XBRL International, Inc.

📢 Latest Updates from the XBRL International Newsletter 📢 Last week: 🇪🇺 EU to mandate iXBRL for crypto: Europe will require crypto "white papers" to be prepared in iXBRL for rapid analysis. Will ensure rapid and effective analysis of crypto documents by investors and regulators. ESMA will create a taxonomy and permit a simplified template, with no extension taxonomies required. European Commission prioritizing finalization, expected by the end of 2024. Gartner group report supports Inline XBRL for regulatory purposes. XBRL International welcomes this move, highlighting benefits of digital reporting. 🇰🇷 Korean FSS expands XBRL requirements: From 2025, large financial companies listed on KOSPI and KOSDAQ must adopt XBRL for their financial disclosures, enhancing quality and marking alignment with international standards. 📈 IASB chair addresses complexity in financial reporting: Andreas Barckow discusses managing the intricate financial landscape and highlights recent initiatives like IFRS 18 and IFRS 19 aimed at balancing complexity with practical benefits. 🤝 EFRAG on enhancing connectivity in annual reports: New paper explores the integration of financial and sustainability reporting, emphasising the need for coherence, complementarity in annual reports, and leveraging XBRL tagging. 🔐 SEC publishes draft cybersecurity disclosure taxonomy: The new CYD taxonomy supports enhanced digital filing and transparency of cybersecurity disclosures, facilitating compliance with new SEC rules. 🔎 XBRL's role in SEC enforcement: The latest FDTA-compliant SEC report highlights the significant benefits of using XBRL in detecting financial misconduct, reducing information-processing costs, and improving market efficiency. 🌿 IFAC on sustainability reporting assurance: IFAC's new publication guides accountants on the evolving role of sustainability reporting assurance, encouraging phased implementation, collaboration, and robust governance structures to ensure reliable data. 📚 SEC releases final SBS taxonomy: The SEC has published the final Security-Based Swap Taxonomy, integrated into EDGAR 24.2, to enhance transparency and oversight in the swaps market. 🌍 IFC and IFRS Foundation partnership: The IFC and IFRS Foundation have partnered to enhance sustainability reporting in emerging markets, promoting the consistent application of IFRS Sustainability Disclosure Standards. For more insights and the stories in full, got to the XBRL International website's news section. 🔗https://zurl.co/2Yio

🎉 Congrats on a successful 29th Eurofiling Conference! Hosted by the Central Bank of Ireland, the event explored the future of financial, sustainability, and regulatory reporting. Kudos to the Eurofiling Board & Chair Ignacio Boixo! https://zurl.co/rozL #xbrl

📢 European Banking Authority (EBA) has unveiled its implementation plan for Data Point Model (DPM) 2.0, part of Reporting Release 4.0. This update enhances data granularity and management. Transitional period ends Dec 2025.https://zurl.co/vQNa 🔗 #EBA #DPM2 #XBRL

🌍 The @Global Reporting Initiative (GRI) has opened a public consultation on its new GRI Sustainability Taxonomy draft. XBRL experts and sustainability specialists are invited to provide feedback by 11 August: https://zurl.co/RnP7 🔗 #GRI #XBRL #ESG #DigitalReporting

The XBRL Standards Board has just published a Working Group Note on "block tagging" in Inline XBRL reports. 👉 Block tagging involves tagging text content in a report with Inline XBRL tags and has been a practice for years, particularly by the US SEC. Recently, its application in European reports under the ESEF system has presented new challenges. 💡 This Working Group Note dives into the differences between US and European experiences with block tagging and suggests new approaches to enhance its utility. These proposals aim to ease the burden on preparers and reviewers while maintaining the analytical value of narrative disclosures. As sustainability reporting gains prominence, the role of block tags in enriching narrative disclosures becomes increasingly critical. 🔏 We need your feedback on this initial release! Stakeholders are invited to review the proposals and provide feedback by 24 July 2024. Your input is crucial to refining these approaches and ensuring they meet the needs of the global XBRL community. 🔗 Find the Working Group Note here https://zurl.co/kJWn #XBRL #BlockTagging #FinancialReporting #ESEF #SustainabilityReporting #InlineXBRL #FeedbackNeeded

📢 The New Zealand External Reporting Board (XRB) advocates for a government consultation on mandatory digital financial reporting, highlighting its benefits and widespread global adoption. 🔗 More here: https://zurl.co/KPXX #DigitalReporting #XBRL #FinancialReporting

📍XBRL US provides valuable feedback on the draft 2024 SBS Taxonomy to the SEC, suggesting improvements in usability, clarity, and educational initiatives 👉 https://zurl.co/c0Tp #XBRL #SEC #SBSTaxonomy #FinancialReporting

🌐 IASB Chair Andreas Barckow emphasises the growing importance of connectivity in financial reporting, integrating financial and sustainability information for cohesive, comprehensive insights 👉 https://zurl.co/OsQi 📊 #IASB #Connectivity #FinancialReporting #Sustainability

Earlier this month, the Digital Signatures (D6) working group released the Digital Signatures in XBRL 1.0 specification as a Candidate Recommendation. This new specification aims to standardise the use of digital signatures within XBRL and iXBRL reports, ensuring the authenticity and integrity of data. Highlights of this specification include: 🔐 Integration of digital signatures into XBRL reports 📑 Use of XBRL Report Packages to combine signatures with the reports 📊 Support for multiple report formats: xBRL-XML, xBRL-JSON, and xBRL-CSV 🗂️ Technology neutral: the standard works with any relevant digital certificate framework By incorporating digital signatures, organisations can assure stakeholders that the data remains unaltered, enhancing trust and compliance with regulatory standards. We invite you to review the Digital Signatures in XBRL 1.0 specification and join the call for implementations to test and refine the results! For a deeper understanding and to explore the full specification, click here: https://zurl.co/eZKS #XBRL #DigitalSignatures #DataSecurity #FinancialReporting #Innovation #Fintech #Compliance #Transparency

Join us on 3 or 4 June for 'Dive into the #ISSB Taxonomy', where alongside ClimateWorks Global Intelligence we will share key insights for climate data specialists, issuers, accountants, regulators, and software vendors. 🔗 https://zurl.co/XGEl #DigitalReporting #ESG