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
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
Liv Watson , IMA member and Mother of XBRL) for structured data used by the accounting profession for public disclosure, business and financial reporting so data can be in a machine-readable format
Powerful mandates requiring XBRL include : The European Securities Market Authority (ESMA) for Public Company Financial Reporting (ESEF) for more than 6,000 EU Public Companies The European Insurance and Occupational Pensions for Solvency II Reporting for EU Insurance Companies and Financial Service Firms The European Banking Authority for MiFiD and MiFid II for EU Banks The German business registry collects financial data from over 1M firms though various channels, which is converted to XBRL and published each year in the Bundesanzeiger
Sixty percent of financial statement data is already being consumed electronically, and this figure will continue to grow, according to International Accounting Standards Board Chairman, Hans Hoogervorst. This same financial reporting standard used in the private sector can be leveraged over to the US municipal bond marketplace to create better transparency and accountability in this increasing complex marketplace to protect the public interest by making this data more accessible and in a machine-readable format for better data analytics
The accounting profession has not made the jump from paper to electronic reporting by assuring specific data elements in financial reports for example submitted to the regulator even though more than 60% of financial statement data is consumed electronically… Right now these assurance services are provided in the full audit for the public company BUT not the specific data elements submitted to the US SEC. According to conversations I have had with the US SEC ... the accounting profession will need to create guidelines and protocol to offer digital reporting assurance on specific data tagged elements in the financial report. We will need to start now as we move into the future of digital reporting and assurance of data that will be required by the management accountant
MarketScreener Financial Reports. Retrieved from marketscreener