Business Case Supports XBRL for Corporate Actions
Last year, DTCC, Swift and XBRL US teamed up to create a stakeholder group to review corporate actions processes and provide recommendations. The business case is now close to being completed.
In the business case, the group identified one corporate action, a large merger, and analyzed the potential impact of the use of XBRL throughout the lifecycle. "We looked at it in depth, reviewing accuracy risk, interpretation risk, timing risk and cost," says New York-based Michelle Savage, vice-president of communications, XBRL US.
The group has also focused on expanding the taxonomy. The taxonomy for XBRL for corporate actions is currently being reviewed by a select group of professionals, and the aim is to finish the work by mid-summer.
The new taxonomy has been harmonized with the ISO 20022 standard to support corporate actions information reporting.
The full article will be in the June edition of Inside Reference Data.
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