XBRL News from Russia, India and ISDA

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

1 Russia’s ready to rumble: IFRS work plan for 2021

The Russian Ministry of Finance has released the ‘Interagency Working Group’s work plan for IFRS applications for 2021’, with a tantalising glimpse of XBRL unification.The working group will cover a wide range of issues relating to International Financial Reporting Standards (IFRS), which were endorsed for use in the Russian Federation in 2011 and have been mandatory since 2012.

The prospect of use of XBRL as a standard interagency reporting format – hopefully in the spirit of SBR – got us all riled up!

2 ICAI plans to use AI to identify non-compliance in financial statements

New Delhi, Jan 15 (PTI) Chartered accountants” apex body ICAI is planning to use artificial intelligence to identify non-compliances with respect to financial statements as part of efforts to boost its review process.

We’re not sure about the consistency of news coming out of India: From the technological and framework side of things, the market seems to be at the cutting edge. But when it comes to the practical implementation, significant gaps seem to be opening up. Concrete insights, anyone?

3 ISDA comments on establishment of a European Single Access Point

On January 15, ISDA submitted a response to the European Commission’s (EC) inception impact assessment on the establishment of a European single access point (ESAP) for financial and non-financial company information. In the response, ISDA highlighted the negative impact of environmental, social and governance data scarcity, the importance of machine-readability of data, and the need to establish non-financial reporting standards prior to digitization.

ISDA comments are usually a good source of insightful, competent and no-nonsense industry perspective. Their concise support of the crucial informational infrastructure that ESAP is going to be affirms this rule.

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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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https://dailyfintech.com/2021/01/21/xbrl-news-from-russia-india-and-isda/