
International regulators discuss interactive data timetable
SEC chairman Cox and securities regulators from Japan, China, Korea, Canada and Australia have held talks on interactive data implementation
TOKYO – International regulators are working out a timetable to implement interactive data initiatives for financial reporting, which will help international investors analyse data and view financial statements translated into other languages.
At the week-long meeting of the International Organisation of Securities Commissions, Japanese finance minister Yoshimi Watanabe and Financial Services Agency commissioner Takafumi Sato together outlined an aggressive schedule to implement XBRL (extensible business reporting language) data tagging, in line with Japanese policy regarding public company reporting of financial statements, for the second quarter of 2008.
Shang Fulin, chairman of the China Securities Commission, highlighted that China was the first country to mandate XBRL reporting, and that it now requires interactive data filing of financial statements from all listed companies for quarterly, biannual and annual reports, in line with its own rules and those of the Shanghai Stock Exchange.
“The global movement to interactive data for financial reporting is truly under way,” says Christopher Cox, chairman of the Securities and Exchange Commission (SEC).
China’s progress is perhaps strongest. About 50 Chinese companies used voluntary XBRL reporting in 2003 and the current figure is 800. Taxonomy for fund companies is also in development.
Compare this to Canada or South Korea, where action toward adopting XBRL is still gathering steam. The Canadians began voluntary XBRL filing earlier this year. Korea began in 2006, with all publicly held Korean companies required to file XBRL financial statements in October 2007.
“Without question, 2008 will be a watershed year for interactive data,” says Cox.
The US has been slow to implement XBRL, although the SEC announced a $54 million programme to update its public company disclosure system through XBRL.
On November 27 and 28, Australia – where implementation is scheduled for 2010 – will host the 2007 Standard Business Reporting/ XBRL International Conference, with sessions presented by developers and regulators from the US, the UK, the Netherlands, Singapore, New Zealand and Australia.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Why US banks are not taking their eye off reputational risk
The concept may be removed from supervisory exams, but the 2023 crisis showed the risk is real
Mr Bessent goes to Basel: the fate of global bank regulation
US resistance to international standards could spark greater fragmentation of prudential rules
Frustration grows over ‘messy’ active account rules
Isda AGM: Less than two months until deadline, firms seek clarity on threshold calculation and scope of exemptions
Citadel exec questions regulatory findings on repo haircuts
Isda AGM: OFR analysis didn’t account for excess collateral held against cleared positions in related trades
US exchanges fight SEC fee caps in court
Cboe and Nasdaq expected to defend rebates that critics say impede market efficiency
EC to decide on FRTB delay within ‘days’
Isda AGM: Consultation finds support for delay, with some wanting to go live with targeted changes
Fed official: SLR tweaks likely unbundled from Basel III
Isda AGM: Complexity of the endgame proposals mean any leverage ratio changes will probably be proposed separately
BoE to consult on promoting clearing for gilt repo market
Isda AGM: Deputy governor also takes aim at bilateral repo haircuts and cross-CCP netting