Investor Analytics, Taxonomy Enhancements

Posted on February 3, 2024 by Editor

The IFRS Taxonomy Consultative Group (ITCG) held an all day hybrid meeting yesterday covering a range of topics. The meeting was recorded and is now available on catchup from the IFRS website.

A lot of material was covered including the IFRS Foundation’s plans for its taxonomy to support the upcoming IFRS 18 standard on primary financial statements. There was a lively discussion on the use of data quality rules and a deep dive into a range of questions surrounding the finalisation of the ISSB taxonomy for sustainability disclosures, with ITCG members strongly encouraging the production of a range of Inline XBRL examples.

Many readers will be interested in the findings from the UK’s FRC lab on investor use of ESEF data within that country. The Lab’s report centres on an investor survey that they commissioned in late 2023. The ITCG heard an excellent presentation from the FRC’s Karlien Conings.

The survey shows that an encouraging number — more than 30%  — of investors use, at least from time to time, XBRL formatted data. Unfortunately, it also shows that 89% of existing users (at least sometimes) still manually copy-paste information from PDF files! The need for education about the availability and content of existing and expanding XBRL data repositories from around the world is clear, together with the importance of data quality.

The FRC survey drills into expectations of users, including the need for traceability within sustainability data, and the need for audited, high quality structured information overall. Well worth your time! Find the FRC presentation here, watch the entire meeting recording and find the rest of the papers here.

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