Great progress at the XBRL Asia Round Table this week!
The 12th XBRL Asia Round Table (XART) was held in Tokyo this week in conjunction with the ASEAN+3 Bond Market Forum, Asia-Pacific Financial Forum (APFF) and Asia Business Law Institute (ABLI) events.
The roundtable kicked off with a fireside chat between XBRL International’s Chair, Wes Bricker, and our CEO, John Turner. The discussion focussed on sustainability reporting, including the such as the demand for comparable and comprehensible sustainability data, the move towards mandatory reporting, the need to revisit process, governance and disclosure outcomes. They also discussed assurance and the different ways that sustainability disclosures need to be integrated with the financial report. Wes also outlined the cost and efficiency improvements that XBRL based disclosures provide and the importance of aligning the digital taxonomies of major standards setters.
A keynote address by Nozaki Akira from the Japanese Financial Services Agency included an overview of current XBRL reporting in JAPAN, and the role of Japan’s EDINET platform for disseminating XBRL data via APIs, both in CSV and as the original as-filed Inline XBRL and XBRL reports. Japan expects to require detailed tagging of sustainability data starting in 2024.
Hiroshi Komori, International Sustainability Standards Board (ISSB) member, updated the meeting on the work of the ISSB. Current priorities include working on interoperability, and working to raise awareness, develop capacity building educational materials, and the release of the {Ed — The Draft is now out!} ISSB’s digital taxonomy.
Amongst a number of other excellent presentations, delegates from regulators across the region provided an update on their XBRL based projects:
- The Capital Markets Authority in Oman introduced its analytical platform derived from XBRL reports and other market feeds to serve its market stakeholders.
- The National Stock Exchange of India updated its plan to continue to expand its existing scope of XBRL report submission to cover 65% of disclosures. The recent XBRL mandate expansion covered changes in KMP/Director/Auditor filings, Outcome of Fundraising and Corporate Debt Restructuring.
- XBRL Korea updated Korea’s Financial Supervisory Service’s plan of expanding its existing XBRL mandate to cover unlisted companies and Notes to Financial accounts.
- The Indonesia Stock Exchange has extended the scope of tagging to cover financial statement notes. It continues to support Indonesia’s Directorate General of Taxes pilot project to use XBRL for financial statements and supporting documents.
- The Ministry of Finance in Indonesia updated its plan for developing a Financial Reporting Single Window to provide a joint platform for submitting financial reports for all entities in the financial sector to file their financial reports in XBRL.
- A panel moderated by Stan Starobin from Workiva, joined by Albert Chou, Taiwan Stock Exchange and Thomas Klement from ABZ Reporting, discussed different critical aspects of ‘XBRL filing infrastructure’, including the need for validation gateways, provision of test environments, availability of commercial vendors in the market to support companies, and a range of considerations for republishing data for easier consumption.
Access the slides here.
