XBRL News from Switzerland, Nigeria and ISDA

admin 31 March 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 Federal Council initiates consultation on ordinance on climate reporting

At its meeting on 30 March 2022, the Federal Council initiated the consultation on the implementing ordinance on climate reporting for large Swiss companies. The ordinance fleshes out existing legal provisions on reporting on non-financial matters in the Swiss Code of Obligations. The consultation will run until 7 July 2022.

The draft ordinance is calling for companies to report about the climate domain in an “internationally recognised machine readable format”, which the explanatory report specifies as XBRL. This may well be the first time the famous four letters print in a Swiss legislative document – we certainly support!

2 Nigeria’s financial reporting language to be ready by 2023

The Financial Reporting Council (FRC) of Nigeria says the development of its ongoing extensible Business Reporting Language (XBRL) will be ready by 2023, hoping that the language will lift the gridlock that has been hovering over the financial sector for years.

Looks like Africa’s largest economy will soon join the XBRL bandwagon, joining Mauritius and South Africa.

3 Digital Regulatory Reporting: Market and Regulatory Initiatives

The complexity and cost of global efforts to improve the data quality of derivatives regulatory reporting create a variety of challenges for market participants and policy-makers. These concerns – and the opportunity to mitigate them as major changes to reporting rules are implemented over the next two years – have become a powerful impetus behind digital regulatory reporting (DRR) initiatives.

ISDA, the Internationals Swaps and Derivatives Association, is the global trade body standardising everything financial derivatives. Hence this paper presenting an overview of DRR offers a useful institutional perspective.

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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.

For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives.

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XBRL News from Switzerland, Nigeria and ISDA