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...
According to the most recent posting by Broc Romanek of CorporateCounsel.net the US SEC is actively moving forward on public company disclosure of sustainability/ corporate social responsibility reporting – also know as “non-financial” – “integrated reporting” -- including disclosing such topics as board diversity. Non-financial reporting, such as sustainability and CSR/ESG reporting has expanded over the last twenty years
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...
The European Parliament has voted in favor of new rules that will strengthen shareholder rights and facilitate cross-border voting under the Shareholders Rights Directive as the new Trump Presidential administration moves in the complete opposite direction related to enhanced corporate...
Great article in CFO Magazine by Russ Banham on the quickly expanding role CFOs and their finance teams are now assuming beyond the management of financial information critical to the operation of the enterprise they pilot. The Finance team is quickly becoming the “de facto”...
https://sfmagazine.com/post-entry/may-2018-building-confidence-in-nonfinancial-reporting/ https://sfmagazine.com/post-entry/october-2017-sustainability-reporting-increases/ The IMA has partnered with Sustainability Accounting Standards Board as the global ESG standards organization works closely with the US SEC in moving forward with the standardizing of these new disclosure requirements to keep US companies competitive
In addition, the Financial Stability Board (FSB ) which reports to the G-20 nations is also seeking comment on this same topic. The Sustainability Accounting Standards Board (SASB) based in San Francisco, CA has released a framework for 79 industry sectors in the United States that public companies can use to voluntarily report KPIs that related to several if not all of the indices required for non-financial reporting
A 2007 study found that Fortune 500 companies in the top quartile for female board representation outperform those in the lowest quartile by at least 53 per cent return on equity. - from “The Bottom Line: Corporate Performance and Women’s Representation on Boards” by Catalyst For the management accountant marketplace efforts are underway to support diversity and inclusion
House of Representatives and Senate that would require every public company to disclose in proxy statements: (i) data regarding the racial, ethnic and gender composition of its board of directors, director nominees, and executive officers, as well as the status of any such person as a veteran, in each case, based on voluntary self-identification; and (ii) whether the board has a policy or strategy to promote racial, ethnic and gender diversity among directors, nominees or executive officers. The SEC’s interpretation and the Congressional “Corporate Diversity Bill” are the latest evidence that efforts over the past two years for enhanced board diversity are gaining considerable momentum. 1 The Human Capital Management Coalition —a group of institutional investors with $2.8 trillion in assets—is urging the US Securities and Exchange Commission to require issuers to “disclose information about their human capital management policies, practices and performance.”