XBRL: US states reporting, taxonomy development, sustainable finance

Here is our pick of the 3 most important XBRL news stories this week.

1 XBRL reporting by state and local governments

The development of Extensible Business Reporting Language (XBRL) in the corporate sector, the demand for better state and local government reporting, legislation at the national and state levels, and increased user interest in XBRL reporting are the factors providing momentum for use of this powerful reporting tool for state and local government financial reports.

A nice overview outlining the forces which shape the financial reporting landscape by US states and local governments. Unlike (listed) corporates, they are not covered by the SEC XBRL mandate, but the experience and practice of faster auditing and filing is beginning to show an impact.

2 XBRL US publishes guidance for regulators building financial data standards programs

XBRL US announced the publication of the Taxonomy Development Handbook, a comprehensive guide for regulators, industry experts, and businesses to build consistent, high quality data standards that are easy to implement and that produce data that is easy to consume.

The quality of an XBRL taxonomy is a critical factor in determining the usefulness of information shared using this format. The handbook is a great resource supporting that goal. Learn more about this in a free XBRL US webinar on 12 August at 2100h UTC. 

3 ESMA responds to EU Commission consultation on renewed sustainable finance strategy

In ESMA’s view, the future strategy on sustainable finance should aim to set up a robust and proportionate European regulatory framework that adequately supports the shift towards a more sustainable financial system. ESMA believes that facilitating access to sustainability data would constitute an essential contribution to putting sustainability at the forefront of the financial sector.

If sustainable finance is to move from marketing talk to real world impact, then relevant, timely, comparable, standardised non-financial disclosures will be paramount for analysts and investors to be able to separate wheat from chaff in their investment activity.

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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.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

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