XBRL news for Week Ending Tuesday 17 March 2020

Here is our pick of the 3 most important XBRL news stories for the week.

One. New digital tool launched by Government to simplify SECR reporting

The taxonomy will enable businesses to report using the XBRL global framework commonly used in business accounts. It marks the first time the format has been utilised so businesses can capture environmental data in annual reports.

Curator’s Note:  Streamlined Energy and Carbon Reporting (SECR) is important for those who like this planet. XBRL helps ensure reporting accuracy and this tool from the UK Government makes that accurate reporting easier to create.

Two. MSRB Proposal to Enhance the Transparency of the Timing of Issuers’ Financial Disclosures on the EMMA® Website

The proposed feature would provide a new informational box on the Security Details pages of EMMA including:

  • A link to the disclosure of annual financial information and/or an audited financial statement for the most recent fiscal period;
  • The end date of the financial period detailed in that disclosure, such as the fiscal year end date; • The date the disclosure was posted to the EMMA website; and
  • A static calculation of the number days between the posting of the first disclosure for that fiscal period and the end date of the financial period detailed in that disclosure

Curator’s Note: The Municipal Securities Rulemaking Board, (MSRB), is a regulatory body which creates rules and policies for investment firms and banks that  issue municipal securities aka “muni bonds”. Their Electronic Municipal Market Access (EMMA®) website is critical to this $3.8 trillion market, particularly for retail investors who rely on the free information. The calculator they are announcing does not require any new data to be submitted by issuers. However note that this a proposal that the SEC has to approve.

Three. SEC Adopts Investor Disclosure Improvements for Variable Annuities and Variable Life Insurance Contracts

In addition, the Commission adopted amendments to require the use of the Inline eXtensible Business Reporting Language (Inline XBRL) format for the submission of certain required disclosures in the variable contract statutory prospectus.

Curator’s Note: The SEC change makes it easier for retail investors to understand offerings in plain language.

We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

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