Here is our pick of the 3 most important XBRL news stories this week.
1 EBA is looking into ways to reduce reporting costs
As part of its drive for more proportionate regulatory and supervisory framework, the European Banking Authority (EBA) is looking for ways to optimise supervisory reporting requirements and reduce reporting costs for institutions, especially smaller ones. To fulfil this mandate the EBA launched a questionnaire addressed to all European banks and a call for case studies to collect evidence on reporting costs as well as industry views on ways to reduce such costs and make the supervisory reporting more efficient. The EBA expects the responses to the questionnaires and case studies in October 2020.
The results of this survey will provide important insights into the day-to-day operational improvements available through the authority’s reporting channels.
2 July 2020 task list for accelerated filers (US markets)
First — don’t forget that the in-line XBRL tagging requirements (including for cover pages) have now phased-in for accelerated filers — as of June 15. Those requirements phased-in for large accelerated filers in 2019.
iXBRL, the technical format applicable in upcoming ESEF reporting in Europe, is now also mandated by the SEC for US markets. This will enhance the scope of applicability of tools for users of this information.
3 IASB publishes proposed IFRS taxonomy updates
The IASB has published PTU/2020/2 ‘IFRS Taxonomy 2020 — ‘Amendments to IFRS 17’, ‘Extension of the Temporary Exemption from Applying IFRS 9’ and ‘Property, Plant and Equipment — Proceeds before Intended Use”.
The International Accounting Standards Board (IASB) is requesting comments for the proposed amendments by 14 September. This is evidence of the important role that taxonomy updates play to be live and in line with the dynamic evolution of IFRS – an aspect that not every issuer appreciates. However, they certainly should not blame the technology for that.
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.
For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives.
New readers can read 3 free articles. To become a member with full access to all that Daily Fintech offers, the cost is just USD 143 a year (= USD 0.39 per day or USD 2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.