Transparency in political finance disclosures?
Should political finance data be digital? A new report from the International Institute for Democracy and Electoral Assistance (International IDEA) advocates for machine-readable disclosure of political party campaign expenditure in Albania, arguing that strengthening digital disclosure of political party finances would underpin essential democratic transparency.
The report examines existing political disclosure systems around the world, drawing on best practices to provide recommendations and a step-by-step guide for the development of a digital disclosure system in Albania. In terms of tips for a successful reporting system, the report highlights granularity, searchability, and comparability of the machine-readable data. On the reporting side, it dives into the reasons to aim for mandatory digital reporting, best practices for data quality checks, and structures for data entry.
With the benefits of data transparency, comparability, and usability extending beyond the application to capital markets, the report provides a thorough reference for countries interested in extending digital, machine-readable reports to other areas of disclosure – our recommendation would be to use Inline XBRL to publish the results to ensure the utility of the data, even where the information is collected by way of a web form or similar mechanisms.
Read more here.