XII Weekly News Update

12 June 2015
New Insights
Yahoo! CFO Ken Goldman is a Keynote Speaker at

Business Reporting 360°

We are bringing leading thinkers to this year's international conference and are pleased to announce that the CFO of Yahoo!, Mr Ken Goldman will be a keynote speaker in Copenhagen. Ken will provide an inside look at how new technology is impacting reporting at all levels of today's organisations and the transformation that Yahoo! has gone through in its thinking, and in its insights, in dealing with structured financial information and big data. You won't want to miss this opportunity to tap into his knowledge and the insights gained from his role as one of the technology industry's most experienced financial leaders.

A short bio of Mr Goldman . . . As chief financial officer of Yahoo!, Inc he is responsible for Yahoo!’s global finance functions including financial planning and analysis, controllership, tax, treasury and investor relations since October 2012. Most recently, he was CFO of Fortinet. He served as senior vice president, finance and administration, and chief financial officer of Siebel Systems, Inc. and  Excite@Home Corporation as well as Sybase, Inc. Mr. Goldman also serves on the board of directors of Gigamon, NXP Semiconductor, Yahoo! Japan, Trinet, GoPro, Inc. and several private companies.

For more information about Ken Goldman and the conference program, visit the conference website.

Global Legal Entity Identifier Foundation (GLEIF) Appoints New Head of Standards. Congratulations to former member of the XBRL International Board Karla McKenna on her appointment as the new Head of Standards for the Global Legal Entity Identifier Foundation (GLEIF). The LEI is a standard that involves the distributed creation of unique alpha numeric numbers that identify legally distinct entities involved in a financial transaction, which in turn facilitates a number of business operations, including aggregation, analysis, and reconciliation. The LEI is something we've been covering since our last conference - it's important work and well aligned with our efforts to improve business reporting. Consortium members can see the slides from her presentation in Orlando, where she provided a technical overview and praised the private and public cooperation that created the LEI concept as a tremendous benefit for the public good. Read the announcement of her appointment

Filing Guide for Regulators - The IFRS Foundation has published guidance for regulators around the world looking to adopt the IFRS Taxonomy for the electronic filing of International Financial Reporting Standards (IFRS) based financial statements.  IASB Chair Hans Hoogervorst stressed the value of electronic filing and structured data to investors. The IASB is doing a number of things that are making the adoption of international accounting standards a driver for XBRL adoption, including considering the ramifications of digital reporting as part of the standards development process. Read the press release or access the guide directly. 

Updated CRDIV Validation Rules. The European Banking Authority (EBA) has issued a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those which have been deactivated either for incorrectness or for triggering IT problems. Get the latest validation rules, and although it goes without saying, don't validate against deactivated rules.

Improved Government to Government Reporting through XBRL GL. We get asked all the time, "who uses XBRL and why"? This case study - authored by the implementation team at the Brazilian National Treasury and published by the XII Best Practices Board, will take you on Brazil's journey towards accounting consolidation and the improvement of government-to-government reporting using XBRL GL. From business case, on through the manner the team dealt with specific needs and challenges, it's highly instructive. 

Related. In other Best Practice Board news, we would like to welcome the following new members to the Best Practices Board. The BPB has a very ambitious agenda and their contributions will be much appreciated. Joining the BPB:  Revathy Ramanan - Iris business (India); Sergio Quiroz - BP Ennova (Chile); Yudi Muliawirawan Sugalih - Bank of Indonesia (Indonesia); Meiling Liu - Shanghai National Accounting Institute (China). 

Major Indian Exchange Moves to XBRL. The BSE (formerly the Bombay Stock Exchange)  has announced that it will utilize XBRL for filing Shareholder Pattern disclosures, which divulge how a company's shares are split among the entities that make up its owners. BSE also anticipates quicker and more accurate compliance, along with the opportunity for more robust analysis. Read the announcement from BSE.

XII Member Assembly
18 June 2015
(Consortium Members Only)

Asia Roundtable and Indonesia National Conference
19-20 August
Jakarta, Indonesia

8-10 September
Copenhagen, Denmark
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