Including both financial and non-financial information is known as "integrated reporting" by public companies. Currently the US Securities & Exchange Commission isn’t even allowing voluntary filing of non-financial data to be included with financial reports by public companies
Interesting article in the UK’s Financial Director about yearend non-financial reporting required by UK companies as part of the EU mandate for 6,000 + public company requirement to report non-financial information to the capital markets and important stakeholders such as investors. The UK most now adopt the European Union’s own rules around the reporting on long-term risks and strategies as part of the new EU Non-Financial Reporting Directive
Some companies are combining financial reporting with non-financial reporting into ONE REPORT or "Integrated Reporting" to external stakeholders that also includes natural resources and human capital -- beyond just financial information. The CFO in most cases is responsible for this additional reporting by the company
The IOSCO Growth and Emerging Markets Committee welcomes comments on the consultation report on or before 1 April 2019
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
WHY IS GOVERNMENT FINANCIAL REPORTING USING XBRL IMPORTANT NOW?
Key findings of the GAO report: The Securities and Exchange Commission’s ability to assess the accuracy of corporate climate risk disclosures is limited , the General Accountability Office said in its report
What about government reporting like GASB, FASAB, IPSASB and other accounting standards?
ATTENTION: IMA MEMBERS -- Its not too late to register for the DATA AMPLIFIED GLOBAL CONFERENCE IN PARIS The IMA is an ASSOCIATION PARTNER and Strategic Finance Magazine is a Media Partner for the Conference 15% DISCOUNT IS AVAILABLE FOR IMA MEMBERS AROUND THE WORLD USING IMA15 DISCOUNT CODE WHEN REGISTERING FOR THE CONFERENCE European Securities & Markets Authority (ESMA), European Central Bank (EBA) and other European Regulators will be discussing mandates requiring the use of XBRL for business reporting data format including updates related to the US Securities & Exchange Commission (US SEC) regarding the mandate using Inline XBRL and the opportunity for foreign filers to use the IFRS accounting standard if using the XBRL data standard Blockchain, Distributed Ledgers, Smart Contract, Sustainability Reporting/Accounting and the use of LEI to be some of the additional topics to be discussed at the global conference.
According to Ceres, a quarter of dollars invested in the U.S. is now ESG investment, raising the stakes on accountable sustainability reporting to investors. Likewise, companies have increased their commitments to ESG: Ceres research shows that among that 600 largest public companies, “nearly two-thirds have commitments to reduce greenhouse gas (gHg) emissions, half are actively managing water resources and nearly half are now actively protecting the human rights of their employees by disclosing human capital data in its financial statement reports as well. 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
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