XBRL News about HK tax reporting, project Ellipse and ESEF

admin 14 April 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 Getting ready for XBRL tax reporting in Hong Kong with draft taxonomy package

Hong Kong’s Inland Revenue Department (IRD) has released a preliminary version of its new IRD Taxonomy Package, in order to facilitate preparations for digital tax reporting. As set out in a recent consultation, the e-Filing Project will implement Inline XBRL, or iXBRL, to enhance the efficiency, reliability and accuracy of data collection from businesses.

Great to see yet another use case digitised reporting. We would be curious to learn more about the unit economics of HK tax reporting (what’s the incentives for filers?) and how one size cannot fit all.

2 Project Ellipse completes prototype supervisory analytics platform

The Bank for International Settlements (BIS) Innovation Hub Singapore Centre and the Monetary Authority of Singapore (MAS) have completed the development of their ambitious prototype platform integrating regulatory data and analytics. Known as Project Ellipse, it aims to show how a wide range of structured and unstructured data can be combined to help regulators identify potential risks, offering quick access to early warning indicators, analytics, and prudential metrics for banking supervision.

The BIS hosted innovation hubs continue to create noteworthy concept studies. The world of central banks certainly has woken up to the challenges of digital finance – watch the DeFi^22 conference.

3 Numbers on the up: over 2000 ESEF filings all in one place

We now have more than 2,300 European Single Electronic Format (ESEF) filings available to view, analyse or download at filings.xbrl.org. On this site, we aim to collect as many ESEF reports as possible to make them easy to access, explore and analyse.

XBRL International provides a very worth while stop-gap solution until ESAP arrives. It would be even better, though, if the XBRL Filed Data Google Sheets add-on would also be enabled to access that data – can’t be that hard, can it?

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Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

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XBRL News about HK tax reporting, project Ellipse and ESEF