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.
In support of the use of data in financial reporting, the SEC commissioner proposed creating a new office and task force to design a data strategy and reimagine how data is provided to investors.
The current financial reporting process is time consuming and costly. Structuring data could streamline the process and provide more transparent and timely information for investors.
The second set of proposed XBRL guidance and validation rules from the US DQC are now open for public review and comment. We encourage you to participate. Deadline is 31 August.
With its impressive findings, a 60% to 70% drop in filers’ errors, the DQC hopes more companies will use its validation rules to prevent or spot variations or errors in XBRL data filed with the SEC.
Firms and regulators: Follow our XBRL framework principles to address implementation challenges. Analysts: Watch how structured data can be used.
ESMA proposes a European Single Electronic Format (ESEF) for regulatory filings. ESEF is needed, but doesn’t go far enough. Can’t financial reports be in one place online and accessible by all?
Structured data could produce a virtuous circle for all stakeholders and lead to more efficient, transparent capital markets. But there are challenges.
Its governance structure looked good on paper, but we know now that Toshiba ineffectively monitored its reporting. How can this be avoided?
Structured data increases efficiency, transparency, comparability, and timeliness in the delivery of financial information.
Now that standard setters know what investors want in their financial reports, can they make them truly less complex?
Companies that consistently promote candor and transparency generally benefit from superior market performance.
CFA Institute supports FASB’s goal of an overarching disclosure framework, but thinks more consideration of its presentation is needed to best communicate the concepts it intends to convey.
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