Because XBRL is a global standard, agreement has been reached (by governments, regulators, standard setters, corporate executives, analysts, investors and others around the world as part of the XBRL International consortium, www.xbrl.org ) on defining a common, unique XBRL term for each piece of financial and non-financial data
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Interesting debate yesterday before the US Senate Banking Committee on the topic of expanding disclosures of US companies to include environmental, social and governance data besides just financial disclosures. The US House Committee on Financial Services held a hearing on the same topic last...
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...
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...
Can this data be disclosed in a machine-readable format for investor to input and use in data analysis? Are global standards for this non-financial information being developed and used across the capital markets - especially for human capital data?
Use of XBRL for Sustainability Disclosures to Match Financial Data Disclosures to Support Machine-Readable Data Formats for Better Transparency and Accountability: XBRL is a global standard developed to enhance transparency and accountability and this same standard can be used for other non-financial disclosures like ESG reporting
The law also incorporated the OPEN Government Data Act, which requires all non-sensitive government data to be made available in machine-readable formats which includes financial data using global standards like XBRL.
Can the IPSASB move forward in this direction to create an XBRL global standard for government reporting for countries using the IPSAS that using taxpayer dollars more efficiently and effectively?
In April 2014, President Obama signed into law the Data Act that would use global standards like XBRL to enhance government financial transparency
By linking this to the LEI global standard an additional layer of transparency and accountability will become available to help rebuild confidence to the capital markets
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