According to CNBC, banks could be using bitcoin by the end of next year based on the development with the adoption of new cloud-based ledger technology called “blockchain”. According to a report by TABB research -- “Capital markets could adopt the technology behind bitcoin as early as next...
Interesting guest article posted today on Kevin LaCroix’s D&O DIARY written by Robert F. Carangelo, Paul A. Ferrillo and Andrew Cauchi of the Weil Gotshal law firm. The article takes a look at the US SEC’s recent focus on financial reporting and the use of new technologies to detect...
The Federal Financial Institutions Examination Council (FFIEC) which develops standards for financial institutions to meet requirements of the Federal Reserve Board, FDIC and others strongly recommends software escrow as a critical part of a continuity plan
Great tech news article in Federal Computer Week on June 17, 2016 about the United States Internal Revenue Service (IRS) moving forward with an XML data format for machine-reading of tax forms starting with the non-profit sector for better transparency and data analytics. The announcement...
Late last week the US SEC announced that public companies in the United States can voluntarily begin to use the iXBRL data format for submission of financial statements to the US EDGAR System. US SEC has mandated that all public companies (estimated to be 14,500) tag their financial...
Great article from the global law firm of Baker McKenzie about mandatory requirements from securities regulators for public company sustainability disclosure that also needs to be included in financial reporting as a company “best practice.” CFOs, financial reporting teams and management...
Interesting article in the UK’s Financial Director about yearend non-financial reporting required by UK companies as part of the EU mandate for 6,000 + public company requirement to report non-financial information to the capital markets and important stakeholders such as investors. The UK...
Congressman Darrell Issa (R-CA) will be introducing the Financial Transparency Act of 2015 that will mandate standards like XBRL across the capital markets and possible link to the Global Legal Entity Initiative (LEI). This announcement today, follows the announcement last week from the...
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Earlier this week the US Securities and Exchange Commission's Office of Minority and Women Inclusion (OMWI) issued a report aimed at helping SEC-regulated entities assess diversity efforts to the capital markets and other interested stakeholders. The self-assessments are voluntary for US public...
Great article in Fed Scoop about new legislation being introduced in Congress that would take the XBRL global data standard -- created by the accounting profession -- and build-out across all federal financial agencies for better transparency and accountability. Using the machine-readable,...