Mohini Singh is director of financial reporting policy at CFA Institute. She represents membership interests regarding financial reporting and disclosure proposals issued by the FASB, the IASB, and others. Singh holds the Associate Chartered Accountant (ACA) designation.
For blockchains to be adopted they must be standardized and provide interoperability solutions. To be of real value content and nomenclature must be consistent. For this to happens regulators need to work with industry and standard setting initiatives.
A recent CFA Institute report discusses what a blockchain is and answers the question posed in the article title, Can Blockchain Technology Help with The Production of Financial Reporting Information?
CFA Institute recently responded to
the Public Company Accounting Oversight Board’s (PCAOB) Concept Release, Potential Approach to Revisions to
PCAOB Quality Control (QC) Standards.
Regarding communication, the
Concept Release says,
For regulators to efficiently handle extremely large data sets, it will be easier with the imminent release of xBRL-CSV. An example from Spanish bank BBVA shows the value of this approach.
Electronic signatures on audit reports should not just be permitted but, indeed, be required. Introducing e-signatures is a useful step toward increasing the digital usability and security of reports.
The XBRL webinar Data Analytics to Set Policy, Evaluate Investments, and More explains how access to better data is generating new ideas and enabling better decisions for everyone from standard setters and government policy makers to hedge funds, other buy-side firms, corporations.
reating the data using Inline XBRL would make it much easier for various parties to access, analyze, and reuse such information to improve pandemic management — just as it improves financial reporting.
Given the increased importance of company ESG disclosures, ESMA increased their enforcement activities on nonfinancial information in 2019.