XBRL News: value add, LEI + ESEF = trust, financial executives’ radar

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

1 Discovering the added value of XBRL

Professor Monika Kovarova-Simecek, Academic Director Economic and Financial Communications at the St. Pölten University of Applied Sciences, recently shared her thoughts on XBRL’s role in the digital transformation of financial reporting.

Everybody talks about digitalisation here, digitalisation there. But outside of greenfield situations, the forces of resistance to change of the status quo are formidable still. This  piece gives a good, short perspective on the opportunities.

2 LEI embedded in ESEF boosts trust

When public companies across Europe begin filing annual financial reports in the digital, machine-readable ESEF format at the start of 2020, alongside introducing iXBRL tagging, they will also begin to embed their Legal Entity Identifier (LEI) within reports.

ESEF right now is a major driver for digital reporting in Europe. Connecting these reports with the unique legal identifier of the reporting entity will enable modelers to automatically capture the source of information.

3 Why XBRL should be on your radar

As the use of XBRL expands, staying up-to-date with frameworks and guidelines issued by regulators is key to increasing accuracy.

A comprehensive overview piece by the vice chair of the XBRL International board, targeted at financial executives.

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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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