XBRL News from China and the US, Workiva

Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.

1  Workiva: No slowdown in growth

2  Sustainable report digital forum XBRL will become the direction of international development

The Accounting Research and Development Foundation held an online seminar on “Digitalization of Persistent Reporting” on the 16th, inviting John Turner, CEO of the International Extendable Enterprise Reporting Language (XBRL) Organization, to explain the digital exposure of ESG and the development trend of global regulations.

We very much suspect that “persistent” reporting is actually a mistaken automatic translation and should mean sustainability reporting … if so, it’s interesting to see that sustainability reporting is gaining traction in China as well. 

3  Making government annual reports easier to search

The previous two blog posts explained that searching governmental financial reporting statements is difficult. We also discussed that after the stock market crash of 1929, the government made financial reporting for publicly traded companies more transparent. It has been an almost 100-year improvement process in public company reporting starting with the rules promulgated through the SEC in 1933 until today.

The author of this blog post is suggesting a no-brainer (namely, making XBRL reporting of public sector accounts in the US mandatory. Yet, we shall see …

 

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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.

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