Here is our pick of the 3 most important XBRL news stories this week.
1 Q2 XBRL filing quality score
Paying close attention to your company’s XBRL filing quality is essential for your company to control the messaging to the investors, analysts, the public, and the SEC.
It’s a bit of a pity that this score sheet doesn’t receive better attention – but then again, that is not surprising, given how hard their publishers make it to discover … you need to be on LinkedIn to access this quarter’s score.
2 XBRL updates for COVID-19 requirements
In response to measures related to the COVID-19 crisis, the European Banking Authority (EBA) has issued updated reporting and disclosure requirements. These are designed to accommodate, for instance, emergency legislation on pausing loan repayment schedules and the resulting impact on financial institutions.
Now that the dreadful virus is firmly ensconced in our societies, it’s time to adapt reporting templates to understand the impact it has on companies.
3 EFRAG appoints ESG Standards task force
Having established a task force, the European Financial Reporting Advisory Group (EFRAG) is poised to proceed with the development of non-financial reporting standards, which, if implemented, would increase comparability, relevance and reliability of non-financial information.
The importance of this move for global ESG reporting is hard to overstate. The EU is the most advanced regulatory body beginning to address the most burning issue in ESG reporting, which is the lack of a coherent reporting standard.
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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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