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? This week Andromeda Wood, Senior Director of Data Modelling at Workiva, [Ed — and member of the XBRL International Best Practices Board] looked at what businesses can do to meet requirements post-pandemic.
While the future is hard to predict, two big regulatory changes on the horizon are indicative of long-term trends in reporting: digitisation, and sustainability. Companies operating in Europe need to be prepared for ESEF implementation, and should also be keeping an eye on updates to the Non-Financial Reporting Directive (NFRD), which could include new standards.
Worldwide, Wood points out that no matter what happens, digital reporting systems help businesses capitalise on automation, work well remotely and make better decisions. Far from just meeting regulatory demands, a streamlined reporting procedure allows businesses to efficiently manage data from a central location, essential for the current climate of remote working.
Read Wood’s article here.