This is a guest post by Jacques Urlus, policy advisor IT & Audit at the Royal Netherlands Institute of Chartered Accountants (NBA) and Vice Chair of our Dutch jurisdiction, XBRL NL. Based on his presentation at Data Amplified Virtual on 16 April 2021, he discusses his unique and groundbreaking work with the NBA on audit of […]
This is a guest post by Stanislav Korop, Deputy Director Data Governance Department, Bank of Russia. Since 2018, the Russian jurisdiction of XBRL International has been working to support and develop the use of XBRL in the Russian Federation. Over three years of activity, the Russian jurisdiction has become a key independent discussion platform for […]
What new challenges emerge from bigtech participation in financial services, and how should policy makers and regulators tackle them? Those are the questions considered in a new brief from the Bank for International Settlements (BIS) Financial Stability institute (FSI), ‘Big techs in finance: regulatory approaches and policy options.’
The European Financial Reporting Advisory Group (EFRAG) has published two milestone reports. They set out recommendations to the European Commission (EC) on the development of EU sustainability reporting standards and on changes to EFRAG’s governance and funding if it were to expand its remit to non-financial standards.
The Global Legal Entity Identifier Foundation (GLEIF) has unveiled the issuance and technical infrastructure models that it will deploy in its new verifiable LEI (vLEI) system.
Having taken into account stakeholder feedback received during its 2020 consultation, the EU is very close to finalising common rules for a set of sustainability disclosures to be made by financial sector participants.
This week the Global Legal Entity Identifier Foundation (GLEIF) announced the next step for the Legal Entity Identifier (LEI): a fully digital LEI service capable of enabling instant and automated identity verification across all industries worldwide.
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have called for further standardisation of data and the use of digital entity identifiers in their responses to the European Commission’s consultation on a new EU Digital Finance Strategy.
In reporting, the only thing likely to create more confusion than having two standards covering one field, is having two XBRL taxonomies representing the same standard. Computers are terribly literal machines and won’t understand, for example, that Japan.LEI and Mexico.LEI are referencing the same thing.
With Covid-19 creating significant uncertainty amongst businesses and the economic and financial system, the need for strong transparency and clear communication has only increased. The European Securities and Markets Authority (ESMA) has underlined the importance of transparency and consistency with reporting requirements when disclosing the financial effects of Covid-19 in half-yearly financial reports. Where necessary, […]
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