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.
The purpose of the Monitoring Group is to advance the public interest in international audit standard setting and quality.
The use of structured data has the potential to simplify reporting burdens and make it easier for investors to access company data, but there are still challenges in its implementation.
With over 150 million data points in this structured database, XBRL has the potential to increase the volume, speed, and access to corporate financial reporting and analysis.
Companies say they need relief from the heavy burden of financial reporting, but what about the impact on investors and their ability to make informed investment decisions?
Transforming regulatory reporting from documents into data can make markets more efficient, empower investors, and improve regulatory oversight while also reducing compliance costs.
The use of data analytics in auditing is key for more effective and efficient overall financial reporting process, which better serves investors.
Structured data, data analytics, and technology can bring greater efficiency for all parties in the financial reporting chain.