Using XBRL in the USA and EU will allow better comparability to manage risk and protect the capital markets creating investment and jobs to support our economy. IMA supports the use of XBRL to support greater transparency and accountability in the capital markets. Stay tuned for new development and learn more at the upcoming Data Amplified Conference in Paris on November 6-8, 2017 to hear more developments related to XBRL, BlockChain and Shared Ledger and its relationship to the management accountant
Approximately 1 in 5 investment dollars in the USA is going to sustainability finance but we are not hearing any action by the US SEC to support this capital markets efforts to provide better transparency and accountability. New technologies and innovations in the capital markets will be needed to address this global crisis – but we are not hearing anything on behalf of the world’s largest regulator on this topic
Smaller companies and organizations – including government enterprises are all moving toward effective sustainability reporting to the capital markets. Importance of Diversity and Inclusion Having an active diversity and inclusion strategy and disclosing these metrics included in the financial report also builds the business case to attract an increasing number of investors looking for this additional data disclosure. The US House of Representatives’ Financial Services Committee just created a Diversity and Inclusion subcommittee (the first in the nation’s history) to examine this important human capital topic and to understand what companies are disclosing this data, why and how the capital markets and government can support better disclosure
Over the years the IMA has championed the use of XBRL as a machine-readable data format for financial reporting to promote greater transparency and accountability to support economic growth and new jobs in the capital markets. 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
BUT the SPECIFIC data elements reported and consumed by the capital markets is not ASSURED by the auditor or the management accountant reporting this information to the CFO – the FULL paper report is ASSURED but not the specific DATA ELEMENT reported in the financial statement
For more than 10 years – the US SEC has been using the XBRL data format for machine-reading of US Public Company Financial Statements as well as the US FDIC for US Bank Call Reports to support better transparency and accountability of the capital markets. The US SEC is now positioned to build-out the use of XBRL across the US capital markets
Data can be moved into a machine-readable format for instant diagnostics to determine exceptions for review to protect investors and the capital markets with minimal paperwork