There is an increasing recognition of the importance of corporate environmental, social and governance (ESG) transparency for efficient markets and stable, resilient economies. Here at XBRL International we strongly support efforts to expand ESG disclosure, but call on policy makers and standard setters to note the vital importance of structured data to effective ESG reporting.
Data Amplified this year heard from projects facilitating the on-going and significant expansion of the XBRL standard around the world. Earlier last month we were delighted to see the Companies Commission of Malaysia (SSM) adopting XBRL for the annual and financial filings of more than 1 million companies countrywide through the introduction of the Malaysian Business Reporting System (MBRS).
Standardised, machine-readable definitions have made reporting simpler for regulators of all kinds across the world – however, the power of that same technology for internal monitoring is only just being realised.
Perhaps the most talked about presentation at Data Amplified came from José Antonio Huizar Moreno, CEO of 2H Software, who demonstrated a deeply impressive natural language query tool building on the potential to access XBRL data through an open API.