XBRL News about sustainability reporting, a proof of concept and Italy
Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.
1 International taxonomy for reporting SASB standards unveiled
An international taxonomy for integrating SASB standards into corporate reporting was released Tuesday by The Value Reporting Foundation. More than 1,280 businesses now disclose ESG data using SASB standards, including more than half of those in the S&P Global 1200 index, the foundation said in the news release.
A long time in the making, this new taxonomy will now likely serve as a building block for the ISSB’s sustainability standard.
2 Using xBRL-CSV for granular data: a proof of concept from XBRL Europe
“Our proof of concept suggests that xBRL-CSV could streamline the reporting process and facilitate users in comparing and analysing information from across different countries and reporting requirements, including extensive and detailed data,” says Vincent Le Moal-Joubel, data scientist and XBRL expert at the Banque de France.
While a data standard format linking to reporting concepts will certainly find many use cases, any insights into the rationale for small-capping the x in xBRL-CSV would be greatly appreciated.
3 XBRL reporting for Italian Confidi
XBRL Italy reports “another small step forward” in the digitisation of corporate reporting in Italy. Credit guarantee consortia known as Confidi are an important part of the Italian financial landscape. A decree from the Ministry of Economy and Finance has established a requirement for Confidi wishing to offer credit to file their financial statements in XBRL format, as soon as this option is available at the Italian Business Register.
This is a good illustration of a niche use case in Italy.
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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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