IASB paper on complexity in reporting financial instruments

The IASB has published for public comment a discussion paper Reducing Complexity in Reporting Financial Instruments. The existing requirements for the reporting of financial instruments are widely regarded as difficult to understand, interpret and apply, and constituents have urged the IASB to develop standards that are principle-based and less complex. (View the Press Release, Discussion Paper or IASB webpage to provide comments.)

SEC Advisory Committee on Financial Reporting

The US Securities and Exchange Commission (SEC) Advisory Committee on Improvements to Financial Reporting met on March 13-14, 2008 in San Francisco. It discussed the proposals published on February 14, 2008 as part of the Progress Report to the SEC. The discussion focussed on restatements, professional judgment and XBRL. (View the Agenda for the meeting and the Project webpage.)

IASC Foundation XBRL Update

The IASC Foundation has published the XBRL Update newsletter for March 2008. It provides information on the XBRL-enablement of IFRS around the world including Belgium, Europe, India, Ireland, Israel, Japan, Singapore and United States. To subscribe to the newsletter, visit the IASCF XBRL webpages.

CICA Research Study - Corporate Reporting to Stakeholders

The CICA has released a discussion draft of the research study on Corporate Reporting to Stakeholders. The primary purpose of this research is to promote effective communication by providing helpful guidance for comprehensive and integrated corporate reporting. A secondary purpose is to suggest how useful information can be communicated. (View the research project webpage or download Corporate Reporting to Stakeholders.)

SEC launches Financial Explorer data analysis tool

The US Securities and Exchange Commission (SEC) has announced the launch of the “Financial Explorer” on the SEC Web site to help investors quickly and easily analyze the financial results of public companies. Financial Explorer paints the picture of corporate financial performance with diagrams and charts, using financial information provided to the SEC as “interactive data” in eXtensible Business Reporting Language (XBRL). (View the SEC Press Release or examine the Financial Explorer.)