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
According to CERES - while almost half of the 600 largest U.S. public companies communicate with investors about environmental, social and governance issues, they could be doing a much better job of it
Among other things, the recommendations propose requirements for disclosure of material Environmental, Social and Governance (ESG) specific risks, aimed at enhancing transparency
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
Great article in Accounting Today about the status of XBRL adoption worldwide and its use to reduce business and regulatory reporting burdens (using Standard Business Reporting) and enhance analytics because tagged data is in a machine-readable structured format as discussed by John Turner, CEO of XBRL International. IMA is one of the original founders of the XBRL global data standard ( Ms. 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
Data creation, data governance, data analytics and Big Data according to the Accounting Today article
Representatives of both the Netherlands and Australian Governments testified before the US Congress and US Government officials to discuss the benefits of Standard Business Reporting using the XBRL data format created by the accounting profession – supported by both the IMA and the AICPA to reduce the manual keying of data by accountants over and over into recreated spreadsheets to a machine-readable/ RoBoAccouting format for instant advanced data analysis