Here is our pick of the 3 most important XBRL news stories this week.
While b.link does not yet support XBRL, it is an important example for a gated, multi-purpose data exchange platform enhancing data governance across institutions. A future use case may be the collection of XBRL financial reports by banks’ credit departments, but given Switzerland’s ultra-slow adoption of the standard, this may be some time off.
The JSON syntax is a lightweight data interchange format and is supported by a huge number of existing web libraries and data analysis applications. It’s also easy to understand. xBRL-JSON allows you to represent business reporting data using this syntax, in a highly atomic manner, that lends itself to immediate use by a range of off the shelf tools and libraries.
The upcoming standard specifications are important bridges between the world of structured and unstructured data, which will enhance the scope and applicability of the evolving AI tool set to business information.
The UK’s “Corporate reporting in structured data formats” initiative (aka Inline XBRL for public companies aka ESEF for the UK) is mentioned and there is no indication that planned timelines have been altered by Covid-19.
It is reassuring to see that not even the perfect storm of Brexit and Covid-19 combined are capable of stopping the progress of important regulatory infrastructure developments in Britain. Take that, bug!
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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