XBRL News from down under, sustainability and digital accounting

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

1  ASIC gets the lowdown on the benefits of digital reporting

Should Australia go digital, and why? A recent webinar on digital financial reporting from the Australian Securities and Investments Commission (ASIC) covered international developments in reporting and opportunities for Australia – and makes worthwhile viewing whether or not you’re Down Under! While ASIC has offered a voluntary digital filing option for over a decade, this has not been taken up by companies. 

Optionality is not effective when it comes to establish standards. Period.

2 IOSCO vision for global sustainability disclosures under IFRS Foundation

The Board of the International Organization of Securities Commissions (IOSCO) has published its ‘Report on Sustainability-related Issuer Disclosures,’ capturing its approach and expectations for the development of global baseline sustainability reporting standards.It places its vision within the context of the International Financial Reporting Standards (IFRS) Foundation’s work to create an International Sustainability Standards Board (ISSB), and IOSCO’s support and engagement with that endeavour.

We have referred to the emerging consensus about the role of the different sustainability standard setters before. This IOSCO report seems to codify it.

3 Meet the new IASB chair – Andreas Barckow

Andreas Barckow is no stranger to the IFRS Foundation—he has served on several Foundation advisory bodies. On 1 July 2021, he begins his first term as Chair of the International Accounting Standards Board (Board), taking over from Hans Hoogervorst who finished his second term on 30 June. Andreas joined the Foundation in April 2021 to ensure a smooth transition period, spending the past few weeks getting to know the organisation and its people. Due to covid-19 travel restrictions, his orientation has so far been purely virtual, so he is looking forward to moving from Bad Homburg, near Frankfurt, to London, where the Foundation is headquartered.

This interview is of particular interest to us because of Barckow’s response to the question about his views on accounting going digital. He’s certainly raising some interesting perspective on granularity vs aggregation and the page paradigm. A place to watch!

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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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