Entity Specific Disclosures Task Force Gains Momentum
Focused on Improving Structured Data Comparability and Analysis
If you have not seen some of our earlier updates on this effort, an Entity Specific Disclosure, in the context of XBRL, is one made by an organisation in the course of their reporting to markets, regulators or stakeholders that conveys information that is not covered in the relevant public taxonomy. Such disclosures can be addressed using extension taxonomies, although other mechanism are also possible. The use of extensions allows filers to accurately represent their disclosure in XBRL, but can also make it harder to perform analysis and comparison on the resulting data.
The goal of the task force is to improve the handling of entity specific disclosures, including defining when best to use extensions and to improve the comparability of extensions and the filings that use them. Following the discovery phase the ESDTF will define requirements for technical mechanisms for improving comparability and develop suggestions for best practices and potentially new specification modules to constrain the way that ESDs are made.