XBRL News from Germany, India and London

Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.

1  ESEF-Premiere: Marathonlauf mit Hindernissen

Digitization should enter the group reporting throughout the EU this year with the European Single Electronic Format (ESEF). However, when there was the option to postpone the introduction of the electronic reporting format, they used 23 out of 27 EU members. Only four states, including Germany and Austria, adhered to the original timetable and experienced a turbulent premiere season that presented companies, but also auditors and service providers with great challenges.

A nice piece (in German, so get your Babel fish out) about the German experience with ESEF and the broader European outlook on ESEF implementation next year.

2  Indian debt issuers to submit XBRL compliance filings, feeding central database

XBRL implementation just expanded in India, with all listed debt issuers now required to submit compliance filings in XBRL. While both debt and equity issuers have been reporting financial results to stock exchanges for some time, these wider requirements previously only applied to equity issuers.

Great news – we would be keen to learn about practical use cases for this. Will this information flow directly to third party providers, or are there direct users?

3  What are the digital reporting implications of updating the management commentary?

Many of our readers may be interested in an agenda paper presented at this month’s meeting of the IFRS Foundation’s IFRS Taxonomy Consultative Group (ITCG). In May, the International Accounting Standards Board (IASB) proposed a new comprehensive framework for preparing management commentaries, which accompany financial statements. The framework, currently out for consultation, is intended to reflect the changing reporting landscape, and better meet the broader information needs of today’s investors and creditors.

IFRS pronouncements are always important to the reporting and analysis community. However, we are of two minds when it comes to granular tagging of management commentary as long as semantic parsing and automated interpretation of natural language escapes us.

 

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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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