On 17 July, the Financial Accounting Standards Board (FASB) staff released proposed GAAP Taxonomy Improvements for Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606).
EFRAG has launched a newly designed website as of 24 July, enhancing user experience and accessibility. This platform now offers streamlined navigation, making it easier for stakeholders to access essential resources and updates.
On 18 July, the Financial Stability Board (FSB) published a comprehensive report on nature-related financial risks, detailing supervisory and regulatory approaches. This report responds to a February 2024 request from the G20 Finance Ministers and Central Bank Governors to examine the implications of nature-related risks such as biodiversity loss and nature degradation.
The XBRL Standards Board has approved the publication of an initial Public Working Draft of version 6 of the Inline XBRL Transformation Rules Registry.
The Center for Audit Quality (CAQ) recently unveiled a promising trend in financial reporting: the number of financial restatements filed with the SEC has decreased by more than 50% over the last decade. The comprehensive study, covering 2013 to 2022, highlights a significant improvement in financial reporting quality.
Earlier this month the Financial Accounting Standards Board (FASB) issued the final chapter of its Conceptual Framework. This new chapter focuses on the measurement of items in financial statements, enhancing the toolset available to the FASB for setting standards.
Earlier this week the European Banking Authority (EBA) launched a consultation on draft guidelines for reporting requirements under the Markets in Crypto-assets Regulation (MiCAR).
The evolving landscape of climate-related regulations poses significant challenges and costs for companies. This was the focus of a recent discussion led by Marc Siegel, PwC Partner, during a virtual panel hosted by CFO Dive.
At the XBRL Asia Round Table (XART) meeting in Kumamoto in Japan this week, attendees heard from multiple projects across the region that are focussed on XBRL-enabled analytics for compliance monitoring and broad dissemination of performance reports.
Yesterday the European Securities Markets Authority (ESMA) published the 2024 edition of its ESEF reporting manual. The changes are relatively minor (not unexpected this year) but include guidance on anchoring and on dealing with empty or “dash” facts.
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