Great article from the global law firm of Baker McKenzie about mandatory requirements from securities regulators for public company sustainability disclosure that also needs to be included in financial reporting as a company “best practice.”
IMA is one of the original founders of the XBRL global data standard ( Ms
Yesterday the US Securities & Exchange Commission adopted resource extraction rules using the open, freely-available, XBRL data format supported by the IMA for more effective transparency and accountability . This rule is a major CSR/ESG/Sustainability Initiative for Public Company...
Since financial information is required by the US SEC to be “tagged” using the XBRL global data format for instant analysis – efforts are underway to include XBRL for non-financial disclosures to also improve transparency and accountability by making the data more discoverable and machine-readable for instant analysis
Interesting article from CNBC on water scarcity and its impact on current and future country GDP growth. Water scarcity continues to become a global issue – especially in California and its impact agricultural production
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This additional non-financial disclosure will help to address material risks associated with these topics that are showing greater and greater interest from the investment/pension community through impact investing/responsible investing
According to the third National Climate Assessment, an assessment by the U.S. Global Change Research Program of the science on climate change and its impacts across the United States, climate change is expected to increase the frequency and intensity of certain types of extreme weather events
Watch out United States EDGAR Online – the European Union is building a “next generation” -- “EDGAR-LIKE” corporate disclosure platform to be used by 28 EU member states for global investors that will be built upon BLOCKCHAIN and global financial and non-financial data access standards like eXtensible Business Reporting Language ( XBRL ) to expedite investments from global investors
Strategic Finance Magazine has published several articles on the new opportunities opening-up to management accountants as these new data sets come under the review of the finance team as they prepare an integrated report to investors and the global capital markets. https://sfmagazine.com/post-entry/may-2018-building-confidence-in-nonfinancial-reporting/ https://sfmagazine.com/post-entry/october-2017-sustainability-reporting-increases/ The IMA has partnered with Sustainability Accounting Standards Board as the global ESG standards organization works closely with the US SEC in moving forward with the standardizing of these new disclosure requirements to keep US companies competitive
ATTENTION: IMA MEMBERS -- Its not too late to register for the DATA AMPLIFIED GLOBAL CONFERENCE IN PARIS The IMA is an ASSOCIATION PARTNER and Strategic Finance Magazine is a Media Partner for the Conference 15% DISCOUNT IS AVAILABLE FOR IMA MEMBERS AROUND THE WORLD USING IMA15 DISCOUNT CODE WHEN REGISTERING FOR THE CONFERENCE European Securities & Markets Authority (ESMA), European Central Bank (EBA) and other European Regulators will be discussing mandates requiring the use of XBRL for business reporting data format including updates related to the US Securities & Exchange Commission (US SEC) regarding the mandate using Inline XBRL and the opportunity for foreign filers to use the IFRS accounting standard if using the XBRL data standard Blockchain, Distributed Ledgers, Smart Contract, Sustainability Reporting/Accounting and the use of LEI to be some of the additional topics to be discussed at the global conference.