The law also incorporated the OPEN Government Data Act, which requires all non-sensitive government data to be made available in machine-readable formats which includes financial data using global standards like XBRL.
This also includes human capital data disclosure by companies including gender pay and pay ratio data including composition of boards of directors.
The US SEC Chairman is urging public companies to disclose human capital in addition to financial data. Role of the Management Accountant: What role will management accountants play in this new area of corporate disclosure Can management accountants help companies provide this additional data to the capital markets? Will they help their finance team gather this data and create internal systems in place to manage and report this new information to company stakeholders. Can this data be disclosed in a machine-readable format for investor to input and use in data analysis?
Likewise, companies have increased their commitments to ESG: Ceres research shows that among that 600 largest public companies, “nearly two-thirds have commitments to reduce greenhouse gas (gHg) emissions, half are actively managing water resources and nearly half are now actively protecting the human rights of their employees by disclosing human capital data in its financial statement reports as well