With so much recent discussion of standards for Environmental, Social and Governance (ESG) disclosure, particularly sustainability metrics, it is interesting to revisit the example of one country that is forging ahead with mandatory reporting.
XBRL International has responded to the consultation by the UK’s Department for Business, Energy & Industrial Strategy (BEIS) on a significant overhaul of the powers and role of Companies House, that country’s national business registrar.
The UK’s Prudential Regulation Authority (PRA) has issued an updated version of its ‘Guidelines for completing regulatory reports’, taking effect from 29 December 2020. Its supervisory statement now includes a new chapter on third-country branch reporting.
The UK’s Department for Business, Energy & Industrial Strategy (BEIS) has launched a consultation on an upcoming major overhaul of Companies House rules designed to improve the quality and value of financial data.
The EU’s ESEF mandate includes a requirement for the assurance of ESEF-compliant disclosures – but how that will work in practice is dependent on the interpretation of local jurisdictions.
A recent paper by Mike Power, professor of accounting at London School of Economics (LSE), argues that the UK needs to address fundamental weaknesses within its financial reporting system.
The UK’s Financial Conduct Authority (FCA) is set to replace the old Gabriel reporting system with RegData, a new, more efficient data collection platform central to its data strategy.
The Bank of England (BoE) recently published a proposal to shift the submission of a range of statistical data into XBRL format.
Fintech promises to revolutionise the financial sector, with efficiency, choice, and financial inclusion on the horizon. However, disruptive growth in finance needs to be supervised and regulated so risks are properly managed. That’s where regulatory sandboxes come in – they allow start-ups to trial innovations under the watchful eye of authorities.