XBRL News from the US and Switzerland

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

1  What to look for in the SEC climate disclosure proposal

The U.S. Securities and Exchange Commission is expected to announce its proposal to enhance climate disclosure rules, perhaps before the new year, after months of public comments from corporate leaders, nonprofit organizations, and others. Based on those comments, statements from SEC Chair Gary Gensler and colleagues at the SEC, and what’s happening internationally, here’s what my teammates and I at Workiva will be looking for in the upcoming proposal.

The USA is beginning to catch up with the rest of the world on climate disclosure. About time. Read about Workiva’s perspective on this important crucial development. Note that this author has a commercial interest. 

2  Auditchain protocol launches on testnet

Auditchain Labs AG, the developer of the world’s first decentralised accounting, financial reporting, audit and analysis virtual machine for assurance and disclosure, has launched its network client “Pacioli” on the Goerli Ethereum test network. The DCARPE Alliance Association and Auditchain Labs AG – the developer of the Pacioli client – is extending an invitation to all Chartered Accountants and CPAs to participate in additional testing.

The crypto space will soon acquire a new feature: with the launch of auditchain on the Ethereum testnet, the commercial launch of this continuous audit and reporting ecosystem comes an important step closer. Note that this author has a commercial interest. 

3  SEC modernises filing fee rules

On October 13, 2021, the U.S. Securities and Exchange Commission adopted final rules that amend several fee-bearing forms, schedules, statements and related rules to modernize filing fee disclosure and payment methods for securities transactions. The amendments, which will require each filing fee table and related disclosure to be filed as an exhibit in a structured format, will add options for fee payment via Automated Clearing House (ACH) and debit and credit cards, and eliminate fee payments by paper checks and money orders. 

Well, why not, we say!

 

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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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