According to a recent article in Accounting Today -- The XBRL data standard continues to expand globally around the world as a important tool to reduce regulatory reporting by public companies using a standard data format that can be shared across regulators in one common report
Great article in Accounting Today about the status of XBRL adoption worldwide and its use to reduce business and regulatory reporting burdens (using Standard Business Reporting) and enhance analytics because tagged data is in a machine-readable structured format as discussed by John Turner, CEO of XBRL International. IMA is one of the original founders of the XBRL global data standard ( Ms. Liv Watson , IMA member and Mother of XBRL) for structured data used by the accounting profession for public disclosure, business and financial reporting so data can be in a machine-readable format
Use of XBRL for Sustainability Disclosures to Match Financial Data Disclosures to Support Machine-Readable Data Formats for Better Transparency and Accountability: XBRL is a global standard developed to enhance transparency and accountability and this same standard can be used for other non-financial disclosures like ESG reporting. The XBRL standard is supported by more than 600 organizational members worldwide and is freely available and are an important part of the fabric of reporting used in more than 70 countries around the world, in use by well over 100 regulators, and used by in excess of -- 10 million private and public companies globally for more effective transparency and accountability because the data is in a machine-readable data format. Why can’t the disclosure of non-financial data be in the same data format as financial disclosures and embrace this same global standard used in the capital markets to support better data transparency and accessibility of sustainability data? Sixty percent of financial statement data is already being consumed electronically, and this figure will continue to grow, according to International Accounting Standards Board Chairman, Hans Hoogervorst. This same financial reporting standard used in the private sector can be leveraged over to the US municipal bond marketplace to create better transparency and accountability in this increasing complex marketplace to protect the public interest by making this data more accessible and in a machine-readable format for better data analytics
Great article from the European Securities Market Authority on what EU public companies must do using the new Inline XBRL Global Data Standard for Better Transparency & Accountability by putting financial and non-financial financial statement info in a machine-readable format
According to CERES - while almost half of the 600 largest U.S. public companies communicate with investors about environmental, social and governance issues, they could be doing a much better job of it. One “constant refrain” heard from investors is that “if a company is not talking about its...
In a keynote address to the 1,700 attendees of the company’s annual user conference, Synergy 2017, the managing director of the professional segment for Thomson Reuters’ Tax & Accounting business broke the profession down into three segments: “Roughly 30 to 35 percent of firms don’t want to change, and they’ll probably disappear