Covid-19: amendments to IFRS 16 Leases

Covid-19: amendments to IFRS 16 Leases

The International Accounting Standards Board (IASB) has issued an amendments to IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions The amendments to IFRS 16 Leases exempts lessees from having to consider individual lease contracts to determine whether rent concessions occurring as a direct consequence of the Covid-19 pandemic are lease modifications, and allows lessees to account for such rent concessions […]

XBRL US publishes DQC 12th Ruleset

The XBRL US Data Quality Committee (DQC) has finalized, approved, and published its 12th Ruleset for public review. The DQC helps enhance data accuracy by providing US GAAP and IFRS filers with freely available automated checks that can test an XBRL financial statement prior to SEC submission. Using the rules helps issuers find and correct errors, ensuring that regulators and markets get good quality data and an accurate view of a firm’s finances. The latest DQC 12th […]

South Africa to require iXBRL

The CIPC in South Africa has recently announced that all companies must file their annual financial statements using inline XBRL. iXBRL is a form of XBRL that combines traditional XBRL tags with human readable HTML. It allows filers to insert financial XBRL data directly into a programmed document in HTML format. It is a method of changing merged balance sheets, income statements, and statements of cash flow into machine-readable data, while simultaneously not compromising on […]

DIGITAL REPORTING - XHTML

Digital Future of Corporate Reporting

The UK’s FRC Lab issued a deep dive report in December that urges regulators, companies, investors and technology providers to work together to realise fully the potential of XBRL and to respond to the challenge of a new European Single Electronic Format (ESEF) for digital corporate reporting due to come into effect in 2020. With passage of time, XBRL has become the leading technology in the world for digital reporting. It is required by more […]