Interesting article … Largest democratic country in the world (India) is pushing the largest capital markets country in the world (USA) to have public companies disclose not only financial information but non-financial information to better serve both investors and the public
Also impressed with David vun Kannon, Senior Standards Specialist, Office of Financial Research at the US Department of Treasury and his comments related to the use of XBRL for Legal Entity Identification (LEI) to support capital markets transparency
Great article from the European Securities Market Authority on what EU public companies must do using the new Inline XBRL Global Data Standard for Better Transparency & Accountability by putting financial and non-financial financial statement info in a machine-readable format
iXBRL is currently being used to data tag financial information of public companies in the world's capital markets for greater transparency and analysis for the public. We will have to see if this same data tagging and linking information (iXBRL) will be applied to non-financial information companies also disclosure to the capital markets supported and developed by the IMA and other XBRL consortium members
The International Organization of Securities Organizations (IOSCO) issued a press release today stating that securities regulators from growth and emerging markets are seeking public feedback on proposed recommendations related to the development of sustainable finance in capital markets and the role of securities regulators in this area
Role of the Management Accountant: What role will management accountants play in this new area of corporate disclosure Can management accountants help companies provide this additional data to the capital markets? Will they help their finance team gather this data and create internal systems in place to manage and report this new information to company stakeholders
More than 2/3 of the world’s capital markets are using the IMA supported XBRL global structured data format for both financial and nonfinancial disclosures. More than 100 regulators in more than 70 countries have mandated the use of XBRL for financial and business reporting which includes financial, tax or government data used to drive both the capital markets and government services
Forum for Sustainable and Responsible Investment. Clearly, capital market interest is there for non-financial information disclosures and the largest US Companies are disclosing this information -- but yet we don't see the US SEC taking any actions to meet this capital markets demand
With the recent news that the European Securities and Markets Authority (ESMA) has published a feedback statement setting out the use of Inline XBRL as the digital format which public companies in the European Union (EU) must use to report their company information to investors worldwide from January 1, 2020. 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
Today somewhere between 15,000 – 20,000 data elements of a public company’s financial statement information (Company's financial DNA) is being tagged to XBRL so they information can be in a machine-readable format so it can be instantly analyzed by both securities regulators and analysts and investors around the world to protect capital market investment and improve investor confidence
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