XBRL News about expansion
Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.
1 SEC approves new rules that expand electronic filing requirements
2 How XII aims to tackle greenwashing by standardising ESG reporting
Recently, international standards organisation XBRL International announced the creation of the Digitisation Sustainability Lab (DSD Lab), an initiative to help standardise the methods public companies use for climate disclosure reporting. In addition to XBRL International, the EDM Council, Capitals Coalition, and Children’s Investment Fund Foundation (CIFF) were named as partners in the initiative. The initiative partners believe the DSD Lab will revolutionise global environmental, social, and governance (ESG) reporting.
Seeing how the world of ESG reporting standards is rapidly consolidating, it only makes sense for XII to expand resources applied to that field.
3 Multiple reports, one document
The original version of the Inline XBRL specification was released over ten years ago with a wide range of features to enable filers to embed XBRL tags within an HTML file, creating a document which is both human readable and computer readable. In my role as editor of the transformation registry, I look after one of these features – the ability to have a fact value which is presented in a human readable format for human readers and a canonical computer readable format for computers to use.
The expanding field of ESG reporting may well be a domain of application for this, as the author wishes.
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Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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