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
Meaning evidence based data is not in a machine-readable format using one common accounting standard for government financial reporting to provide better data analytics to make evidenced based decisions
The Finance team is quickly becoming the “de facto” manager of nonfinancial data analytics critical to the operation of the companies they serve – Modified Chief Data Officer… As CFO Magazine describes: “About three-quarters (76%) of finance teams currently track some nonfinancial metrics, according to a November 2016 survey of about 300 global CFOs by Adaptive Insights
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Hosted by XBRL International, the Data Amplified Conference connects the business reporting supply chain to discuss their successes, new opportunities and existing challenges with data standardization, technology and analytics to drive better decisions
The IMA supports the build-out of XBRL because it allows management accountants to move away from keying data into Excel spreadsheets and move to data analytics – predictive analytics for companies they serve
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. Deloitte several years ago issued this video that describes the benefits of using XBRL for ESG reporting to help investors: https://www.youtube.com/watch?