ESMA states in its disclosed press release that it has concluded that Inline XBRL is the most suitable technology to meet the EU requirement for issuers to report their annual financial reports in a single electronic format because it enables both machine and human readability in one document
Some companies are combining financial reporting with non-financial reporting into ONE REPORT or "Integrated Reporting" to external stakeholders that also includes natural resources and human capital -- beyond just financial information. The CFO in most cases is responsible for this additional reporting by the company
The consultation report explores the trends and challenges that influence the development of sustainable finance in emerging capital markets...The IOSCO Growth and Emerging Markets Committee welcomes comments on the consultation report on or before 1 April 2019
Both XBRL for the US Capital Markets and for Government reporting will offer new job skill opportunities for management accountants
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WHY IS GOVERNMENT FINANCIAL REPORTING USING XBRL IMPORTANT NOW?
In the United States the Government Accountability Office (GAO) reported that federal agencies exceeded $144 billion in improper payments in fiscal 2016 , up from $137 billion in 2015. Using machine-readable data reporting can help end improper payments (using taxpayer dollars) and lead to better government spending and accountability. Right now the US Government like the governments below DON'T HAVE A DIGITAL REPORTING STANDARD like XBRL for reporting -- we don't know where taxpayer dollars are being spent or can measure the performance of those public expenditures
The use of XBRL across federal financial reporting can help US government agencies report how taxpayer funds are being spent potentially linked to performance for better government
Key findings of the GAO report: The Securities and Exchange Commission’s ability to assess the accuracy of corporate climate risk disclosures is limited , the General Accountability Office said in its report