Interesting alarming report from the US GAO issued in January 2016 to Members of Congress on the need in the capital markets and more specifically -- public companies – to disclose in their reports and to the US SEC material risks related climate change so investors and the public can make better financial decisions. For example, risks related to the disrupting of supply chain of public companies that provides critical food, medicine, energy, and products that support the US economy can be of significant financial value to both investors and the public. The GAO report to Congress is entitled “SUPPLY CHAIN RISKS - SEC’s Plans to Determine If Additional Action Is Needed on Climate- Related Disclosure Have Evolved”… As the GAO report details to Congress in January: “For example, in October 2012, Superstorm Sandy caused widespread damage to logistics and transportation networks throughout the Northeast, leading to major fuel shortages and causing an estimated $70 billion in direct damages and lost economic output
The need for federal government spending transparency grows as documented by a recent report from the GAO that states the US Government does not know where $144 billion was spent: “Dodaro (GAO) expressed concern about the continued rise in improper payments, which exceeded $144 billion in fiscal year 2016
That reported costs do not include the massive toll from 2017's three major hurricanes and wildfires, expected to be among the most costly in the nation's history. The GAO repor t predicts these costs will only grow in the future, potentially reaching a budget busting $35 billion a year by 2050
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Efforts are underway to deploy XBRL for Federal financial reporting since – according to the General Accounting Office (GAO) we don’t know where more than $144 billion is being spent by the Federal Government in 2016
In April 2014, President Obama signed into law the Data Act that would use global standards like XBRL to enhance government financial transparency. According the US GAO more than $100 Billion is unaccountable on an annual basis by US Government agencies
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