XBRL International supports digital ESG disclosures
XBRL International last week issued a comment letter in support of proposals outlined in the Accountancy Europe paper Interconnected Standard Setting for Corporate Reporting.
Accountancy Europe describes the problems associated with proliferating non-financial information (NFI) reporting initiatives and offers an ambitious solution: a global, interconnected reporting standards setter.
XBRL International supports this analysis and much of Accountancy Europe’s proposed solution. For non-financial information standard setting to be fully effective in our digital age, accompanying high-quality global XBRL taxonomies must be developed and maintained.
For NFI information to be useful it must be easily comparable across borders to account for international business and international risks. That means it needs to be digital and global, with a single set of taxonomies underpinning portable, usable, high-quality data.
Creating a global NFI standard looks to be a significant and time-consuming task. In our paper we recommend prioritising work on well-recognised areas such as the TCFD framework, as a useful starting point.
Read the comment letter here.