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Alarmed by blog article being published that says XBRL is obsolete and XBRL data tagging within financial and business reports will be replaced by Blockchain. The blog goes on to say --  As reported in  this article  from  Bloomberg BNA , speakers at the American Accounting Association conference held this week, including a FASB member and accounting technology experts, appear to have been downright hostile to XBRL (eXtensible Business Reporting Language). The blog basically said that XBRL is obsolete and XBRL will be replaced by Blockchain... In January 2018, I wrote an article in Strategic Finance Magazine about XBRL and Blockchain and how they ...
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Interesting that the Municipal Bond Rulemaking Board is seeking public comment about making the municipal bond market more transparent to the capital markets. Management accountants working in government agencies play a major rule in preparing municipal annual financial statements and notices of the occurrence of certain material events (including notices of defaults, rating downgrades, events of taxability, etc.) to protect the public interest. As of 2011, the municipal bond market was valued at $3.7 trillion. [2]  Yet, the  Electronic Municipal Market Access  system (EMMA) at  http://emma.msrb.org  operated by the  Municipal Securities Rulemaking ...
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Great comment letter from Rutgers University on the need for the IPSASB to move forward with XBRL to match private sector efforts. In the United States  the Government Accountability Office (GAO) reported that federal agencies exceeded $144 billion in improper payments in fiscal 2016 , up from   $137 billion   in 2015. Using machine-readable data reporting can help end improper payments (using taxpayer dollars) and lead to better government spending and accountability. Right now the US Government like the governments below DON'T HAVE A DIGITAL REPORTING STANDARD like XBRL for reporting -- we don't know where taxpayer dollars are being spent or can measure ...
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بعد أن أقامت جمعية المحاسبين الإداريين بالرياض بالتعاون مع جامعة الأمير سلطان ملتقى عن الحوكمة في القطاع العام والذي شارك به كلا من الدكتور محمد آل عباس، عضو مجلس الشورى والدكتور عبد العزيز الوذناني، رئيس قسم المحاسبة في جامعة الفيصل والأستاذ حسن آل باحص، رئيس مجلس الجمعية لفرع الرياض.   نضع بين أيديكم أهم الأسئلة والأجوبة التي تم طرحها خلال الملتقى والذي تطرق إلى الحديث عن الحوكمة من وجهات نظر مختلفة والتحديثات التي تطرأ عليها من حين لآخر والطرق المتبعة في تطبيقها وكيفية نجاحها في ظل وجود مراجعة داخلية فعّالة، للحد من التحديات والعوائق التي تواجه عملية التطبيق وكيفية ارتباطها برؤية المملكة ٢٠٣٠.   أسئلة ملتقى الحوكمة في القطاع العام ...
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Great article in FWC about the status of XBRL as required in the DATA ACT. FCW provides federal technology executives with the information, ideas, and strategies necessary to successfully navigate the complex world of federal business. The DATA ACT passed by the US Congress unanimously and passed into law by President Obama in 2016 uses the global XBRL data format for accounting. XBRL continues to move forward in providing greater transparency in taxpayer-paid government financial transactions transparency but the road toward accountability and transparency has not been easy - but the results have meant better government management of programs to serve ...
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Join us at the IMA Middle East Regional Conference 2018 #MERC18 in Amman, Jordan on September 15-16, 2018 for 10+ continuing education sessions, networking events, dynamic speakers, and more! Register today: http://bit.ly/MERC18Amman Follow us (IMA Riyadh Chapter): Twitter            LinkedIn Page           LinkedIn Group           
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Yesterday the US Securities and Exchange Commission moved forward with mandating Inline  eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds.  The amendments are intended to improve the quality and accessibility of XBRL data.  Here’s the  143-page adopting release  from the US SEC to filers. The amendments, which will go into effect in phases, require the use of Inline XBRL for financial statement information and risk/return summaries.  Inline XBRL has the potential to benefit investors and other market participants while decreasing, over time, the cost of preparing information for submission to the Commission.  ...
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More than 2/3 of the world’s capital markets are using the IMA supported XBRL global structured data format for both financial and nonfinancial disclosures. More than 100 regulators in more than 70 countries have mandated the use of XBRL for financial and business reporting which includes financial, tax or government data used to drive both the capital markets and government services. As regulators, investors, companies, government and analysts increasingly use XBRL data for their analyses the market need for digital assurance of the specific reported data elements using XBRL will increase – especially as data is separated from original disclosure documents ...
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Building a Leadership Development Program That Works    Creating a leadership development program for your accounting and finance staff is a way to offer them the opportunity to develop the skills they need to move up within your organization and grow professionally. These programs can generate other benefits, too, including helping your employees to feel more connected to the business, and understand how their work adds value.  Building an effective program takes commitment and focus — for the company as well as for the employees aspiring to become future leaders for the organization. The following steps can help ensure you create and maintain a leadership ...
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Gartner released a study Fostering Data Literacy and Information as a Second Language: A Gartner Trend Insight Report . They expect that by 2020, 80% of the organizations will initiate competency developments in data literacy.  Furthermore by 2020, 50% of the organizations will lack sufficient AI and data literacy skills which will impact their ability to be successful and competitive.   Gartner defines data literacy “as the ability to read, write and communicate data in context, including an understanding of data sources and constructs, analytical methods and techniques applied, and the ability to describe the use case, the application and resulting value. ...
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Just came back from the European Accounting Association in Milan, Italy (which the IMA served as one of the sponsors) and heard interesting news from the IMA’s Italy Chapter President – Mr. Francesco Aldo De Luca about the new EU e-Invoicing Directive and what is happening in Italy and its impact on management accountants involved in IT, FinTech, RegTech and data analytics.  Could technologies like XBRL be linked in this effort related to what securities regulators are doing to tag specific data elements for better data analytics in the capital markets? Will LEI be applied to e-Invoicing to manage an organization's business relationships to better manage ...
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The IMA Riyadh Chapter in cooperation with PSU University conducted a valuable symposium on Governance for Public Sectors. It was joined by the speakers: Dr. Mohammed Al Abbas, Member of Shoura Council and Dr. Abdulaziz Al Waznani, Head of Accounting Departments in Al Faisal University and Mr. Hasan Al Bahes, IMA Chairman, Riyadh Chapter.   During the symposium they defined the meaning of governance from different perspectives and the frameworks applied in Public sectors in Saudi, the mechanisms of its implementation, the challenges and obstacles facing the implementation and how it's linked with vision 2030.   This great discussion of this symposium ...
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In a forthcoming issue of SF Magazine , Jeffrey Thomson, CEO of the Institute of Management Accountants (IMA), and I co-authored an article about how to build trust in non-financial information by using the COSO Internal Control – Integrated Framework (COSO ICIF) and technology effectively. The article is the continuation of a journey we began in late 2017 to help raise awareness among management accountants that: COSO’s global internal controls framework was designed and intended for financial and non-financial information (i.e., despite perceptions that it was intended primarily for financial disclosures as seen with SOX 404) Although nascent among ...
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Summary information from Paul Zito form RGP at Exports from Chapter Meeting on Wednesday, April 18, 2018. Export Assistance in Northwest Ohio If you have any questions please contact Paul Zito: Telephone: 419-252-2700 ext 304 Cell phone: 419-350-3647 email: zito@rgp.org
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Watch out United States EDGAR Online – the European Union is building a “next generation” -- “EDGAR-LIKE” corporate disclosure platform to be used by 28 EU member states for global investors that will be built upon BLOCKCHAIN and global financial and non-financial data access standards like eXtensible Business Reporting Language ( XBRL ) to expedite investments from global investors. The US Electronic Data Gathering, Analysis, and Retrieval  system (EDGAR), performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file forms with the  U.S. Securities and Exchange Commission ...
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Yesterday at a summit of central bank governors in Amsterdam -- the governor of the Bank of England warned that climate change could have a "catastrophic impact" on the global financial system. Speaking at the summit -- Mark Carney reiterated previous warnings that the global financial system could be at risk from both physical climate impacts and a 'carbon bubble' where efforts to de-carbonize leave carbon intensive assets stranded.  He said markets could experience a "climate Minsky moment", referencing the work of economist Hyman Minsky who has studied how banks failed to predict the 2008 financial crisis that disrupted the world economic growth. At the ...
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PwC recently released their 2018 State of the Internal Audit Profession Study .  In their 21 st annual study they turned the focus to the impact of technology on the audit profession and highlighted the following “essential eight” technologies: Internet of Things Augmenter Reality Virtual Reality Blockchain Artificial Intelligence 3D Printing Drones Robotics This list nicely mirrors the developing technologies your Technology Solutions and Practices Committee is tracking, investigating and explaining. Of note in the study is the rapid expansion and adoption of these technologies, how such adoption impacts the risk profile of a company, ...
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انتهت يوم الأربعاء في تاريخ 21/03/2018 أعمال منتدى ( IDC & Sage ) للمسؤولين التنفيذيين وكانت دائرة النقاش حول بناء إطار للتعاون بين المسؤولين الماليين ومسؤولي تقنية المعلومات في عصر الارتباك الرقمي.   وكان لجمعية المحاسبين الإداريين فرع الرياض حضور ودور رئيسي في مناقشة أعمال في هذا المنتدى حيث تحدث رئيس مجلس الادارة الأستاذ/ حسن الباحص حول أهمية وأثر التقنيات الرقمية بين الادارات ذات العلاقة وتطرق في حديثه إلى ضرورة بناء نماذج تشغيل جديدة تخدم الطرفين من حيث تحليل البيانات التي تفيدهم في اتخاذ القرار. حضر أعمال هذا المنتدى نخبة من رجال الأعمال والمدراء التنفيذيين والمدراء الماليين ومدراء تقنية المعلومات لكبرى الشركات في المملكة العربية ...
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Interesting legislation being introduced in California that would require public-traded corporations to have women and minority board members to promote corporate culture focused on diversity and inclusion to promote greater economic opportunity through jobs for all Americans -- setting the tone from the top. The California bill would require at least three women on boards for both US and foreign companies operating in the state. The legislation introduced in California is in direct response to the lack of DIVERSITY on US Company Boards, missing WOMEN and UNDER REPRESENTED STAKEHOLDERS --  According to Bloomberg :  Men hold about 80 percent of all board ...
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IMA Riyad chapter singed an cooperation agreement with Msarat Global in order to enhance cooperation between two parties in the various financials fields. The agreement was signed on behalf of IMA Riyadh Chapter by Mr. Hasan Al Bahes, Chairman and on behalf of Msarat Global by Mr. Nayef Al Khalifah. The agreement was signed in 13/02/2018 during the IMA event (VAT after implementation) held in Prince Sultan University with TGS consultants
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