRC) has published its final suite of updated taxonomies for 2022, having released them for consultation in August. The most notable change is the integration of the Streamlined Energy and Carbon Reporting (SECR) taxonomy, used for mandatory emissions reporting.
Not all issues flagged by XBRL validation processes indicate a problem in the report. We revisit calculation inconsistencies to see how they can be caused by simple rounding of figures.
Another potential application of XBRL in the US took a step towards reality on 24 September, when President Biden signed the Congressional Budget Justification Transparency Act of 2021 into law.
If you are engaged in environmental, social, and governance (ESG) reporting in the UK, you may like to get in touch with Financial Reporting Council’s Financial Reporting Lab. It is seeking companies, service and systems providers, investors and any other interested parties to participate in a new project looking at how companies produce ESG data.
What’s Next for the practical business of managing filings submissions in the US? Offering a more secure and straightforward process, the US Securities and Exchange Commission (SEC) has published a rule proposal on its ‘EDGAR Next – Improving Filer Access and Account Management’ project.
This is an addition to our series on common errors and pitfalls in ESEF filings, observed through analysis of hundreds of reports collected in our repository, at filings.xbrl.org. For the series introduction, start here. Calculation inconsistencies are common occurrences noted in our ‘ESEF Errors and Common Pitfalls’ blog series. They occur when facts in a report […]
Many of our readers may be interested in an agenda paper presented at this month’s meeting of the IFRS Foundation’s IFRS Taxonomy Consultative Group (ITCG).
Demonstrating how the xBRL-CSV format can be used to handle granular data, streamline the reporting process and help users compare and analyse information.