Analysts Weigh in on the ESMA Single Electronic Format
The CFA Institute is taking an increasingly higher profile stance on the value of structured data, hosting events with XBRL US and XBRL France and taking action on consultations such as this one. This is a reflection of the growing amount of XBRL data around the world and the increasing benefits of using it for making investment and other business decisions. That’s why we thought we’d share their public response on the European Securities and Markets Authority consultation on a single electronic format (ESEF) for financial statement filings.
The Corporate Disclosure Policy Council of the CFA Institute told ESMA that “technology must be an integral element of the discussion on disclosure reform” and sees a need for a “discussion of how technology can be utilized not only at the end of the financial reporting process but at the commencement of data capture to ensure greater structuring and timeliness”.
The CFA Institute calls specifically for the implementation of iXBRL, with no dual filing (meaning no PDFs). The group said that filings that are both human and machine readable will be of most use to both filers and users and ensure that filings are “accurate, consistent and complete”.
Download the CFA Institute response. It’s an interesting look into the mindset of an important stakeholder group.