ESEF to be Delayed

The European Union has indicated that, due to Covid 19, EU Member States will have the option of delaying the European Single Electronic Format (ESEF) in their filings for one year. ESEF is the Inline XBRL mandate for public company and public interest entities in the European Economic Area. 

There has been a lot of preparation and significant innovation in preparing for ESEF, including a number of new Inline XBRL tagging tools that take "Design + Data" to the next level. With these tools, it is possible to create engaging and impactful reports and presentations that are fully marked up with Inline XBRL tags. 

This doesn't just meet the needs of the ESEF mandate, it also meets the needs of a host of other kinds of corporate reports, government publications, product or service specifications where inline XBRL can be useful. 

The EU is one of many governments around the world now working towards digital reporting for a much wider array of corporate reports, starting with ESG or "non-financial" reporting. This is just one of the many ways that Inline XBRL can be used to help improve accountability and transparency in business performance. While Covid-19 is a bump in the road for adoption, there are almost unlimited opportunities for this kind of human/machine readable reporting.
 

Sustainable Audit Quality Remains A Challenge 

By Gundi Jeffrey, Managing Editor

Although Canada’s accounting firms have been focusing on increasing their efforts to deliver quality audits, the Canadian Public Accounting Board (CPAB) still believes there is more work to be done. The recent inspection findings in its 2018 Annual Inspection Results – which more than doubled from the year before – indicate that “sustainable audit quality is still a challenge across the firms. We believe that the strength of a firm’s audit quality management systems will be critical to accelerating improvements in the sustainability of high-quality public company audits.”

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Artificial Intelligence May Not Replace Accountants But It’s Sure Going to Change Us

By Gerald Trites, FCPA, FCA, CISA

Artificial Intelligence has been entering the world of accountants and other financial professionals for some time – usually at a basic level, such as selecting accounts to post, helping with data searches, and offering suggestions for problem-solving purposes. But, now, we are on the verge of a new wave of AI, with new technologies that have not been used before.

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CPA Founding Partner

Chartered Professional Accountants of Canada (CPA Canada), one of the largest national accounting organizations in the world, has chosen to become a founding partner of ThinkTwenty20.