XBRL News about Switzerland, BDCs and CSRD

admin 30 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 XBRL Switzerland publishes its response to the climate ordinance consultation

We are happy to comment on the regulation on reporting on climate issues in due time as part of the consultation procedure. Please note that we do this as a non-profit association XBRL Switzerland, the Swiss jurisdiction of XBRL International founded in 2008. XBRL International is a global non-profit consortium that controls and develops the freely available, globally established data standard eXtensible Business Reporting Standard (XBRL).

Unsurprisingly, XBRL Switzerland is fully supportive of the proposed mandate for Swiss companies to provide their mandatory climate reporting in both human and machine readable ways, even though this should be in one document rather than two. The proposal is in fact the first time that XBRL would be mandated in Switzerland. Fingers crossed!

2 XBRL reporting rules for BDCs come into effect as SEC adopts new electronic filing requirements

On August 1, 2022, the SEC’s structured data reporting rules governing business development companies will become effective. These rules, which were originally adopted in April 2020, require BDCs to tag certain submissions using Inline eXtensible Business Reporting Language (Inline XBRL). This process involves embedding XBRL data directly into a filing, ensuring that the document is both machine and human-readable. The rules direct BDCs to tag certain prospectus items using Inline XBRL.

Reporting requirements with XBRL continue to be expanded, this time to business development companies, which in spite of the generic term are actually a type of closed-end fund investing in private market instruments. Thus limited scope …

3 EU announces agreement on CSRD

The Council of the European Union and the European Parliament have this week reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD), a crucial step towards passage of this law. The CSRD is the EU’s legislative proposal to enhance sustainability disclosures and address shortcomings in the existing rules, providing improved information to investors and other users and facilitating the transition to a sustainable economy.

CSRD will be a watershed piece of European legislation with far-reaching, extraterritorial impact on everything corporate reporting.

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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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BCD climate CSRD Default/Ignore SEC Switzerland XBRL

XBRL News about Switzerland, BDCs and CSRD