Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.
The International Accounting Standards Board continues to consider the feedback to its Third Agenda Consultation on its priorities for 2022-2026.It began discussions at its February 2022 meeting, and while it has thus far agreed to leave its activities largely unchanged we are pleased to note that it has decided to “slightly increase the current level of focus on digital financial reporting.”
Seeing how taxonomy maintenance and development is already a core part of the standard setter’s processes, it is encouraging to note that the organisation intends to increase the focus even more.
“For businesses the world over, confidence in digital authenticity is in short supply,” writes Stephan Wolf, CEO of the Global Legal Entity Identifier Foundation (GLEIF). “As businesses increasingly cooperate and transact remotely and across borders, the systems they use to establish trust also need to evolve.”
The Legal Entity Identifier (LEI) is the logical corollary to digital reporting, hence progress on its secure validation can only be welcome.
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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