Ez-XBRL Solutions

The European Securities Markets Authority (ESMA) published the 2024 edition of its ESEF reporting manual yesterday. The changes are minor but include guidance on anchoring and handling empty or "dash" facts. Key points for software vendors: ESMA now requires the use of XBRL Report Packages specification 1.0. Important minor amendments are on page 30 regarding XHTML markup of block-tagged text. ESMA recommends fully utilizing the XBRL Calculations 1.1 specification, now adopted by the IFRS taxonomy. #XBRL #ESMA #ESEF #financialreporting https://lnkd.in/gxGcA5us

#news - The IFC and IFRS Foundation are partnering to enhance sustainability and climate reporting in emerging markets. They aim to promote the adoption of IFRS Sustainability Disclosure Standards through capacity-building and tailored support initiatives, building on past successes in countries like Bangladesh and Jordan. #IFC #IFRS #disclosure #Sustainability https://lnkd.in/eQyegTwT

#news The SEC has released the final Security-Based Swap (SBS) Taxonomy, which will be included in the EDGAR 24.2 update. This integration enables swap trading entities to digitally file compliance and risk-management data. This update follows the SEC’s recent rule on Security-Based Swap Execution and Registration of Security-Based Swap Execution Facilities (SBSEF). Adopted last year, the SBSEF rule addresses conflicts of interest and enhances market efficiency, setting guidelines for registration and oversight. #SEC #SBSEF #EDGAR #Taxonomy https://lnkd.in/dRWq3mh7

News - IFAC initiates global discussion on sustainability assurance with new publication The International Federation of Accountants (IFAC) has published guidance on the future of sustainability reporting assurance, highlighting the crucial role accountants will play. Global regulators are creating mandatory sustainability reporting frameworks. IFAC encourages accountants to embrace their evolving role, noting that these new requirements will take time to mature and may differ from traditional financial reporting assurance. Companies must develop governance structures and controls for reliable sustainability reporting, including greenhouse gas emissions. IFAC suggests a phased approach to assurance, starting with limited engagements on specific topics like climate change. IFAC emphasizes collaboration among accountants, regulators, preparers, and investors to deliver reliable, harmonized sustainability assurance, adhering to global standards set by the IAASB and IESBA. #IAASB #IESBA #IFAC #climatechange #sustainability https://lnkd.in/dwbrpdtT

News - SEC emphasizes XBRL's importance in improving enforcement actions The US Financial Data Transparency Act of 2022 (FDTA), effective from December 2022, requires the SEC to report on the use of machine-readable data for corporate disclosures. In its third report, the SEC outlines the public and internal uses of XBRL data, the benefits and costs, enforcement actions, and its own data usage. These reports will continue biannually until December 2029. The SEC emphasizes the benefits of XBRL in enforcement, allowing efficient analysis of corporate disclosures and accounting practices. Tagging disclosures in XBRL has helped detect earnings management and financial misconduct, leading to actions against six public companies and several individuals over the past four years. #SEC #XBRL #finacialreport #FDTA https://lnkd.in/gRFGSkZB

#news SEC releases draft Cybersecurity Disclosure taxonomy The SEC has released a draft Cybersecurity Disclosure (CYD) taxonomy to aid in implementing the new Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure rules. This taxonomy, using Inline XBRL, improves digital filing and transparency of cybersecurity information. The rules mandate timely disclosure of significant cybersecurity incidents and annual updates on cybersecurity risk management, strategy, and governance. The draft CYD taxonomy is intended to streamline this reporting. #sec #cybersecurity #CYD #taxonomy #xbrl https://lnkd.in/gEXqxUNB

#blog The Impact of New Regulatory Changes on RXP Reporting in 2024 RXP (Regulatory Expense and Payment) reporting is a specialized process where organizations document and disclose their financial transactions and expenses that pertain to regulatory activities. This type of reporting includes the detailed recording of payments made to regulatory bodies, compliance costs, and any other financial activities that fall under regulatory scrutiny. Click to read - https://lnkd.in/gvWdErEq #RXP #reporting #regulatory #data #financialreporting

#news EFRAG PUBLISHES PAPER ADDRESSING INTERPLAY OF CONNECTIVITY AND ANNUAL REPORT BOUNDARIES Last week, the European Financial Reporting Advisory Group (EFRAG) issued a paper titled "Connectivity Considerations and Boundaries of Different Annual Report Sections," as part of EFRAG’s research initiative on the convergence between financial and sustainability reporting. The document examines the burgeoning concept of connectivity, recently integrated into mandatory sustainability reporting frameworks such as the European Sustainability Reporting Standards (ESRS) and the IFRS Sustainability Disclosure Standards. It details the theoretical underpinnings, categories, and advantages of connectivity, emphasizing the necessity for coherence and complementarity in annual reports. Connectivity endeavors to bridge the typically segregated areas of financial and sustainability reporting, thereby preventing redundant disclosures and addressing informational deficiencies. The paper investigates the ambiguous aspects of reporting boundaries, such as climate-related commitments and unrecognized intangibles, and proposes measures to mitigate these challenges. Recommendations include the implementation of XBRL tagging, the development of a conceptual framework for sustainability reporting, and the enhancement of management commentary guidelines. Jens Berger, Chairman of the EFRAG Connectivity Advisory Panel, and Leo van der Tas, Subgroup Leader, highlighted the paper’s significance in elucidating the concept of connectivity and its advantages. This resource will assist stakeholders in comprehending the interaction between various sections of annual reports, thereby fostering transparency. #EFRAG #Financial #reporting #xbrl https://lnkd.in/ghqAAy4B

#news Complexity in focus—keynote address by the IASB Chair Last week, Andreas Barckow, Chair of the International Accounting Standards Board (IASB), addressed the IFRS Foundation Conference, shedding light on the increasing intricacies of financial reporting and how the IASB is tackling these challenges. Barckow emphasized the complexity of the modern business landscape, with its myriad risks impacting the financial sector. He acknowledged the difficulties this complexity brings to companies, investors, auditors, and standard setters, underscoring the need for effective communication and informed decision-making. While IASB standards aim to accurately reflect economic realities, Barckow admitted that they can sometimes add to the complexity. To address these issues, the IASB is implementing practical measures to manage complexity. These include prioritizing projects, fostering collaboration among technical teams, and working to improve the adoption of the IFRS Accounting Taxonomy and digital reporting engagement. Barckow also pointed to recent initiatives like IFRS 18 and IFRS 19, which seek to balance complexity with practical advantages, enhance comparability, and simplify accounting for subsidiaries. #IFRS #IASB #taxonomy #subsidiaries #xbrl https://lnkd.in/erBbBW4U

#blog Navigating the 2024 Closed-End Fund (CEF) Landscape: Key Trends and Insights Closed-End Funds (CEFs) are investment funds that raise a fixed amount of capital through a New Fund Offer (NFO) and list their shares on stock exchanges. Unlike mutual funds, CEFs do not issue or redeem shares after the NFO, maintaining a fixed capital structure. Shares of CEFs can trade at a premium or discount to their Net Asset Value (NAV), and they can invest in a variety of asset classes, often using leverage to enhance returns. Managed by professional portfolio managers, CEFs are known for their potential to generate regular income, making them attractive to income-focused investors. They offer diversification by providing access to a wide range of investments, including less liquid and potentially higher-yielding assets. #fund #xbrl #investment #assest #CEF #NFO #closedendfund https://lnkd.in/gf4YYn3K