The same XBRL data standard has been mandated by the US SEC for financial statement data disclosed by public companies including detailed information tagged in the footnotes. The Sustainability Accounting Standards Board (SASB), is an independent 501(c)(3) nonprofit organization that issues sustainability accounting standards for the disclosure of material sustainability information in SEC filings
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Several of these government agencies - like the Federal Reserve - use different accounting standards for financial reporting from other federal agencies
This is essential if you expect the audience to grasp the concept and actually use that standard...XBRL is an open, freely-licensed data standard; no one pays to use the standard
Countries like Australia and the Netherlands are using XBRL for a “Standard Business Report” that companies are disclosing that is shared across stock exchanges, regulators and investors
In addition – foreign filers have an opportunity to voluntarily file in the IFRS using Inline XBRL: https://www.sec.gov/rules/other/2017/33-10320.pdf First step in move to use IFRS Global accounting standard for US Public Companies?
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. Representatives of both the Netherlands and Australian Governments testified before the US Congress and US Government officials to discuss the benefits of Standard Business Reporting using the XBRL data format created by the accounting profession – supported by both the IMA and the AICPA to reduce the manual keying of data by accountants over and over into recreated spreadsheets to a machine-readable/ RoBoAccouting format for instant advanced data analysis. Standard Business Reporting using XBRL offers many opportunities to the business community.
ATTENTION: IMA MEMBERS -- Its not too late to register for the DATA AMPLIFIED GLOBAL CONFERENCE IN PARIS The IMA is an ASSOCIATION PARTNER and Strategic Finance Magazine is a Media Partner for the Conference 15% DISCOUNT IS AVAILABLE FOR IMA MEMBERS AROUND THE WORLD USING IMA15 DISCOUNT CODE WHEN REGISTERING FOR THE CONFERENCE European Securities & Markets Authority (ESMA), European Central Bank (EBA) and other European Regulators will be discussing mandates requiring the use of XBRL for business reporting data format including updates related to the US Securities & Exchange Commission (US SEC) regarding the mandate using Inline XBRL and the opportunity for foreign filers to use the IFRS accounting standard if using the XBRL data standard Blockchain, Distributed Ledgers, Smart Contract, Sustainability Reporting/Accounting and the use of LEI to be some of the additional topics to be discussed at the global conference.
While the final standards are “voluntary,” there are compliance, business and social corporate responsibility reasons why entities would be well served to comply with the Final Standards
And if mandated – what standards will be used?
Today XBRL is the “Structured data” format used by the accounting and audit profession worldwide and standard setting bodies like FASB , and IASB...What about government reporting like GASB, FASAB, IPSASB and other accounting standards?