I had the pleasure of participating in a research roundtable hosted by ACCA (an IMA strategic partner) last week that will serve as the basis for a thought paper from ACCA and IMA on managing the data life cycle. Included in the roundtable were professionals with a mix of backgrounds,...
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Great article from the European Securities Market Authority on what EU public companies must do using the new Inline XBRL Global Data Standard for Better Transparency & Accountability by putting financial and non-financial financial statement info in a machine-readable format. The USA...
From the article: “Lou Rohman, vice president of XBRL services at Merrill Corporation, a member of XBRL US’s Data Quality Committee, recommends that financial statement preparers take a closer look at the guidance being issued by his committee
Great article in Accounting Today by Daniel Hood (Editor) today about the accounting profession and its relationship to technology… From Accounting Today: T homson Reuters’ Jon Baron … roughly a third of them (accountants) are dooming themselves to extinction by not embracing change and...
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Great article in Accounting Today about the status of XBRL adoption worldwide and its use to reduce business and regulatory reporting burdens (using Standard Business Reporting) and enhance analytics because tagged data is in a machine-readable structured format as discussed by John Turner,...
Great article in CFO Magazine by Russ Banham on the quickly expanding role CFOs and their finance teams are now assuming beyond the management of financial information critical to the operation of the enterprise they pilot. The Finance team is quickly becoming the “de facto”...
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...
SASB fully supports the SEC’s pilot to allow iXBRL filings and hopes that there will widespread adoption and a mandate for iXBRL in the future. iXBRL has the potential to reduce errors in data submission, simplify disclosure, and reduce the costs of disclosures for preparers while improving data quality. As the XBRL reporting tool infrastructure is well established, and XBRL tagging is used on an international basis. We believe that the cost of switching to iXBRL would be relatively low, and outweighed by the benefits of enhanced data quality. 111 SASB has prepared a complete XML taxonomy and a pilot XBRL taxonomy, and will develop the infrastructure to support an XBRL taxonomy when XBRL tagging is allowed in the MD&A
According to CERES - while almost half of the 600 largest U.S. public companies communicate with investors about environmental, social and governance issues, they could be doing a much better job of it. One “constant refrain” heard from investors is that “if a company is not talking about its...