XBRL News from Switzerland, EU and the US

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XBRL News from Switzerland, EU and the US

3 February 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  Digital finance: Federal Council sets out areas of action for coming years

The Federal Council sees great potential for Switzerland as a business location in the digitalisation of the financial market. During its meeting on 2 February 2022, it adopted the report on digital finance, which identifies opportunities and risks, and also sets out specific areas of action.

While the diagnosis is clear – not least thanks to Covid – Switzerland is struggling with the therapy to address its relatively mediocre standing when it comes to digitalisation. We remain unconvinced that the Bernese speed will suffice to tackle this thorny issue.

2  EFRAG releases batch of draft sustainability reporting standards

The European Financial Reporting Advisory Group (EFRAG) continues to steam ahead in the development of sustainability disclosure standards. Its Project Task Force on European sustainability reporting standards (PTF-ESRS) has recently published a batch of several working papers containing draft standards relating to various aspects of sustainability reporting. 

Both ISSB and EFRAG are steaming ahead in their race to develop hopefully complementary and interoperable sustainability reporting standards for the world.

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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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