Technology is changing the world of audit. From the systems auditors rely on to improve the accuracy of their audits, to the data (soon to include, under ESEF, XBRL tagging) that requires review, tomorrows’ auditors must know how to work digitally.
Qatar is set to shortly join the many markets around the world that mandate the XBRL standard and benefit from increased data transparency, accuracy and utility.
Long-time readers of this newsletter will know that one of the major issues holding sustainability reporting back has been the excessive proliferation of confusing and sometimes overlapping disclosure frameworks.
This year has seen huge changes – from regulatory extensions and shifting deadlines to a wholesale shift in the way we work, Covid-19 has caused serious disruption. But what will regulation look like as the dust settles?
When public companies across Europe begin filing annual financial reports in the digital, machine-readable ESEF format at the start of 2020, alongside introducing iXBRL tagging, they will also begin to embed their Legal Entity Identifier (LEI) within reports.
We’ve seen a growing interest in the new xBRL-CSV specification, with a number of XBRL implementations looking closely at using the format to meet their bulk data collection needs.
Climate change poses complex risks for financial systems that regulators don’t yet fully understand. In order to properly assess how physical risks and transition risks will interact with each other and other economic vulnerabilities, we need good quality, standardised non-financial data.
The past few months have demonstrated just how important timely, accurate data is to making the right policy decisions – and how a lack of coherent data can even cause significant damage.
With the increase in use of XBRL and iXBRL for company financial reports around the world, and the upcoming ESEF requirement in Europe, we’ve seen a growing demand for tools that assist with the process of reviewing XBRL reports.
The Covid-19 crisis has prompted unprecedented, large-scale relief programmes in the US, creating new data collection needs that could benefit from the XBRL standard.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
