XBRL International, Inc.

Highlight's from this week's XBRL International newsletter: 📊 The European Banking Authority (EBA) finalises technical standards for the EU's Pillar 3 Data Hub, requiring large EU banks to submit disclosures in XBRL-CSV from mid-2025. 📖 AI-powered Large Language Models (LLMs) could transform XBRL taxonomies, making them clearer, more intuitive, and easier to navigate. 🤖 EIOPA launches a consultation on AI governance in insurance, aiming for transparency and accountability in AI-driven claims, risk assessments, and fraud detection. 📑 ESMA proposes simplified templates for private securitisations, sparking debate on whether structured reporting should be reduced—or strengthened with XBRL. 🇦🇺 Calls grow for Australia to mandate digital financial reporting, aligning with global standards. 📢 Plus much more! 👉 Stay ahead – read the full stories here: 🔗 https://zurl.co/Q40XO #XBRL #DigitalReporting #AI #RegTech #FinancialReporting #Sustainability

XBRL is outdated? That’s news to AI. Thank you to David Harris and colleagues who brought together a number of HLEG veterans today at the “LSEG: EU Sustainable Finance Regulation – the Next Phase” webinar. Great to have strong support for the importance of digital reporting – as the basis of evaluation by a wide range of users. I just want to emphasise that suggestions from some preparers that AI can replace XBRL remain wildly optimistic! Reality check: AI without structured data is like a self-driving car without roads, maps and experience on the road. It might get somewhere, but not where you want to go. #XBRL isn’t a burden; it’s the fuel for AI-powered analysis, ensuring accuracy, comparability, and decision-usefulness. Ditch structured data in favour of AI scraping PDFs? Sure—if you want your investment models built on guesses and markets running on vibes. The only certainty with an AI “magic wand” is that every model will generate a slightly different version of the truth. Investors don’t need hallucinations—they need reliable, traceable numbers and commentary directly from companies, signed off by management. And about that “huge cost” of digital reporting? Companies already sink thousands—often tens of thousands—of hours into annual reports: data collection, consolidation, review, sign-offs, assurance, polished design. The tagging? A few dozen person-hours. A tiny investment for a massive payoff: one definitive, human-and-machine-readable version of the truth that management stands behind. There is more software on the market than ever before, so do shop around. More training? More clarity around assurance? Sure, that all makes sense. Fundamentally, digital reporting means that regulators and investors reap the rewards, but so do issuers: better benchmarking, greater visibility, smoother access to capital. And as digital-first reporting evolves, streamlined systems make compliance easier—not harder. Oh, and XBRL isn’t “old tech.” It’s evolving constantly, modernised for today’s digital reporting needs. High-reward, low-effort, and indispensable for decision-making. Structured data isn’t the problem—it’s the solution. #DigitalReporting #FinTech #RegTech #AI #FinancialData #SustainabilityData

🌟 This week's highlights in digital reporting: 🌟 🔒 The EU’s Digital Operational Resilience Act (DORA) is now in effect. The Legal Entity Identifier (LEI) can help simplify compliance. 📅 The European Securities Markets Authority (ESMA) 's 2024 taxonomy can be used by ESEF filers from 4 February 2025, with issuers also allowed to use the 2022 taxonomy. 🌍 IFAC has released guidance on improving sustainability disclosures through strong governance, automated systems, and accurate digital tagging. 📈 XBRL is paving the way for automation in sustainability reporting as businesses gear up for the EU’s Corporate Sustainability Reporting Directive (CSRD). 🇩🇪 Germany’s BaFin will require insurance and pension fund reporting in XBRL starting in 2025, with resources already available for testing. 👉 Explore these stories and more on our news page. 🔗https://zurl.co/m3p6t #XBRL #DigitalReporting #Sustainability #Innovation

🇰🇼 Kuwait launches mandatory XBRL reporting with the Ifsah 2 XBRL Disclosure System, now live! Listed companies in Kuwait must submit financials digitally, enhancing market transparency and efficiency.📢 Details here: https://zurl.co/xTwQP

Kick off 2025 with insights into the latest highlights in digital reporting. This week, the XBRL International newsletter covers: 📰 ESMA plans to integrate sustainability disclosures into the European Single Electronic Format (ESEF). Stakeholders, make your voices heard—feedback open until 31 March! 🌍 Global momentum builds for ISSB-aligned sustainability reporting standards. From Pakistan to the UK, jurisdictions are committing to structured, comparable, and transparent disclosures. 💻 EBA rolls out Framework 4.0, introducing the Data Point Model 2.0 and new XBRL taxonomies. This upgrade supports evolving EU banking regulations and improves data analysis capabilities. 📊 FASB and ESMA unveil new taxonomies for 2025. Stay compliant and efficient with the latest tools for digital financial reporting. 🇰🇼 Kuwait leads the way with its mandatory Ifsah 2 XBRL Disclosure System. This launch represents a significant leap in financial market transparency and standardisation. ➕ Plus much more! 🚀 At XBRL International, we’re excited to see digital reporting continue to revolutionise transparency, efficiency, and accessibility in 2025. For all the details, visit our news page, and subscribe to the newsletter for weekly updates. 🔗 https://zurl.co/rq4Pu

The final XBRL International newsletter of the year is out now! Don’t miss: 📰 Our review of 2024: three major sustainability taxonomies, AI’s move to centre stage, and why the big endeavours ahead make structured data essential. 📊 Why structured data leaves PDFs far behind in AI analysis – and power of taxonomy metadata for deeper, more accurate insights. 🎯 New guidance out now on designing an effective #XBRL data collection and processing platform, plus a review of other useful material from 2024. 💡 Insights from Joe Atkinson, Global Chief AI Officer at PwC. As AI brings exciting and transformative change, structured data remains as critically important as ever. 🌄 Highlights from a year of new and improved XBRL specifications – easier ways to authenticate reports, check data quality, tag text blocks, and more. 🌍 A quick world tour in 2024 news, with stories from Malaysia, Switzerland, Korea, the Netherlands, Italy and the US. 💻 End-of-year treats for the technically minded – take a look at our latest update spec updates. And in news just in from across the pond, the FASB has published its 2025 taxonomies. ✅ And we welcome Tangelo and Fandascope to the XBRL Certified Software family. Check your inbox now, or visit the news section of the XBRL International website for the full stories: https://www.xbrl.org/news/ We’re in awe of everything our amazing community has achieved this year, and we can’t wait to continue in 2025. As the holidays approach, we’re taking a short break, and we wish a joyous and peaceful season to all those celebrating.

“Unless the data is comparable, unless the data can be used easily, unless the data can be analysed, it’s no use,” says CA (Dr) Debashis Mitra, Past President of The Institute of Chartered Accountants of India (ICAI) and Data Amplified 2024 keynote speaker. We had a fantastic insight into India’s leadership on sustainability reporting, with #BRSR sustainability disclosures already being collected in #XBRL, and its ambitions to do even more. For ICAI, digital reporting, sustainability disclosures and AI are the future. Read more from Dr Mitra in this week’s XBRL International, Inc. newsletter – out tomorrow! – and keep following #DA2024 for coverage.

“We need to think about how data will be accessed and used in the most efficient possible way,” says Phil Fitz-Gerald, Director of Digital Reporting and Taxonomies at the UK’s Financial Reporting Council. He’s strongly focussed on making the most of digital data and on driving up data quality – putting the FRC at the leading edge of digital reporting. Find coverage from Data Amplified 2024 in the current XBRL International, Inc. newsletter. Look out for more this week, and keep following #DA2024 https://www.xbrl.org/news/

📢 Highlights from Data Amplified and more in this week’s XBRL International newsletter 📢 🌍 Data Amplified 2024: structured data at the heart of change: Over three dynamic days in Madrid, Data Amplified brought the digital reporting community together to explore the power of structured data in a rapidly changing landscape. From sustainability mandates to the role of AI, experts highlighted how structured, accessible data is essential for transparency, innovation, and informed decision-making. 🧩 Simplifying XBRL with the Open Information Model :
XBRL International is working on a streamlined approach to taxonomies, boosting usability and compatibility with AI and modern tools. 🇪🇺 CSRD leads the way in sustainability reporting:
EFRAG shared progress on aligning European standards with ISSB and GRI frameworks, advancing global sustainability goals. 💡 FSB tackles AI in finance:
The Financial Stability Board stressed the importance of robust data governance to manage AI risks and ensure transparency. 💻 ISSB webinar on transitioning from TCFD :
Join the 5 December webinar to learn how to adopt IFRS sustainability standards and build on TCFD recommendations. For more details and the full stories, visit the news section on the XBRL International website. 🔗 https://zurl.co/p5hW #XBRL #DataAmplified #SustainabilityReporting #AI

We were blown away at Data Amplified 2024 by Indonesia’s speed, ambition and focus in advancing digital reporting. M. Ali Hanafiah, Head of the Center for Information Systems and Technology at the Ministry of Finance, Indonesia, filled us in on how the highly anticipated Financial Reporting Single Window and eventual national taxonomy will allow companies to submit reports to multiple authorities via a single portal, hugely reducing reporting burdens and creating a single source of truth for financial information. We can’t wait to see its impact in strengthening Indonesia’s financial sector in future. #DA2024