Here is our pick of the 3 most important XBRL news stories this week.
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have today issued a Consultation Paper seeking input on proposed environmental, social and governance (ESG) disclosure standards for financial market participants, advisers and products.
We believe that non-financial company disclosures are a crucial input factor for investors’ evaluation of subject companies’ ESG performance. To be processed efficiently, these information elements need to be distributed as structured data.
Like everyone else, we’ve been looking at all kinds of statistics, dashboards and other reports about the current pandemic. The fact that it’s difficult to pull down and reuse the raw data in many, if not most, of these reports is frustrating.
The XBRL format is not limited to financial reporting, as this example of permanently updated, automated COVID reporting exhibits. It also highlights one of the major shortcomings of COVID reporting, namely the lack of common standards of measurement.
Last June, FERC adopted XBRL for its required quarterly and annual reports to improve access to and analysis of digital data. FERC will soon finalize the XBRL taxonomy and implementation date, giving companies time to prepare for the new filing regulations, which are expected to begin later this year.
Regulators are key company stakeholders with the most focused use of their reporting. It is unsurprising that they are among the keenest users of XBRL formatted company reporting, as that supports their workflows best. Workiva’s fast incorporation facilitates companies’ adoption.
Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.
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