XBRL News about central banks and data quality

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

1 BIS Innovation Summit 2021: How can central banks innovate in the digital age?

Hear from global leaders on key issues around cross-border and retail payments, central bank digital currencies, banking and the new digital ecosystem, decentralised finance, data, analytics, AI and cloud technologies as well as cultural and organisational changes that may be needed within central banks to meet the challenges of this digital age.

We’ve clearly been remiss in  not mentioning this conference recording earlier. The Bank for International Settlements (BIS) has done a great job bringing together leaders from all over the place to provide insights into the cutting edge of central banking technology.

2 The difficult present of digital platforms

The Central Bank has developed a roadmap for SupTech and RegTech events. These include the creation of a single KYC platform, transmission of reports in XBRL format, introduction of an automated system for monitoring and analysis of operational risks of banks, etc.

Speaking of central banks – according to the above article in Russian (hit that translate button again, we challenge you!), the Bank of Russia really appears to go into overdrive with its digitalisation roadmap. Follow the link above for the details in that roadmap – but only if you’ll have to use the original Russian rather than the English version, which has no substance. There was also a presentation by Bank of Russia at Data Amplified, but we haven’t found a public version of that, yet.

3 XBRL US Data Quality Committee public exposure of 15th ruleset for US GAAP and IFRS filers

The XBRL US Data Quality Committee (DQC) has published its 15th Ruleset for a 45-day public review and comment period, which closes on June 2, 2021. This latest draft ruleset contains eight rules specific to US GAAP filers, and one new rule for IFRS filers. Since the program began in 2015, the DQC has finalized and approved 14 rulesets, covering a range of potential error types and alerting filers to possible problems in thousands of filings. The 14th ruleset was approved at the Committee’s January meeting, and has an effective date of May 1, 2021.

Wow, the title above literally flows off the tongue, does it not? But mockery of bureaucratic language aside, the DQC performs important work which deserves our undivided attention.

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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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