Here is our pick of the 3 most important XBRL news stories this week.
1 SEC targets issuers and officers for disclosure violations through data analytics
The SEC has invested heavily in ramping up its ability to leverage “big data” in order to spot anomalies or inconsistences that are potential indicia of financial reporting violations.
With its robust stance towards enforcement not just in words, but in action and preparedness, the SEC should serve as an example for other authorities around the world.
2 “Sustainability data needs investment grade process”
Following the recent announcement that the Sustainability Accounting Standards Board (SASB) is working with PwC to develop an XBRL taxonomy, Wes Bricker, vice chair of PwC US and Mexico and Vice Chair of XBRL International’s Board of Directors, recently spoke about XBRL, standards and sustainability at a PwC event.
We couldn’t agree more. If it is to be decision-useful, then this data category needs to move beyond pure judgment (ratings) and statistically based estimates. Reporting of multi-dimensional, standardised non-financial data in a structured format will be the new world of ESG disclosure.
3 Standards enabled e-invoicing
Open standards for digital data exchange are key for keeping e-invoicing and e-procurement safe and sustainable, says Annemieke Toersen, senior IT standards advisor at the Netherland’s Standardisation Forum.
Interesting comments! Unfortunately, standardisation projects are often marred with lengthy or even unspecified transition or phase-out timelines. A case in point for this is the introduction of the Swiss QR invoice, which it pains me to say that it probably will be obsolete by the time it is completely rolled out.
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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