Great article today in the Wall Street Journal CFO Blog on the use of the open, freely available, global XBRL data standard by the US SEC for more transparent and accountability in the capital markets
Interesting article … Largest democratic country in the world (India) is pushing the largest capital markets country in the world (USA) to have public companies disclose not only financial information but non-financial information to better serve both investors and the public
Also impressed with David vun Kannon, Senior Standards Specialist, Office of Financial Research at the US Department of Treasury and his comments related to the use of XBRL for Legal Entity Identification (LEI) to support capital markets transparency
Congressman Darrell Issa (R-CA) will be introducing the Financial Transparency Act of 2015 that will mandate standards like XBRL across the capital markets and possible link to the Global Legal Entity Initiative (LEI)
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Today, there are more than 14,000 public companies in the United States driving the world’s largest capital markets...The capital markets can be realigned through innovation, investment and reward as we transition to a more sustainable economy
iXBRL is currently being used to data tag financial information of public companies in the world's capital markets for greater transparency and analysis for the public. We will have to see if this same data tagging and linking information (iXBRL) will be applied to non-financial information companies also disclosure to the capital markets supported and developed by the IMA and other XBRL consortium members
Great information in this article about the global expansion of Legal Entity Identifier (LEI) global data standard and its impact in providing both regulators and investors understanding about the relationship between entities and their exposure in the capital markets
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This crisis created uncertainty in the capital markets and frozen investments because we did not know which instruments were toxic and which were clean
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Role of the Management Accountant: What role will management accountants play in this new area of corporate disclosure Can management accountants help companies provide this additional data to the capital markets?
More than 2/3 of the world’s capital markets are using the IMA supported XBRL global structured data format for both financial and nonfinancial disclosures. More than 100 regulators in more than 70 countries have mandated the use of XBRL for financial and business reporting which includes financial, tax or government data used to drive both the capital markets and government services
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