At a high level, XBRL helps someone using business information (e.g., an analyst or investor) easily gather data (e.g., financial data, sustainability data, ESG or CSR information) from multiple sources (e.g., directly from company web sites, stock exchanges, open data sources, data aggregators/feeds) using the Internet and analyze that information using XBRL-enabled software (i.e., software that can import and analyze XBRL formatted information)
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Interesting article … Largest democratic country in the world (India) is pushing the largest capital markets country in the world (USA) to have public companies disclose not only financial information but non-financial information to better serve both investors and the public. Including both financial and non-financial information is known as "integrated reporting" by public companies
Regulators in most developed countries have begun using searchable data formats, instead of PDF documents and other unstructured formats, for the information they collect from publicly-traded companies, banks, and financial firms
Great article in CFO Magazine by Russ Banham on the quickly expanding role CFOs and their finance teams are now assuming beyond the management of financial information critical to the operation of the enterprise they pilot
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. Various countries require non-financial reporting and the EU recently mandated non-financial reporting for its more than 6,000 public companies and countries such as the UK have mandated that public companies disclose this information by yearend
Great article from the European Securities Market Authority on what EU public companies must do using the new Inline XBRL Global Data Standard for Better Transparency & Accountability by putting financial and non-financial financial statement info in a machine-readable format. The USA...
Why is the reporting of non-financial information and the management of non-financial risk becoming so important to investors?...Yet the video of a man being beaten and dragged off his flight highlights a more serious information security risk
Using a machine-readable format of public company financial data will help both regulators and investors better understand the financial condition of companies so the information can be put into excel spreadsheets for better analysis. Other countries such as Japan, China, Australia, UK, Israel and the Netherlands are using XBRL for financial statement transparency and accountability to help companies better obtain investor interest by having the information in a machine-readable format linked to common accounting definitions to support comparability across companies and industry sectors
Great article on Blockchain technology, cloud shared public ledgers and how it can be used for state, local and federal government to provide new services to the public. Premise: Blockchain technology can be applied using distributed public record technology that can be directed to a wide...
At the end of last year, the Commission announced a program to provide such information into structured data sets and to post the data sets for bulk download on the SEC website