Here is our pick of the 3 most important XBRL news stories from the last week.
What does an ESEF report look like, and how can you browse and compare them? What are the advantages of using Inline XBRL? What are the common errors to avoid? If you’ve asked yourself any of these questions, it’s time to head over to filings.xbrl.org, our new repository for Inline XBRL filings that have been prepared using the European Single Electronic Format, or ESEF. With this, we aim to make it easier to find and access ESEF reports, promote sensible discussion and feedback on their quality, and provide, over time, various demonstrations of the utility of structured data.
This initiative by XBRL International is a welcome interim measure until the European Single Access Point (ESAP) becomes available.
Accompanying the launch of filings.xbrl.org, we bring you a new blog series from Revathy Ramanan, XBRL International’s Guidance Manager, on ‘ESEF Errors and Common Pitfalls.’ She has analysed many of the filings we have gathered – and the validation errors and warnings they generate – to start to understand where and how problems are occurring.
Continuing with the good tidings from XBRL International – this blog series will be an important reference point for preparers mostly.
In the same way, the draft RTS contained in this Final Report follows publication of the 2021 IFRS Taxonomy and aims to update the taxonomy contained in the RTS on ESEF to reflect the latest available version of the IFRS Taxonomy, in order to promote electronic reporting which is up-to-date with the applicable reporting standards, thus facilitating implementation of the tagging requirements and the highest comparability of electronic financial statements drawn up in accordance with IFRS at European and at global level for end-users.
To conclude this ESEF related missive, we link to the above report, the sole purpose of existence seems to be to translate the 2021 IFRS taxonomy into EU law – all 1055 pages of it! We wonder whether some processing cycles of the finest legal minds in Europe should be dedicated to finding smarter ways to make technical documents legally binding and save some trees in the process!
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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