Here is our pick of the 3 most important XBRL news stories from the last week.
In another great opinion piece from our Board, Mohini Singh, ACA, Director of Financial Reporting Policy at CFA Institute and Treasurer of the XBRL International Board of Directors, writes in Reporting Times on ‘The need for high-quality, globally comparable international sustainability standards.’ She argues – and we heartily concur – that investors and other stakeholders need high-quality information that allows them to assess how companies are managing environmental, social and governance (ESG) issues, risks and impacts. This information has to be comparable, which means that we need a single set of global standards.
… support … ISSB … to create a set of high quality globally comparable sustainability standards utilizing existing frameworks and standards – some careful reading, also between the lines, required here in order to get to the politics of standard setting.
To form in one program, to check in another – so Moscow Stock Center LLC worked with XBRL-reporting before the project with “Sintegro Consulting”. Things became more complicated because sometimes the XBRL system was not updated in time and the reporting had to be filled in manually. Employees spent time rechecking, contacting technical support, waiting for updates. Therefore, it was decided to replace the program.
The above translation gives a hint of the issues that our colleagues are up against in implementing Bank of Russia’s directives for XBRL reporting. It’s probably a good thing that they’re bringing in more help from bright young things …
The International School of Business (Institute), in accordance with the instructions of the Rectorate, invites students of the Financial University (studying in bachelor’s courses and intending to continue their studies in the master’s degree, as well as master’s students) to take the course “Basics of the XBRL format”. Training for students is free.
Moscow’s Financial University’s MBA students are evidently encouraged and taught by Bank of Russia specialists to study XBRL. Watch this space!
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.
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