The Financial Reporting Council (FRC) has published a draft version of the 2025 Taxonomy Suite and is inviting public feedback until 20 September 2024. This draft introduces several important updates designed to enhance digital financial reporting and provide clearer information for users.
Over the summer the Financial Accounting Standards Board (FASB) published a number of proposed updates and improvements to the GAAP Financial Reporting Taxonomy, inviting public feedback to refine these standards and enhance the clarity and consistency of financial reporting. Although the feedback period for these updates is now closed, the proposed changes are worth noting.
Mark your calendars! Registration for Data Amplified, the leading conference on the future of business reporting, opens today. Join us from 19-21 November in the vibrant city of Madrid to engage with global leaders in digital reporting.
On 17 July, the European Supervisory Authorities (EBA, EIOPA, and ESMA) published a second batch of policy products under the Digital Operational Resilience Act (DORA).
Earlier this month, the European Financial Reporting Advisory Group (EFRAG) published its Final Comment Letter on the IASB’s Exposure Draft (ED) ED/2024/1, focusing on Business Combinations—Disclosures, Goodwill, and Impairment. EFRAG supports improving investor information on acquisitions but has reservations about some proposed amendments.
Earlier this month Campbell Pryde, President and CEO of XBRL US, addressed the complexities of identifying obligors in the municipal bond market. He highlighted how leveraging the Legal Entity Identifier (LEI) within the Municipal Securities Rulemaking Board’s (MSRB) Electronic Municipal Markets Access (EMMA) system can streamline data searches.
The American Institute of Certified Public Accountants (AICPA) recently hosted its latest A&A Focus webcast, diving into the ethical implications of using artificial intelligence (AI) in audit procedures. The event, part of a monthly series, featured insights from leading experts on accounting, auditing, and assurance.
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.
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