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XBRL News from Hong Kong and Europe

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

1  Hong Kong prepares for digital tax reporting using inline XBRL

The Hong Kong Inland Revenue Department (IRD) looks set to launch Inline XBRL-based digital tax reporting for business within the next 18 months. It recently published a consultation paper detailing progress so far on its ‘e-Filing Project’ on electronic filing of ‘profits tax returns’ – those used for business rather than individual or property taxes – and setting out its proposals for moving forward.

Swiss cantonal tax offices probably do not benchmark globally, hence they will never know about this. And the Feds will only do what’s approved by the lower level.

2  ESMA publishes 2021 ESEF XBRL taxonomy files and …

ESMA aims to facilitate the implementation of the European Single Electronic Format (ESEF) by providing to XBRL taxonomy files and Conformance Suite test files that reflect the requirements contained in the 2021 draft update to the ESEF Regulation and the 2021 update to the ESEF Reporting Manual.

It may be a little confusing to tag important new documents appearing close to the end of one year and used almost exclusively in the new year with the old year’s moniker, but there you are. Countless hours of editorial team meetings will have been spent on the topic …

3  EIOPA set out a forward looking digital transformation strategy

The European Insurance and Occupational Pensions Authority (EIOPA) published today its digital transformation strategy, to ensure a systematic, balanced and holistic approach to the technological transformation of the European insurance and pensions markets and their supervision that is currently underway.

While this strategy document seems to be set out at a very high (we would have called it meta-level before …) level, its implementation will not be doable without recourse to structured data formats.

 

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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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