Here is our pick of the 3 most important XBRL news stories this week.
DSD is planning to move the collection of statistical data to the Bank of England Electronic Data Submission (BEEDS) portal. BEEDS is an online application that enables firms to complete and submit data submissions online. Firms can also view the information held about them by the Bank of England and keep it up to date. We also plan to move the reporting format from XML to XBRL.
This is big news in the world of supervisory data / regtech. As the Old Lady of Threadneedle Street is leaving her trusty companion XML for the vigorous XBRL, some of her siblings might soon follow suit. Here’s to hope!
The Indonesian Stock Exchange (IDX) has extended the scope of its XBRL taxonomy from primary financial statements to also cover Notes. The IDX began developing XBRL-based reporting in 2012, with mandatory XBRL reporting coming into effect in 2015. The initial taxonomy focused on the financial statements including financial position, comprehensive income, changes in equity, and cash flow. Now, IDX is expanding the taxonomy in stages to include the Notes to financial statements, firstly by adding 21 accounts into the entry points in the taxonomy.
Just another small piece of evidence that the momentum towards structured capture of investor relevant information is alive and well around the globe.
So there we were, sitting around the Calcbench virtual breakroom, wondering how we should finish up the rest of the year. Then the intern piped up: “Why don’t we form a SPAC? Everyone else is doing it!” Ummm, no, we politely told the intern. But he had raised an interesting point: how many groups are launching SPACs these days?
SPACs are certainly booming for now. The note above is a nice example for quick research that can be performed on structured data, provided you know what you’re doing.
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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