The UK’s Prudential Regulation Authority (PRA) have issued a document of key findings, good practice and next steps for transition from the London InterBank Offered Rate (LIBOR) to risk-free rates (RFR) for firms to consider when planning their own transition. After a series of manipulation scandals, the once-dominant LIBOR benchmark is being abandoned, with the […]
The Bank of England (BoE) is leading by example and disclosing its own assessment of how it is managing climate-related financial risk in its 2019/20 annual report. The BoE have been pushing for stronger climate-change related risk disclosure with a number of actions in the last year, including a recent consultation on previous climate-related risk […]
In light of a recent consultation, the UK’s Prudential Regulation Authority (PRA) have issued an updated supervisory statement clarifying climate-related disclosure requirements. Responses to the PRA’s consultation paper, Enhancing Banks’ and Insurers’ Approaches to Managing the Financial Risks from Climate Change, encouraged the PRA to move more quickly on climate issues, suggesting that too few firms are […]
The UK’s Office for National Statistics (ONS) is utilising novel forms of data to make more timely predictions about the UK economy. The ONS has shown how taking advantage of new technologies can offer a chance to get much quicker signals of change in the economy. The Faster Indicators of UK Economic Activity project released its […]
The UK’s Prudential Regulation Authority (PRA) has published a consultation paper (Consultation Paper 8/19) revising the supervision of international banks – which includes a proposal to replace the current Excel reporting format for Branch Return Forms with XBRL. The proposal would affect all PRA-supervised branches of deposit takers and investment firms which are not headquartered […]
On Friday 8 March the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) hosted the first meeting of the Climate Financial Risk Forum (CFRF). With climate change threatening to create financial risks relevant to these UK regulators’ objectives, the CFRF has been set up to help develop practical tools for addressing climate-related financial […]
Dramatic changes to the UK audit sector were proposed in a report this week setting out recommendations from an independent review of the Financial Reporting Council (FRC). The audit profession and its regulator have been under intense scrutiny following a number of high profile corporate failures. The recommendations address gaps in FRC powers, setting a course for […]
Investors have clear ideas about the way company metrics can help with asset allocation. Wouldn’t this work better if these disclosures were digital?
Do you use a bank website or app? Does it meet your needs and expectations? Is it easy to use? Does it combine data from multiple sources in order to provide you with valuable insights about your personal or business finances? Thought not. That’s the insight that has given rise to the Open Banking initiative […]
The UK’s Financial Reporting Council Lab has sent out a call for those working on the potential uses of Artificial Intelligence for the production and consumption of corporate reporting to participate in the next phase of the Digital Future project. The Lab’s innovative Digital Future project is an initiative to investigate the impact of technology […]
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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.
