Here is our pick of the 3 most important XBRL news stories from the last week.
1 180 XBRL projects around the world
With all this said, it is shocking to note that Switzerland continues to be a white spot on the XBRL world map. Terra nullius – go figure.
2 Capital Markets Update: ESEF reporting requirements and updates to the Market Abuse Regulation
In 2013 the Transparency Directive was amended to include, inter alia, a requirement for issuers (whose securities are listed on the Official List of the Malta Stock Exchange or on any other EU regulated market) to prepare their annual financial reports (AFRs) in a single electronic reporting format (ESEF), thereby making reporting easier for issuers and facilitating accessibility, analysis and comparability of annual financial reports.
Last week, we threatened to provide a list of jurisdictions that allow their residents to delay the ESEF reporting requirements. Unfortunately, no such list appears to have been forthcoming, yet. We hear from good sources that no such list exists at this point, but will keep you posted when it appears. ESMA, we are awaiting your public service announcement!
3 Will new resource extraction payment disclosures be useful?
In December 2020, the US Securities and Exchange Commission (SEC) adopted new rules on resource extraction payment disclosure, which require XBRL-based reporting for the first time. The rules require public companies involved in extractive industries to report annually on payments made both to the US Federal government and to foreign governments for the purpose of commercial development of oil, natural gas or minerals.
This novel type of disclosure outside of the framework of conventional reporting may indeed turn out to be a very effective tool to address issues in an otherwise opaque industry. Sunlight is the best disinfectant, they say.
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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