XBRL News from Singapore, the UK and Europe
Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.
The Monetary Authority of Singapore (MAS) has announced that it will pilot four interoperable digital platforms to address the financial sector’s need for good data on sustainability. Forming part of MAS’s Project Greenprint aiming to harness innovation and technology to promote a green finance ecosystem, they will be developed in partnership with industry.
These look like highly ambitious, next-level projects which are hugely dependent on the quality of input data. This is not quite assured for now, of course …
“Digital data is a key component of a well-functioning capital market,” say the UK’s Financial Reporting Council (FRC) and Financial Conduct Authority (FCA). Mandatory structured reporting is around the corner for the UK: from 1 January 2022, certain companies will be required to submit their annual financial reports (AFRs) in the Inline XBRL-based European Single Electronic Format (ESEF).
There’s a hard to translate German expression “waving the fence post”, which is roughly giving a broad hint. We hope companies actually get the broad hint that the FRC is giving them here …
For anyone who missed it this week, the second Accountancy Europe webinar on ESEF in Practice is now online to watch in full. It was held in partnership with AMANA on 15 November, with expert speakers drawn from across the Big Four.
Thanks to the Covid-induced delay of the ESEF mandate in most EU jurisdictions, ESEF is a gift that keeps on giving.
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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