XBRL News about the SPAC attack, EDGAR’s API and ISO

Back to regular programming with three notable XBRL related news items from the past week.

1  Workiva Stock – SPAC attack

XBRL service providers have seen revenue increase thanks in part to a hot IPO and SPAC (special purpose acquisition company) market. In Q2 2021, SPAC activity declined but the overall activity has still greatly increase compared to 2020.

This piece about XBRL provider Workiva has popped up on your correspondent’s XBRL radar because it connects the firm’s commercial expansion with the recent SPAC boom – and the author has a commercial interest.

2  SEC enhances access to financial disclosure data

Washington D.C., Aug. 19, 2021 — The Securities and Exchange Commission today announced open data enhancements that provide public access to financial statements and other disclosures made by publicly traded companies on its Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The SEC is releasing for the first time Application Programming Interfaces (APIs) that aggregate financial statement data, making corporate disclosures quicker and easier for developers and third-party services to use. APIs will allow developers to create web or mobile apps that directly serve retail investors.

What was in Beta previously is not official: EDGAR has its very own API, albeit not (yet?) using the XBRL JSON standard – which will be remedied before long, we hope!

3  Data Point Model Methodology becomes ISO standard

Data Point Modelling is a methodology which intends to create a bridge between the functional design of a reporting framework – “the reporting templates” – and the technical design of an XBRL taxonomy. Over the years, this has resulted in the so-called “Eurofiling Taxonomy architecture” which is employed in the current taxonomies from EBA and EIOPA. The essence of this methodology consists of building a dimensional data model which is the foundation to the schemas and relationships in the Taxonomy.

This is the first time – to your correspondent’s knowledge – that an XBRL based disclosure model has officially been blessed with an ISO standard. Congratulations to all involved!

 

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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.

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