The XBRL Standards Board has approved a further Proposed Recommendation for the XBRL Report Packages 1.0 specification, incorporating improvements fed back by the XBRL community.
The new taxonomies, now promoted to Candidate Recommendation status, will free regulators from manually defining and maintaining their own lists, and improve the consistency and comparability of XBRL reports.
Nepal Rastra Bank (NRB) has recently announced the implementation of an electronic filing system for its Supervisory Information System (SIS). With this new system, banks and financial institutions can now submit and store their financial data in XBRL format.
The past few weeks have been chaotic in global financial markets, including a run on Silicon Valley Bank, quickly followed up with a wave of panic uncertainty around Credit Suisse, with both deposit-taking institutions subject to rapid regulatory resolution over the past couple of weekends.
Innovate Finance recently shared a useful comment response to the UK Financial Conduct Authority (FCA) consultation paper Sustainability Disclosure Requirements and investment labels.
Credit consortia in Italy are now able to grant subsidised loans to SMEs in all economic sectors – with the subsidised credit coming with an XBRL filing obligation.
Over the past two years the Bank of England has been transforming the way it gathers regulatory and statistical reporting data, transitioning statistical data collection to XBRL. On 1 December this transition was completed with the final sunsetting of the prior Online Statistical Collection Application (OSCA) system.
Indonesia’s Directorate General of Taxes (Direktorat Jenderal Pajak or DGT) recently issued guidance on several new aspects for entities to consider while using a new XBRL-based feature for their tax returns.
“Why is there such hesitation regarding standardisation, and why are people afraid that it will put a dampener on innovation?” asks Björn Fastabend. He argues that standardisation, such as in the introduction of XBRL for digital reporting, can in fact nurture and facilitate innovation.
Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India, offers engaging insights on ‘data and technology in the capital markets’ in a Foundation Day lecture at the Indian Institute of Management Bangalore.