Here is our pick of the 3 most important XBRL news stories this week.
Not long ago the Securities and Exchange Commission adopted new rules to reduce the amount of disclosure that firms need to make about business risks, legal proceedings, climate change, and other issues. Those changes go into effect within 30 days of their being published in the Federal Register, which typically happens within a few weeks. So on a practical basis, companies could start filings disclosures according to this new, slimmer standard by the end of this year.
It looks trivial, but these disclosures do not need to be redlined, and the devil resides in the detail as a matter or principle. Hence it is either manual comparison (and miss that decisive and) – or have a tool automatically redline it for you.
The European Banking Authority (EBA) launched today a RegTech industry survey to invite all relevant stakeholders, such as financial institutions and ICT third party providers, to share their views and experience on the use of RegTech solutions, on a best effort basis. The aim of the survey is to better understand the ongoing activity in this area, raise awareness on RegTech within the regulatory and supervisory community, and inform any relevant future policy discussion.
Funny you should ask … what with compliance and regulatory affairs being the major (only?) domain of employment growth within incumbent financial services, it makes sense to look into ways to make this function more efficient. However, it is instrumental that the regulation is written / reviewed with this in mind.
The XBRL Software Certification programme is being expanded to include a new category of software intended to cover end-user software products that consume XBRL reports for review, analysis or audit purposes. The new category is in addition to the existing categories for XBRL processors and XBRL report creation tools.
XBRL instances, just like conventional financial reporting, are complicated documents. In order to build trust into a tool’s capacity to make these complications more easily manageable (see (1)), it makes sense to have its quality reviewed and certified.
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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