Big changes are on the horizon for corporate sustainability reporting in Europe with the Omnibus Simplification Package, set to be unveiled on 26 February. To be informed by the EU’s broader Competitiveness Compass, the omnibus aims to streamline regulatory requirements, particularly for small and medium-sized enterprises (SMEs).
This week the EU made a series of announcements on its priorities, including a new European Competitiveness Compass. The document is intended to guide policy making priorities for the next 5 years. Amongst other things, it signals a shift towards enhanced digital reporting as a means to improve corporate transparency, investment efficiency, and economic resilience.
The Financial Stability Board (FSB) has released a new analytical framework and toolkit for assessing climate-related vulnerabilities in the financial system. As climate shocks become more frequent, concerns are growing over their potential to destabilise financial institutions and disrupt financial services.
The UK Financial Reporting Council (FRC) has reviewed the first round of mandatory Climate-related Financial Disclosures (CFD) from AIM-listed and large private companies, finding significant variation in quality. While companies have made efforts to comply, many disclosures lacked clarity, consistency, and depth.
The XBRL Standards Board (XSB) has approved two important updates to emerging new XBRL specifications.
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The US Securities and Exchange Commission (SEC) has rescinded its controversial Staff Accounting Bulletin (SAB) 121, by way of SAB 122.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.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
