As data digitisation and XBRL reporting continue to expand worldwide, it’s crucial that companies are reporting accurate, high-quality data. Wes Bricker, Vice Chair of XBRL International’s Board of Directors and PwC Vice Chair, US and Mexico Assurance Leader, recently wrote an article for FEI highlighting the importance of accurate XBRL tagging.
With the idea that knowledge is transformative sitting at the heart of most educational institutions, it is perhaps unsurprising that a college is currently at the vanguard of structured municipal reporting in the US.
In order for financial firms to properly take climate change risks and opportunities into account they need comparable, standardised data. Measuring carbon emissions would be a simple, effective and material place to start monitoring the climate impact of the businesses financial firms invest in.
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.
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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.
