Here is our pick of the 3 most important XBRL news stories from the last week.
1 2021 IFRS XBRL taxonomy issued
The IFRS Foundation has issued its 2021 IFRS Taxonomy. The IFRS Taxonomy is a translation of IFRS Standards into XBRL (eXtensible Business Reporting Language). The IFRS Taxonomy 2021 is consistent with IFRSs as issued by the IASB at 1 January 2021, including those issued but not yet effective. The IFRS Taxonomy 2021 also incorporates the six updates made to the IFRS Taxonomy in 2020 reflecting amended IFRSs and providing new common practice elements.
This is the annual update of the IFRS taxonomy – not much more (or less) to be said, really.
2 SEC & FASB post 2021 financial reporting taxonomy
The Financial Accounting Standards Board said Tuesday the Securities and Exchange Commission has accepted the latest updates to the GAAP Taxonomy for filing financial statements with the SEC.
And just like that, the updated taxonomies for the world’s most consequential sets of accounting standards are available: IFRS and US GAAP.
3 G-SIBs back digital derivatives reporting programme to be online for EMIR refit
Many U.S. and European globally systemically important banks (G-SIBs) have seconded staff to a digital regulatory reporting project that mutualises derivatives reporting rules interpretation, expresses those rules as computer code in alignment with trade association- agreed best practices.
While this project is firmly situated inside the hopefully forever invisible plumbing of the global financial system, its impact especially in times of crisis is hard to overestimate.
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.
New readers can read 3 free articles. To become a member with full access to all that Daily Fintech offers, the cost is just USD 143 a year (= USD 0.39 per day or USD 2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.