Great article in Fed Scoop about new legislation being introduced in Congress that would take the XBRL global data standard -- created by the accounting profession -- and build-out across all federal financial agencies for better transparency and accountability. Using the machine-readable,...
The document complements the FINMA Guidance 04/2017 and provides further information and clarification on how the authority aims to employ the financial markets legislation by dealing with ICO organisers.8 Footnotes 1) FinTech Action Plan: For a more competitive and innovative European financial sector 2) Proposal for a Regulation of the European Parliament and of the Council on European Crowdfunding Service Providers (ECSP) for Business 3) ESMA, EBA and EIOPA warn consumers on the risks of Virtual Currencies 4) ESMA Highlights ICO Risks for Investors and Firms 5) Regulation (EU) No. 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) 6) Regulation (EU) No. 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC 7) Directive (EU) No. 2015/849 of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing 8) FINMA publishes ICO guidelines Information about the use of XBRL for better access to financial and non-financial data for global investors: The European Financial Transparency Gateway, is a proof of concept index for financial reporting being developed by the European Commission’s DG FISMA
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Today, the numbers are flipped – more than 80 percent of S&P 500 assets are intangible—we’re talking about brand names, patents, and investments to enhance worker skills and effectiveness.” Strategic Finance Magazine has published several articles on the new opportunities opening-up to management accountants as these new data sets come under the review of the finance team as they prepare an integrated report to investors and the global capital markets.
Currently this disclosure has NOT been mandated by the US SEC and CFOs and finance teams are looking for guidance from the US government on disclosing this important data to support a growing investor interest marketplace. Many finance teams in the US are looking to other countries where securities regulators have mandated non-financial disclosure for direction such as in the EU, Japan and other Asian countries
Will they help their finance team gather this data and create internal systems in place to manage and report this new information to company stakeholders
The International Organization of Securities Organizations (IOSCO) issued a press release today stating that securities regulators from growth and emerging markets are seeking public feedback on proposed recommendations related to the development of sustainable finance in capital markets and the role of securities regulators in this area
President Trump on January 14, 2019 signed into law the Foundations for Evidence-Based Policymaking (FEBP) Act ( H.R. 4174 , S. 2046 ), which includes the Open, Public, Electronic, and Necessary (OPEN) Government Data Act (Title II). Strategic Finance Magazine published the following article I wrote on this topic in the February 2019 issue
Read Brad Monterio's article on XBRL and its benefits to management accountants in the April 2016 issue of Strategic Finance Magazine
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