Here is our pick of the 3 most important XBRL news stories this week.
1 EU allows member states to delay introduction of ESEF by one year
The European Parliament and the Council also agreed today to an amendment of the Transparency Directive allowing Member States to delay by one year the application of the European Single Electronic Format (ESEF) requirements for listed companies’ annual financial reports, provided that they notify the Commission of their intention to do so, and of their sufficiently justified reasons.
Tucked away in the second half of a press release about Coronavirus published last Saturday, the EU opens the window for member states to delay application of the ESEF mandate by a year. Seeing how this option becomes available a week before the winter break when accounting politics grinds to a halt, we doubt (and hope!) that any country over and above the UK, which already has taken the liberty to bow out anyway, will follow suit now. Issuers will have made their preparations long ago in any case.
2 From data reporting to data sharing …
Regulatory data are the backbone of effective financial sector supervision, but regulatory reporting is a complex and costly process. Different types of innovations try to make the regulatory reporting process more efficient and effective. This paper covers regulatory reporting initiatives at 10 financial authorities that are implementing or have implemented these innovations.
While the paper does not even mention our four letter acronym of choice, its reach within the novel regtech / suptech ideas and concepts discussed is pervasive. The need for more granular structured data to be delivered or shared through new channels inevitably will up the tech game at the authorities as well. Watch this space!
3 Общеевропейский формат электронной отчетности учитывает теперь все последние МСФО
Европейская организация по ценным бумагам и рынкам (ESMA) представила два дня назад предварительный вариант исправлений к европейской “Таксономии” – общеевропейскому формату электронной отчетности European Single Electronic Format(ESEF). Отныне он учитывает все последние обновления в международных стандартах финансовой отчетности.
Going forward, we will include the occasional non-English language news item in this service because … well, we can. And so can you! Have you already tried the new web page translation feature with which you can translate pages in your browser with one click only? It’s available on Safari now and works really well – give it a shot!
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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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