The US Financial Accounting Standards Board (FASB) has produced a new fact sheet in its ‘FASB in Focus’ series, titled ‘XBRL: What is it? Why the FASB? Who uses it?.’ It’s a great introduction to XBRL and digital reporting, particularly from the US perspective.
The XBRL Standards Board has approved the publication of an update to the XBRL Formula Functions Registry. This update includes the addition of new draft functions to support the planned adoption of xBRL-CSV by a number of regulators around the world.
There is, as yet, no easy way to find European Single Electronic Format (ESEF) submissions and the valuable information they contain – although progress towards the European Single Access Portal (ESAP) is likely to change that over time. So XBRL US has started a collection point of its own to help data consumers access the filings.
Interested in the European Single Electronic Format (ESEF)? If so, you’ll want to keep 27-29 April free. XBRL Europe, in collaboration with some of the European XBRL jurisdictions, is organising a series of short online events dubbed the ‘27th XBRL Europe digital week on ESEF.’
The US Federal Energy Regulatory Commission (FERC) is continuing its trailblazing transition to XBRL-based reporting for energy utilities. It has announced that on 15 April 2021 the XBRL taxonomies, validation rules, and rendering files needed for the rollout will be updated to Release 1.5, and will be available in its Yeti viewer.
All 154 submissions to the European Commission consultation on the establishment of a European Single Access Point (ESAP) are now available to download, and we’re pleased to see a strong positive response in favour of using XBRL.
The International Financial Reporting Standards (IFRS) Foundation has published the IFRS Taxonomy 2021. This year’s changes include three IFRS Updates that reflect amended IFRS Standards to support changes in reporting around specific issues.
In another annual taxonomy refresh, the US Financial Accounting Standards Board (FASB) has confirmed that the Securities and Exchange Commission (SEC) has approved its 2021 GAAP Financial Reporting Taxonomy (GRT) and 2021 SEC Reporting Taxonomy (SRT), together known as the ‘US GAAP Taxonomy.’
The Sustainability Accounting Standards Board (SASB) has published its new SASB XBRL Taxonomy, now out for public comment. We encourage all with an interest in XBRL and the future of Environmental, Social, and Governance (ESG) reporting to submit feedback by 3 May 2021.
As the first financial reports produced using the European Single Electronic Format (ESEF) are filed across Europe, we’ve been taking a little tour of the continent to find out how early implementation is unfolding – and this week we’re in Sweden.