Here is our pick of the 3 most important XBRL news stories this week.
The Federal Deposit Insurance Corp. is moving to boost the way it monitors for risks at thousands of U.S. banks, potentially scrapping quarterly reports that have been a fixture of oversight for more than 150 years yet often contain stale data.
The FDIC has been one of the cheerleaders and case studies for the efficiency increasing impact of XBRL based reporting forever. Therefore it will be fascinating to observe this competition and its outcome.
Amongst several fascinating presentations at the Eurofiling Innovation Day this week was an interesting demonstration on how XBRL reports can be used as the basis of explainable AI for bankruptcy prediction.
The black box nature of many AI models is one biggest issues of applying AI in regulated environments, where causal linkages are the bedrock of litigation etc. Making them explainable would remove a major headache for lots of use cases.
Standardized financials from Earnings Press Release and 8-Ks are now available via the Calcbench API minutes after published. Calcbench is leveraging our expertise in XBRL to get many of the numbers from the Income Statement, Balance Sheet and Statement of Cash Flows from the earnings press release or 8-K.
The time lag between the publication of earnings information and its availability in the XBRL format continues to be a roadblock for the wholesale adoption of XBRL by financial markets until regulators require immediate publication in the XBRL format in real time. The Calcbench API is a welcome stop gap measure.
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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