BUT the SPECIFIC data elements reported and consumed by the capital markets is not ASSURED by the auditor or the management accountant reporting this information to the CFO – the FULL paper report is ASSURED but not the specific DATA ELEMENT reported in the financial statement
The Increasing role of the Management Accountant This is where the management accountant can come into the picture. Management accountants can help the organization from an accounting and performance perspective help investors to better understand the connection to the company’s business case
Among other things, the recommendations propose requirements for disclosure of material Environmental, Social and Governance (ESG) specific risks, aimed at enhancing transparency
Because XBRL tagged data is structured – data tagged in XBRL is perfect for extreme data analytics allowing currency and language linked to XBRL to be immediately converted and analyzed. XBRL allows management accountants to not only review their own company’s financial operation but also look at peers for data analytic comparisons and exceptions
What’s exciting according to the Accounting Today article is that XBRL is now mandated by more than 100 securities, banking and tax authorities in more than 70 countries around the world for better regulatory and risk management. Soon – in the USA we will have Standard Business Reporting so that a public company can issue “One Report” to regulators and other interested stakeholders can this data can be extracted and shared without creating individual reports over and over again… This same principle can be applied to sustainability reporting or CSR reporting where companies are preparing many – if not hundreds of reports to interested stakeholders for natural and human capital reports for example