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Items tagged with "Standardisation"

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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Big Data for Better Government

In a series of articles on Forbes discussing the influence of technology on municipal governments and the municipal bond market Barnet Sherman has highlighted the positive effects of data analytics. Technology and data are driving a push for evidence-based policy in municipal governments. Big data analytics is being looked to for better planning and execution, […]

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Sustainable Finance Standardisation

A new ISO Technical Committee (TC), TC322, has been set up to promote standardisation within sustainable finance. The committee will produce standards that will support sustainable economic activity. The hope is to integrate sustainability, environment, social and governance metrics within investment decision making. Expert members of the committee include Karla Mckenna from GLEIF  and the XBRL International Best […]

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US Surety Working Group Review Standards

As mentioned above, the US Surety Working Group have been developing the XBRL US WIP Taxonomy to be used by contractors filing to the SBA. This week the Working Group, which is comprised of surety carriers, bond agents, and software companies, also published a draft release of the Contractors Financial Taxonomy. The Contractors Financial Taxonomy […]

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Structured Data for State Government

In an article on The Bond Buyer this month Marc Joffe makes the case for municipal market data standards. Data and technology featured frequently at the Bond Buyer National Municipal Summit, with concerns coming from data vendors and issuers. However, Joffe points out that municipal bondholders are merely one group amongst many with a stake […]

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News Item

Standardisation: The Right Path

Standardisation is widespread in society and a crucial component of the modern economy. In a new paper this week, The Data Standardization Challenge, Professors Richard Berner of the NYU Stern School of Business and Kathryn Judge of Columbia Law School look at what slows down the development of financial services standards. They point out that standardisation […]

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