Including both financial and non-financial information is known as "integrated reporting" by public companies. Currently the US Securities & Exchange Commission isn’t even allowing voluntary filing of non-financial data to be included with financial reports by public companies
Dear TSP Members: Great article in Strategic Finance Magazine in October on Internal Reporting using XBRL for General Ledger by Nicola Dallas Via and Gianluce Garbellotto
According to a recent article in Accounting Today -- The XBRL data standard continues to expand globally around the world as a important tool to reduce regulatory reporting by public companies using a standard data format that can be shared across regulators in one common report
Countries that mismanage their water supplies as climate change effects take hold could see economic growth rates decline by as much as 6 percent by 2050, a new World Bank report claims.” Last August 2015, a Citigroup report said global inaction on climate change would wipe $44 trillion off global GDP by 2060
1 Comment - I would be interested in how we would report on things like CO2, since there are advantages and disadvantages to rising levels of this gas, as I read recently on how higher carbon dioxide has increased the plant cover of about 11 million square miles
According to the most recent posting by Broc Romanek of CorporateCounsel.net the US SEC is actively moving forward on public company disclosure of sustainability/ corporate social responsibility reporting – also know as “non-financial” – “integrated reporting” -- including disclosing such topics as board diversity. Non-financial reporting, such as sustainability and CSR/ESG reporting has expanded over the last twenty years. Many US public companies now produce an annual sustainability report (independent of the annual financial report) and there are a wide array of ratings and standards around
ESMA states in its disclosed press release that it has concluded that Inline XBRL is the most suitable technology to meet the EU requirement for issuers to report their annual financial reports in a single electronic format because it enables both machine and human readability in one document
Some companies are combining financial reporting with non-financial reporting into ONE REPORT or "Integrated Reporting" to external stakeholders that also includes natural resources and human capital -- beyond just financial information. The CFO in most cases is responsible for this additional reporting by the company
The IOSCO Growth and Emerging Markets Committee welcomes comments on the consultation report on or before 1 April 2019
The IMA supports to use of using machine-readable formats like XBRL to enhances transparency and accountability of disclosed regulatory reports to help both regulators and investors. XBRL can also be used for internal reporting and efforts are underway using XBRL for the General Ledger of companies. Fujitsu, the world’s fifth-largest IT company is using XBRL for internal reporting and has the following case study discussing its benefits and use in the organization world-wide for internal reporting