Here is our pick of the 3 most important XBRL news stories from between the years.
1 The End of Accounting? Sustaining Financial Reporting
The explanatory power of the financial information reported to investors for market valuation has plummeted in recent decades. That by itself may not quite constitute the “End of Accounting” as Baruch Lev and Feng Gu rather dramatically titled their 2016 book. At least not just yet.
Our reflection piece that was first published here on Christmas Eve has been accepted for re-publication on CFA Institute’s Enterprising Investor blog with its hundreds of thousands of readers. So just in case you missed it (which happens to be abbreviated to ICYMI if you were wondering), here’s another opportunity. Your feedback would be appreciated!
2 New XBRL projects appeared worldwide
It’s been twenty years since XBRL first went public. Proven benefits, an active software ecosystem, significant modernisation and a growing network effect ensures that XBRL projects and implementations continue to accelerate in all corners of the globe. This year there were a number of new XBRL disclosure mandates in the Middle East, specifically in Qatar, Oman, and Jordan.
Here’s a nice overview picture of the most important XBRL projects that have been implemented in the course of the crazy year that was 2020. Again, just ICYMI …
3 Aktualisierte Basistaxonomie 2020 als ESEF-Verordnung übernommen
The ESEF Regulation will be incorporated into the new version of ESMA’s basic taxonomy 2020 to be used for ESEF. The Taxonomy Update 2020 applies to fiscal years that begin on or after 01.01.2021. On 18.12.2020, the third version of the EU Commission Delegated Regulation (EU) 2020/1989 of 11/06/2010 supplementing Directive 2004/109/EC of the European Parliament and of the Council as regards regulatory technical standards for the specification of a uniform electronic reporting format (ESEF) was published in the Official Journal of the EU.
The above is an excerpt of the machine translated version of the German article which you’ll find behind the link. We’re still figuring out which jurisdictions will exercise the delaying option that the EU has granted in the wake of COVID. You’ll remember that the EU has permitted EEA members to delay the ESEF reporting mandate by 12 months. We hope to refer to a piece bringing a list of delaying countries next week.
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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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