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 week. From testimony before the US Senate Banking Committee: US Senator Sherrod Brown: “SEC should act to require uniform disclosure of corporate ESG factors, said ranking committee member Sherrod Brown, D-Ohio
The US Comptroller General spoke in March before the US Senate Budget Committee about current abuses in government spending because of the lack of transparency and accountability and he personally indicated that he wanted to take an active role in the implementation of the DATA Act to usher in a new era of government financial accountability and transparency
Great news yesterday regarding the expanded use of XBRL across the capital markets by the Securities and Exchange Commission (US SEC). The US SEC Commission voted to propose rules to require public companies (+14,500) to disclose the relationship between executive compensation and the financial...
"In this age of big data, the government has all this data, but it isn't capable of using it because it can't even talk to itself about the numbers," Mulvaney said at his hearing before the Homeland Security and Government Affairs Committee. In another quote from the article: "It's almost as if the computer systems in the agencies are set up to not even allow the men and women working there to understand how the money is being spent."
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). This announcement today, follows the announcement last week from the...
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“In the financial reporting ecosystem, confidence is bolstered in part by the implementation and application of effective, integrated internal controls – controls established using the Framework developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).”
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