XBRL News from XII, FASB and SEC

admin 2 June 2022 Technology & Digitalization 0

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

1 Revisions to Calculations 1.1 ensure global utility

The XBRL Standards Board has approved a second Candidate Recommendation of the Calculations 1.1 specification, with improvements to ensure full international applicability. The Calculations specification is designed to play a supporting role, providing enhanced calculation functionality for XBRL reports.

Here’s a nice example of the detailed technical specification work involved with maintaining a globally established data format.

2 FASB issues further draft taxonomy implementation guidance

The US Financial Accounting Standards Board (FASB) has published another in its series of Taxonomy Implementation Guides relating to the 2022 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy (collectively the ‘GAAP Taxonomy’). It addresses ‘Disclosures about Offsetting Assets and Liabilities,’ providing support to users of these latest XBRL taxonomies in digital filings to the Securities and Exchange Commission (SEC).

Continuing with illustrations of technical aspects, here’s one that’s one layer up.

3 ESG investment and company names: SEC issues new digital reporting requirements

The US Securities and Exchange Commission (SEC) has this week published two new rules that include XBRL reporting components, both now open for public comment. A proposal on ‘Enhanced Disclosures by Certain Investment Advisers and Investment Companies About ESG Investment Practices’ would require firms to report on environmental, social, and governance (ESG) information relating to their investment strategies in Inline XBRL format.

Yet another level up, now veering into the political.

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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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XBRL News from XII, FASB and SEC