In the US, the Financial Accounting Standards Board is seeking feedback on its proposed Accounting Standards Update (ASU) on ‘Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers’ – and specifically on attendant amendments to the US GAAP Financial Reporting Taxonomy.
“Reusing an existing taxonomy” – does that make you think of software developers simply using preexisting functions from libraries? Think again! In fact, there is much more to it than recycling code.
The XBRL Standards Board has approved publication of the Filing Indicator Taxonomy at Recommendation status. Filing indicators are used in filing environments to act like a signpost, allowing reports to declare which reporting tables have been completed.
Good news for Korean speakers! The International Financial Reporting Standards (IFRS) Taxonomy 2020 labels in Korean are now available. Alongside the taxonomy, versioning information shows changes from previous years.
In more implementation news, we bring you an update from Oman, where progress towards XBRL-based reporting is well advanced and a series of stakeholder meetings is set to offer valuable training, discussion and feedback. Oman’s Capital Market Authority (CMA) and its stock exchange, the Muscat Securities Market (MSM), are preparing for the launch of an […]
In case you missed it (oops – we did!), in December the US Financial Accounting Standards Board (FASB) released its updated taxonomies for the coming year.
News from Liechtenstein. (Not something we see every day!) Its Financial Market Authority (FMA) has developed its own national XBRL taxonomy, including a DPM-based Table and Formula Linkbase. This will primarily be used by insurance companies, of which Liechtenstein has around 40, for quarterly statutory reporting.
The European Banking Authority (EBA) has published an erratum for the technical package on its reporting framework 3.0 phase 1.
In December, Colombia’s Superintendency of Residential Public Services (Superintendencia de Servicios Públicos Domiciliarios, or Superservicios) launched a new quarterly reporting requirement for Special Financial Information (Información Financiera Especial, IFE), based on a newly published XBRL taxonomy.
The European Banking Authority (EBA) has updated its reporting framework v3.0, and its Implementing Technical Standards (ITS) on institutions’ Pillar 3 public disclosures. These changes are driven by the European Commission’s adoption of the ITS on supervisory reporting (v3.0), which includes changes introduced by the revised Capital Requirements Regulations (CRR2) and the Prudential Backstop Regulation.