Here is our pick of the 3 most important XBRL news stories from the last week.
News from Liechtenstein. (Not something we see every day!) Its Financial Market Authority (FMA) has developed its own national XBRL taxonomy, including a DPM-based Table and Formula Linkbase. This will primarily be used by insurance companies, of which Liechtenstein has around 40, for quarterly statutory reporting. It replaces the FMA’s previous system of reporting using Excel, and will come into action from 31 March 2021.
This is an embarrassing item to report from a Swiss perspective with zero XBRL implementations, but there you are: our small eastern neighbour, part of the Swiss Franc currency union, has just adopted its first regulatory XBRL implementation. To no small extent as a function of their being part of the European Economic Area I’m sure, which Switzerland is not, but nonetheless …
Dr Ghislain Fourny of leading university ETH Zürich (yes, that’s Einstein’s alma mater) has kicked off the year with a new edition of his The XBRL Book, with 2020/2021 updates. He describes the book as “by and for technical people,” for those who need to understand XBRL in fine detail.
This on the other hand is a great pleasure to report, as the author of the book is an active member and contributor of the Swiss XBRL jurisdiction, and a long-time friend. The book has a very appropriate byline: Simple, precise, technical – just the way we like it.
New JWG research has found supervisors to be focused on creating new standards for interpreting complex data needs in 2021 as the industry hits a tipping point for in its quest for digital standards that simplify complex regulatory reporting obligations. Global SupTech research calls for public and private sectors to align plans to scale DRR to meet new standards. This article explains what’s happening now, what’s in store this year and why you should care.
Regulatory reporting is one of the major headaches in regulated (financial) services. If that headache can be alleviated by cross-border standardisation of data requirements, that would be win-win for everybody involved. This article makes the case why this year will be the tipping point in favour of this accelerating development.
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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