Embed standardised reporting for maximum advantage suggests CFA Institute
In a new guest post on the XBRL web site, CFA Institute Director of Financial Reporting, Mohini Singh, sets out the reasons that companies should be looking well beyond compliance when thinking about structured data. Titled “Re-Writing The Script On Financial Reporting” the piece points out the disconnect between the narrative that suggests that there is now too much corporate reporting and the view of investors, who (naturally) seek as much structured information as possible, to maximise their ability to make investment decisions. The post urges companies to reap the benefits of standardisation by structuring data inside the enterprise, well before the “last mile” of reporting. Read the article here.
[From XBRL International’s perspective, these ideas align closely with the innovative work being led by XBRL China on enterprise reporting. As described at Data Amplified last week, these projects are using big data techniques to allow business experts to control reporting from a transactional level onwards using XBRL taxonomies. Stay tuned for more developments in this field before long. — Ed]