Items tagged with "Standardisation"

ESAs call for mandatory standardised ESG Disclosure in NFRD response

The European Securities and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA), and European Banking Authority (EBA), or ESAs, have provided a joint letter to the European Commission highlighting key messages in their response to the review of the Non-Financial Reporting Directive (NFRD). The ESAs agree that the NFRD needs revising to meet […]

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Drilling Down to the Details

A major focus for this year’s Data Amplified is the use of standardisation for reporting within the Enterprise, with transactional and ledger level data being tagged in accordance with taxonomies defined by and managed by business experts. Combined with big data systems for storage and aggregation, which is in turn driven by the taxonomy, this approach […]

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Banks Fear Big Tech in Booming Payments Market

The global digital payments market is booming – with standardisation and new open data regulation playing no small part in the rapid growth. Banks, however, seem to be struggling to keep up with big tech competition in the payments industry. The 2019 Capgemini World Payments Report shows non-cash payments growing rapidly, particularly in developing markets […]

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Join us in Shanghai: China’s Global Hub

Join us this October in Shanghai, China’s technology hub, for Data Amplified 2019. As China’s world class financial and economic centre, Shanghai is an exciting place to debate and discuss the future of business reporting. Famously entrepreneurial, characterised by constant change and towering skyscrapers, and the centre of China’s technology boom, this October Shanghai will […]

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How to Deal With Big Data? 

The SEC’S Chief Economist and Director, S.P. Kothari, made a speech this summer highlighting how standardisation can help tackle the challenges presented by big data. While big data is certainly not a new concept, the digital era has accelerated data collection immensely, with some estimates indicating that the world now generates more data every two days than all of […]

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Standardised Reporting Relevant for Business

Dr Nicolas Peter, Chief Financial Officer of BMW AG, gave a keynote address outlining BMW’s own experiences with standardised reporting at a stakeholder event in Munich on 26 June 2019, hosted by the IFRS Foundation and the Deutsche Rechnungslegungs Standards Committee (DRSC). Dr Peter demonstrated how the development of global, uniform accounting, underpinned by the […]

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Can Digitisation Improve Productivity? 

The implementation costs for digitising almost any aspect of society are easy to calculate, but what about the productivity benefits? In a speech at Eurofiling Conference 2019 Erkki Liikanen, Chair of the Trustees of the IFRS Foundation, discussed whether digitisation will eventually deliver increased productivity for the global economy. With the economic benefits of globalisation […]

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Could Blockchain or AI Replace XBRL? 

Mohini Singh, ACA, Director of Financial Reporting, CFA Institute and Campbell Pryde, President and CEO, XBRL US have published a blog on the XBRL US website demonstrating why blockchain and AI cannot replace the XBRL standard. We sometimes hear the argument that XBRL is old technology and should be replaced with technologies like blockchain or […]

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Cut Red Tape with SBR

Almost every political party seeks to reduce administrative burden (or “cut red tape”) before getting into office. The vast majority fail to do so. In the Netherlands, Australia, and now Finland and Ukraine, there are efforts aimed at one of the key “root causes” of reporting burden. Rather than trying to fundamentally change the reporting […]

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Co-ordination Essential for Cybersecurity

Interesting remarks on the role that standardisation, regulation, and information have to play in the global battle against cyber threats this week at the G7 2019 Conference, Cybersecurity: Coordinating efforts to protect the financial sector in the global economy. The need for cooperation and coordination to tackle this global threat was made clear: cybersecurity threats […]

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