Why should more US (and, indeed, worldwide) government data agencies switch to standards? In a recently published video XBRL US lays out the clear case for requiring businesses, grantees, and state or local governments to report information in standardised, machine-readable format. Fundamentally, data standards are the best way to simplify, speed up and reduce the […]
A recent XBRL US comment letter expresses support for the Commodity Futures Trading Commission (CFTC) proposal to introduce reporting standards and expand the use of the Legal Entity Identifier (LEI) – but urges the CFTC to require the use of a single data standard. The CFTC has proposed changes to the Swap Data Recordkeeping and Reporting […]
Yesterday the International Accounting Standards Board (IASB) issued a package of narrow-scope amendments to the IFRS Standards. These included IAS 37, Onerous Contracts; IFRS 3, Reference to the Conceptual Framework; IAS 16, Property, Plant and Equipment; and Annual Improvements to IFRS Standards 2018–2020. The amendments will come into force in January 2022. Find out more about […]
XBRL International last week issued a comment letter in support of proposals outlined in the Accountancy Europe paper Interconnected Standard Setting for Corporate Reporting. Accountancy Europe describes the problems associated with proliferating non-financial information (NFI) reporting initiatives and offers an ambitious solution: a global, interconnected reporting standards setter. XBRL International supports this analysis and much of […]
This week the European Banking Authority (EBA) published its final draft Implementing Technical Standards (ITS) on reporting requirements for market risk. They are expected to take effect in September 2021 as part of v.3.1 of the EBA reporting framework. The requirements include a thresholds template, providing insights into the size of institutions’ trading books and the […]
Toppan Merrill’s Dimensions magazine recently spoke with Scott Bauguess, who drew on his 12 years in various roles at the US Securities and Exchange Commission (SEC) to provide insight into the SEC’s use of XBRL. Bauguess has spanned a number of roles at the SEC, most recently as the Deputy Director and Deputy Chief Economist in the […]
Last month France’s securities regulator, the Autorité des Marchés Financiers (AMF), introduced a new policy designed to help tackle greenwashing in asset management. In order to help ensure information communicated to investors is clear, accurate and not misleading, the policy consists of a set of minimum requirements for fund managers to meet in order to […]
The International Accounting Standards Board (IASB) recently published a discussion paper setting out their preliminary views on the goodwill impairment debate. The IASB (and FASB) have been looking at alternatives to the existing accounting rules that assess goodwill through annual evaluations, and are considering moving to an approach where a set amount of goodwill is written down […]
On Tuesday, European Commission Executive Vice-President Valdis Dombrovskis gave a speech at a key IFRS conference setting out a broad vision for the future of corporate reporting, incorporating a number of important strands for the XBRL community.
Last week an alliance of leading stakeholders launched the ‘Future of Sustainable Data Alliance’ at the World Economic Forum. Bringing together the World Economic Forum, United Nations, the Climate Bonds Initiative, Tsinghua University, the Bank of Africa, Refitniv, and many others. This global alliance aims to accelerate the allocation of capital into sustainable investments via better […]
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