Here is our pick of the 3 most important XBRL news stories from the last week.
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.
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.
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.
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