Here is our pick of the 3 most important XBRL news stories from the last week.
A global sustainability standards setter is firmly on the way. The Trustees of the International Financial Reporting Standards (IFRS) Foundation have opened a consultation on proposed amendments to the Foundation’s constitution. These would allow the formation and operation of a new International Sustainability Standards Board (ISSB, previously dubbed SSB) within the governance structure of the organisation. The amendments expand the Foundation’s objectives and set out institutional arrangements for the ISSB. Comments are due by 29 July 2021, and the trustees expect to finalise the board by the November United Nations COP26 conference.
It’s hard to overstate the importance of this and the next piece of news in the domain of sustainability reporting, so we won’t say anything else but: Go read!
An EU High Level Conference held yesterday on the proposed Corporate Sustainability Reporting Directive (CSRD) brought together a number of high level speakers to discuss the new reporting proposals announced two weeks ago. Digital reporting, unified and digital access, and the need for auditing all appear to be high on the agendas of – and find broad agreement among – policy makers and commentators. The need for a ‘building blocks’ approach to relevant standards setting, with Europe set to contribute to, use and yet not be constrained by coming International Sustainability Standards Board (ISSB) standards was a consistent theme. They will form the floor, but not necessarily the roof of the EU reporting requirements
We refer back to our comment above …
The European Banking Authority (EBA) published today the phase 1 of its reporting framework v3.1. The technical package supports the implementation of the reporting framework by providing standard specifications and includes the validation rules, the Data Point Model (DPM) and the XBRL taxonomies for v3.1. In particular, the technical package covers the new reporting requirements for investment firms (ITS on investment firms reporting).
We conclude our broadcast on a slightly lighter, but much more technical note this week.
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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