XBRL News from India, EU and Japan

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

1 MCA should examine why XBLR data hasn’t been used for fraud detection

New Delhi: The Ministry of Corporate Affairs (MCA) should look into and find out as to why the eXtensible Business Reporting Language (XBRL) tagged data has not been used by the Government for data analytics purposes that can effectively help in early detection of frauds, more so as top Indian companies have been submitting their financial statements in this format for last nine years, ASSOCHAM president, Dr Niranjan Hiranandani said in an ASSOCHAM Virtual Conference.

This summary of the conference proceedings offer some insights into the operations of capital market regulation and supervision in India. The gap between what’s technically possible and what’s used in practice is not exclusive to India, though …

2 ATOME: Connected shortlisted in Digital Innovation Challenge

After a brainstorming session, our Team came up with a solution called ATOME: Connected, which combines Core Vocabularies with a collaborative cloud-based environment that provides an interface for the target customer. The heart of our concept was to base ATOME: Connected on open and reusable solutions provided by the European Commission, improving the exchange of information and integration of data between relevant entities. The e-Government Core Vocabularies, developed by ISA², are simplified, reusable, and extensible data models that capture the fundamental characteristics of a data entity in a context-neutral and syntax-neutral fashion, promoting semantic interoperability among European public administrations to improve information exchange and data integration.

The Eurospeak is a bit challenging to parse, but it’s good to see that our friends from BR:AG are making waves in the Digital Innovation Challenge with semantic data models.

3 Tokyo Stock Exchange starting Proof of Concept Testing of HTML disclosure of earnings reports

In conjunction with the replacement of TDnet planned for December 2021, Tokyo Stock Exchange, Inc. (hereinafter “TSE”) is starting Proof of Concept (PoC) testing to enable earnings reports and quarterly earnings reports of listed companies* and earnings reports and interim earnings reports of listed REITs (hereinafter “kessan tanshin, etc.”) to be disclosed in HTML format with the cooperation of PRONEXUS Inc. and TAKARA & COMPANY LTD. (hereinafter “printing companies”).

While the coherent, single-source and therefore error-free issuance of both pdf and xbrl instances has been a feature of the Japanese market for years, this new proof of concept should allow for more visually appealing human readable reports, according to our Tokyo correspondent (thanks Chie!). This should help to resolve the issue of errors introduced in visually appealing, but error prone pdfs created manually, outside of the automated workflow.

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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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