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
Interesting article in the UK’s Financial Director about yearend non-financial reporting required by UK companies as part of the EU mandate for 6,000 + public company requirement to report non-financial information to the capital markets and important stakeholders such as investors. The UK most now adopt the European Union’s own rules around the reporting on long-term risks and strategies as part of the new EU Non-Financial Reporting Directive
The IMA and the Sustainability Accounting Standards Board (SASB) have recently partnered on this topic and more than 50 of the largest US companies are beginning to use the SASB reporting framework for non-financial reporting. Many companies are beginning to prepare in anticipation of the discussed US SEC pending sustainability reporting rule for US public companies
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
Both XBRL for the US Capital Markets and for Government reporting will offer new job skill opportunities for management accountants
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WHY IS GOVERNMENT FINANCIAL REPORTING USING XBRL IMPORTANT NOW?