Centre Publishes New XBRL Resource

In the evolution of eXtensible Business Reporting Language (XBRL), 2008 and 2009 will be remembered as the years when reporting frameworks moved out of concept and into practice. Prior to 2008, China was the only capital market that had implemented a requirement to provide financial reports using this new technology that makes information computer readable directly from the companies. Today, along with its use by many prudential banking regulators, XBRL has become a requirement in multiple jurisdictions, including Japan and the United States. With the goal of providing investment professionals with a quick reference guide to understanding XBRL, the CFA Institute Centre recently published eXtensible Business Reporting Language: A Guide for Investors.

Readers of the new guide will find, along with the discussion of the benefits and challenges, a general overview of XBRL reporting and a more complete discussion of our recommended principles. The journey to fully incorporating XBRL into all nature of corporate disclosures — such as financial reporting, sustainability, and corporate actions — will require the combined efforts of various regulators and private sector initiatives. The XBRL frameworks of today represent the first milestone on the roadmap to fully capturing the benefits of XBRL reporting for investors.

Latest Comment Letters

Other recent consultations on regulatory issues since our last newsletter include those to:

• MAS on regulatory regime governing the sale and marketing of unlisted investment products (PDF)  
• U.S. SEC: Roadmap for use of financial statements in accordance with IFRS by U.S. issuers (PDF)  
• IASB on request for views on FASB Financial Instruments Amendments (PDF)
• Briefing and request for member input on mis-selling in Asia (PDF)  
• IASB and FASB on preliminary views on financial statement presentation (PDF)  
• European Commission on financial services supervision (PDF)

View the full index of comment letters.