Last week, John Schindler, Secretary General of the Financial Stability Board (FSB), addressed the Eurofi Financial Forum in Budapest, stressing the need for better data and regulatory coordination in the non-bank financial sector.
US Treasury Official Nellie Liang, Chair of the Financial Stability Board (FSB) Standing Committee on Assessment of Vulnerabilities, addressed the OECD-FSB Roundtable on Artificial Intelligence in Finance. Liang emphasised the transformative potential of AI in finance, however she also highlighted the need for robust data quality to manage the risks associated with AI deployment.
Or at least that’s the message from a recent Forbes article written by Kevin Campell, CEO at Syniti. In an era of digital transformation, organisations worldwide are recognising the pivotal role of data in driving innovation and achieving business success.
As our regular readers will know, we’ve been exploring some of the filing issues that crop up in comment letters to individual companies from the US Securities and Exchange Commission (SEC).
We continue to explore the US Securities and Exchange Commission’s (SEC) comment letter archive this week – catch up with parts one and two on our website. These letters, sent to individual companies regarding issues in their financial statements, provide an overview of the kinds of errors cropping up in Inline XBRL filings.
As we discussed last week, comment letters from the US Securities and Exchange Commission (SEC) can be a useful resource – not just for the individual companies they are addressed to, but for many of us using Inline XBRL both stateside and elsewhere.
Among the range of resources available to filers with the US Securities and Exchange Commission (SEC) EDGAR system, comment letters are sometimes overlooked. These are sent by the Division of Corporate Finance to public companies where it finds room for improvement in their disclosures.
In the realm of Inline XBRL, quality assurance is paramount. Xmetric Ltd recently released a report highlighting their lessons learnt in diagnosing and resolving quality matters in FRC-tagged accounts across the UK and Ireland. The report is designed to inspire and guide software vendors and preparers to soar to new heights in tagging quality.
The European Banking Authority (EBA) has published a revised list of validation rules for its reporting standards, highlighting those which have been deactivated for incorrectness or for triggering IT problems.
The XBRL US Data Quality Committee (DQC) has approved three new validation rules, following a public review, taking the total available to 99.
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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.
