Recipe for Success
Nice write up this week from the FRC’s Thomas Toomse-Smith, in the Governance Institute’s online magazine, with a set of prescriptions for all those starting to get ready for the ESMA mandate for Inline XBRL filing. The FRC prescribes a strict regime of public-private collaboration. In short:
- regulators and standards setters need to work together to optimise the way that digital corporate reports work, balancing the needs of preparers and users.
- technology firms need to continue to educate their customers and to innovate, recognising that ” XBRL is reaching a critical juncture as widespread regulatory adoption will significantly increase the numbers preparing and using XBRL-enabled company data”
- Companies and Analysts should get involved, helping shape the regulation and ensuring that the software in the marketplace meets their needs.