Here is our pick of the 3 most important XBRL news stories from the last week.
Today, XBRL International reports that there are 180 XBRL projects around the world. (Here is an Excel spreadsheet with the projects.) Those 180 XBRL projects are in 60 different countries, The Netherlands has the most projects with 15. There are a total of 195 countries, 60 different countries have projects; so about 30% of all countries currently have XBRL projects.
With all this said, it is shocking to note that Switzerland continues to be a white spot on the XBRL world map. Terra nullius – go figure.
Last week, we threatened to provide a list of jurisdictions that allow their residents to delay the ESEF reporting requirements. Unfortunately, no such list appears to have been forthcoming, yet. We hear from good sources that no such list exists at this point, but will keep you posted when it appears. ESMA, we are awaiting your public service announcement!
In December 2020, the US Securities and Exchange Commission (SEC) adopted new rules on resource extraction payment disclosure, which require XBRL-based reporting for the first time. The rules require public companies involved in extractive industries to report annually on payments made both to the US Federal government and to foreign governments for the purpose of commercial development of oil, natural gas or minerals.
This novel type of disclosure outside of the framework of conventional reporting may indeed turn out to be a very effective tool to address issues in an otherwise opaque industry. Sunlight is the best disinfectant, they say.
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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