XBRL News from both sides of the Channel and the future
Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.
1 Going digital: FRC offers advice on structured reporting transition
A highly useful new report from the UK Financial Reporting Council’s Financial Reporting Lab aims to support companies in the move towards high-quality digital reporting. Titled ‘Structured reporting: an early implementation study,’ it draws on a review of 50 early structured reports from across the UK and Europe as companies begin the transition to the Inline XBRL-based European Single Electronic Format (ESEF). These were either prepared voluntarily or originated in countries where ESEF requirements have already come into force this year.
We are happy to see that the UK FRC is not just signing off from this important EU initiative!
2 The future is here: xBRL-CSV and xBRL-JSON reach Recommendation status
Celebrate with us as we open another exciting chapter in the XBRL story! We are absolutely delighted to announce that XBRL International’s suite of new specifications, among them xBRL-CSV and xBRL-JSON, was unanimously approved to final Recommendation status by our Board of Directors on 13 October. These bring new and flexible ways to get the most out of digital reporting with XBRL.
Great news! But we still don’t know why the x in xBRL is small caps …
3 A “small revolution”: a French perspective on ESEF and its opportunities
We were interested this week to read reflections on the changeover to the European Single Electronic Format (ESEF) and Inline XBRL for financial reporting in Europe, from members of the French Society of Financial Analysts (SFAF, La Société Française des Analystes Financiers) Evaluation Commission. For the authors, digitisation is a radical and irreversible change that brings a new reporting landscape of risks and opportunities, and must be embraced. “It is imperative that analysts become familiar with the possibilities offered by this technology,” they argue.
We could not agree more with the stated need for financial analysts to understand and take advantage of the new information channels provided by structured 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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