Here is our pick of the 3 most important XBRL news stories this week.
The European Banking Authority (EBA) published a new release of the reporting framework 2.10, providing the technical tools and specifications for the implementation of EBA reporting requirements. The package includes the validation rules, the Data Point Model (DPM) dictionary and XBRL taxonomies.
European banks reporting to EBA have to do so complying with the authority’s reporting framework. This is constantly evolving, as the latest incarnation bears witness.
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, published an update of its Reporting Manual on the European Single Electronic Format (ESEF). The update expands existing guidance and reflects relevant developments in the technical specifications.
Followers of this weekly update will be (painfully?) aware of the mandate of all issuers with securities listed on European markets to publish their financials starting 1 January 2020 in the XBRL format. The manual that has been updated provides guidance.
Last week, at a public meeting on Data Strategy, the US Food and Drug Administration (FDA) announced that it is transitioning from PDF to digital structured data for all submissions of safety data from clinical trials of investigational drugs.
COVID-19 has laid bare the challenge that may countries’ health administrations have failed to live up to, namely to keep up-to-date, efficient reporting systems. Don’t touch a system that works is a widespread, but no less perniciously wrong mantra, as the Swiss Federal Office of Public Health painfully discovered when according to lore, it had to guesstimate the number of new Corona infections by weighing the faxed notifications at one point …
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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.
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