When I look at the worldwide effort around integrated reporting (<IR>), the latest evolution in corporate disclosure, Exupery’s quote resonates with me
Including both financial and non-financial information is known as "integrated reporting" by public companies
Topics like big data, advanced analytics, integrated reporting, XBRL, and cloud are covered, and so much more
According to the most recent posting by Broc Romanek of CorporateCounsel.net the US SEC is actively moving forward on public company disclosure of sustainability/ corporate social responsibility reporting – also know as “non-financial” – “integrated reporting” -- including disclosing such topics as board diversity
We are also supportive of the use of the Extensible Business Reporting Language used by the US SEC for financial data transparency and accountability for sustainability data released by public companies that will link financial reporting with sustainability reporting to easily compare both information sets for integrated reporting by public companies. This will be a major leap forward for integrated reporting that will also broaden the skills of management accountants
Europe has been way ahead of the United States, for example, in terms of integrated reporting and measuring the environmental impact
Sustainability reported information should also be allowed to use XBRL data tags so this information can also be compared for integrated reporting. Putting it all together It is clear climate change/global warming is a global crisis
The IMA supports the concept of reporting non-financial information disclosure such as water usage into an “integrated report.” To enhance the available of sustainability information disclosed by companies an opportunity exists to compare financial and non-financial data using the XBRL data format
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Human capital disclosure is an important part of environmental, social and governance disclosures or what the accounting and auditing profession is calling “Integrated Reporting” which the IMA is an important member
Will pressure in the United States for the US Securities & Exchange Commission and/or the US Congress to adopt a similar rule as EU public companies move forward with this EU Directive for public company non-financial reporting to be included into financial reporting (integrated reporting)? Will this EU Directive put EU public companies at an economic advantage in raising capital markets funds by better explaining HOW companies are long-term whether the customer base is getting stronger and better managing risks/material issues?