Writers from Delhi’s Centre for Budget and Governance Accountability have emphasised the importance of machine-readable data in getting government budget information out to the general public.
The UK government recently published a policy paper thinking through its digitalisation and data strategy and outlining its next steps to improve in this area.
The Project on Government Oversight (POGO) has addressed the importance of machine-readable disclosures as part of its series of 13 recommendations to increase US government accountability.
The Canadian Federation of Independent Business (CFIB) has recommended that the Ontario government improve accessibility of regulatory documents by publishing them in a machine-readable format.
Over the past two years the Bank of England has been transforming the way it gathers regulatory and statistical reporting data, transitioning statistical data collection to XBRL. On 1 December this transition was completed with the final sunsetting of the prior Online Statistical Collection Application (OSCA) system.
Following feedback to the Third Agenda Consultation, designed to help the International Accounting Standards Board (IASB) define its priorities for the next five years, the IASB will slightly increase its focus on digital financial reporting.
On Monday, our CEO John Turner gave a talk at the World Congress of Accountants in Mumbai as part of the “Technology and the Future” session. The session concentrated on new skills and capabilities that members of the accounting and audit profession, working both in industry and in practice, will need going forward.
“Why is there such hesitation regarding standardisation, and why are people afraid that it will put a dampener on innovation?” asks Björn Fastabend. He argues that standardisation, such as in the introduction of XBRL for digital reporting, can in fact nurture and facilitate innovation.
Measures to reform the UK business registrar Companies House have been introduced to Parliament in part two of the Economic Crime Bill. They are intended to improve the company information available and help prevent economic crime.
This is a guest opinion piece from Björn Fastabend. Björn is head of the XBRL collection and processing unit at BaFin, Germany’s Federal Financial Supervisory Authority, where he supervises all related activities and propagates international relations and initiatives. He also brings us his wealth of experience in implementing digital reporting as Chair of XBRL International’s […]
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