XBRL News: future of digital reporting, IFRS taxonomy update, EU securitisation

Here is our pick of the 3 most important XBRL news stories this slow summertime week.

1 Report: The Future of Financial Reporting 

This important new report explores the reasons why Australia and New Zealand should embrace digital financial reporting.

This is a great recent resource from Chartered Accountants Australia & New Zealand. Watch also the video interview with Ann Tarca, IASB Member.

2 IASB issues IFRS taxonomy update for COVID-19 related rent concessions

The International Accounting Standards Board (Board) has issued an update to the IFRS Taxonomy 2020 for Covid-19-Related Rent Concessions, which amended IFRS 16 Leases.

COVID reverberates in the halls of accounting standard setters, which is thus reflected in their XBRL taxonomy as well.

3 ESMA provides updated XML schema for securitisation reporting

The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has published updated reporting instructions and XML schema (version 1.2.0) for the templates set out in the technical standards on disclosure requirements. The updates address technical issues identified by stakeholders since December 2019.

 

The EU Securitisation Regulation establishes a framework for Simple, Transparent and Standardised (STS) securitisation, part of which is the obligation to report securitisation instruments to ESMA and other competent authorities, such as the ECB.

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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. 

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