XBRL News for investors, Australia, and data quality – Daily Fintech

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Here is our pick of the 3 most important XBRL news stories this week. 

1 Investor Forum 2020: Ready for anything

This item alone would be worth all three item slots, as it covers the presentations from XBRL US’s investor forum. Speakers include an SEC commissioner and representatives from Morgan Stanley and CFA Institute. You can even find out how to get your hands dirty, metaphorically speaking, of course.

2 Digital reporting: the way forward for financial reports

When it comes to financial reporting, the Portable Document Format (PDF) has many advantages, but flexibility is not one of them. Retrieving data from PDF documents for analysis can be a slow process, for both internal and external users of financial information. In the US and several other jurisdictions, financial reporting has moved into the digital era. But Australian companies have yet to go down that path.

Down under has been notably absent from these columns, and with good reason: Just like the land of cheese and watches, it does not know an XBRL mandate. But perhaps not for too much longer, as this overview article posits.

3 ESMA’s new powers put to use on data quality

Revised regulation recently gave the European Securities and Markets Authority (ESMA) some new so-called “convergence” powers to identify and co-ordinate supervisory priorities in response to key risks across the Union. This coming year, ESMA has identified market data quality as one of its Union Strategic Priority.

Numerous digitalisation efforts at the EU level are all pushing in the same direction, not just in financial markets. But in that domain, a lack of focus on quality will become evident in the fastest way possible.

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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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