The Financial Accounting Standards Board (FASB) has released a proposed Accounting Standards Update (ASU) as part of its ongoing effort to enhance the FASB Accounting Standards Codification®. Published last week, the proposal aims to make targeted, incremental improvements to US Generally Accepted Accounting Principles (GAAP).
Accountancy Europe has launched a CSRD transposition tracker, offering a comprehensive view of how EU Member States are implementing the Corporate Sustainability Reporting Directive (CSRD) into national law.
The US Securities and Exchange Commission (SEC) has rescinded its controversial Staff Accounting Bulletin (SAB) 121, by way of SAB 122. Last week’s bulletin eliminates the previous requirement for banks and financial institutions to record customer crypto holdings as liabilities on their balance sheets.
Taxonomy development can feel like a daunting task, but it doesn’t have to be. Last week, the team at XBRL International hosted a 30-minute webinar to share practical insights and guidance on getting it right.
The European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) have published a joint report assessing the feasibility of centralising ICT-related incident reporting by financial entities, as mandated by the Digital Operational Resilience Act (DORA). The report, published on 22 January, outlines three potential models for centralisation and examines their costs, benefits, and implications.
The European Central Bank (ECB) has launched its 2025 stress testing exercise, with a sharper focus on addressing data quality issues and overly optimistic projections from banks. Stress tests are critical for assessing resilience under adverse economic conditions, but past submissions have underestimated risks, prompting the ECB to tighten its approach.
Earlier this week Regnology, founded in Germany but with operations around the world, announced its acquisition of BR-AG, based in Poland. Both companies specialise in RegTech and SupTech solutions. The deal is aimed at expanding Regnology’s Regulatory Supervision Hub (RSH) capabilities and broadening its international presence.
The International Federation of Accountants (IFAC) has published its 2024 Global Adoption Status Snapshot, highlighting progress in adopting international standards across member jurisdictions. Building on its 2019 debut, the report celebrates success stories, improvements in quality assurance and disciplinary systems, and explores what drives effective adoption and implementation.
On 20 January, the Financial Supervisory Service (FSS) in Korea introduced a new guide designed to elevate the accuracy and consistency of financial reporting using XBRL. Borrowing from a number of global best practices, this comprehensive resource aims to set a new benchmark for XBRL preparation in Korea.
The Amman Stock Exchange (ASE) has introduced its Climate-related Disclosures Regulatory Framework, requiring companies listed on the ASE20 index to comply with IFRS S1 and IFRS S2 for climate-related disclosures starting 1 January 2027.
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