National economies and the global economy are relying on central banks more than perhaps they ever have, with a host of emergency funding mechanisms in place right around the world. Central banks run on data. This week the European Banking Authority (EBA) published the next update to the package of reporting rules that comprise Phase […]
While COVID-19 has been causing delays and adjustments to financial reporting regimes around the world, ensuring that financial reporting, when it is submitted, remains high quality is vital. This week Sagar Teotia, Chief Accountant at the US Securities and Exchange Commission (SEC), delivered a public statement underlining the importance of high-quality reporting during the crisis. […]
The recent European Securities and Markets Authority (ESMA) annual report on enforcement of corporate disclosure demonstrates the increased attention paid by regulators to Environmental Social and Governance (ESG) disclosures. The report presents the 2019 activities of ESMA and European accounting enforcers when examining the compliance of financial and non-financial statements provided by European issuers. Enforcement […]
As we have seen over the past few weeks, in response to difficult working and economic conditions caused by the COVID-19 pandemic many financial regulators around the world are taking action to ease the effects on business. In order to ensure banks can focus their full attention on the unfolding economic issues surrounding COVID-19, the […]
The US Federal Energy Regulatory Commission (FERC), which switched to XBRL for a number of utilities reporting forms last year, has published a rule proposal to revise transmission incentive policies and extend XBRL to Form 730. In the proposal FERC notes that further adopting XBRL would allow the reporting of comprehensive, consistent, interoperable data, and would […]
Following announcements from India’s SEBI and the SEC in the US, further authorities are delaying and relaxing reporting requirements and planned updates in the wake of the COVID-19 crisis. Italy has relaxed rules surrounding annual statement drafting procedures and extended the deadline for financial statements to December. Columbia’s Supersociedades has also extended the deadline for companies to […]
The EU Commission recently announced an ambitious review of the Non-Financial Reporting Directive – which will include work on non-financial reporting standards. Taking into account the host of measures and expectations set out in European Commission Executive Vice-President Valdis Dombrovskis’s speech, it is likely that companies in the European Union should expect major changes in the […]
Amid the disruption caused by the COVID-19 outbreak the Securities and Exchange Board of India (SEBI) has extended the deadline to file the fourth quarter results until 30 June. SEBI has also relaxed the listing obligations and disclosure requirements for listed companies – including a relaxation of one month on half-yearly compliance certificates on the […]
As part of a package of recommendations for improving audit trust, the Australian Parliament’s Joint Committee on Corporations and Financial Services has recommended mandating machine-readable digital financial reporting.
Recently Marc Joffe outlined the significant opportunities presented by the newly passed GREAT Act – and highlighted some steps already taken along the path to its realisation. At the start of 2020 the US Congress passed the “Grant Reporting Efficiency and Agreements Transparency”, or GREAT, Act. The GREAT Act presents a significant opportunity to increase […]
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
