Interesting debate yesterday before the US Senate Banking Committee on the topic of expanding disclosures of US companies to include environmental, social and governance data besides just financial disclosures. The US House Committee on Financial Services held a hearing on the same topic last week. From testimony before the US Senate Banking Committee: US Senator Sherrod Brown: “SEC should act to require uniform disclosure of corporate ESG factors, said ranking committee member Sherrod Brown, D-Ohio
We're pleased to announce that Treasury & OMB have selected XBRL late last week as the common data standard that will be used to exchange government financial information as described in this news article
The US House of Representatives’ Financial Services Committee just created a Diversity and Inclusion subcommittee (the first in the nation’s history) to examine this important human capital topic and to understand what companies are disclosing this data, why and how the capital markets and government can support better disclosure. The financial services committee has Congressional oversight of the US SEC, PCAOB and the accounting and auditing profession, How Can Diversity and Inclusion Support a Company’s Business Case?
According to the article in FCW: “ The IRS is taking a step to open data on the financials of tax-exempt organizations… in machine-readable XML format.”...What makes XBRL unique is that it is designed for business and financial data use
WHY IS GOVERNMENT FINANCIAL REPORTING USING XBRL IMPORTANT NOW?
The US SEC Commission voted to propose rules to require public companies (+14,500) to disclose the relationship between executive compensation and the financial performance of a company to increase transparency and accountability
The IMA supports the use of the XBRL data standard for both public company financial statement and government financial statement disclosures and is one of the original members of the XBRL Consortium through the leadership of Ms
1 Comment - no search term matches found in comments.
Management accountants work closely with the CFO on financial disclosures. The US SEC Chairman is urging public companies to disclose human capital in addition to financial data
Congressman Darrell Issa (R-CA) will be introducing the Financial Transparency Act of 2015 that will mandate standards like XBRL across the capital markets and possible link to the Global Legal Entity Initiative (LEI). This announcement today, follows the announcement last week from the White House that US Treasury and OMB has selected the XBRL data standard as the data standard to be used across financial government reporting for better transparency and accountability of federal, state and local governments