XBRL News about consultations, verifications and narrations

Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.

1 Support and suggestions for digital climate reporting at the SEC

The US Securities and Exchange Commission (SEC) has now closed the comment period on its proposal on enhancing climate-related disclosures, which promises to introduce digital reporting requirements for all US public companies. As we write in our response letter, the proposal is “timely and sought by the investment community. It comes at a time when comparable, high quality, audited, and digital disclosures in this field are essential for investors, regulators and policy makers, together with a wide range of other stakeholders.”

One of the big three climate reporting consultations that are currently live – the other two being ISSB and EFRAG, of course.

2 Comprehensive report verification at last? GLEIF deploys vLEI digital identifier …

The Global Legal Entity Identifier Foundation (GLEIF) marked a milestone this week with the first ever use of the verifiable Legal Entity Identifier (vLEI), in the signing of its 2021 annual report. The vLEI is a digitally trusted version of the existing LEI, designed to meet “an urgent, unmet need for automated digital verification of the legal identities of businesses everywhere.”

The vLEI would be an important part of a seamless digital reporting / analysis value chain.

3 Granular narrative tags give better, faster insights …

Is granular tagging of text more useful than large text blocks? That’s the question we consider in the final post in our series on Key Audit Matters (KAMS), analysing early digital data from Japan, the first country to require this information to be tagged using XBRL.

More analysis of the new data source out of Japan.

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Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

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