Updates from Asia
At the XBRL Asia Round Table (XART) meeting in Kumamoto in Japan this week, attendees heard from multiple projects across the region that are focussed on XBRL-enabled analytics for compliance monitoring and broad dissemination of performance reports. For example, Senior Vice President Albert Chou, of the Taiwan Stock Exchange spoke about the ongoing XBRL journey in that market.
The TWSE now provides a range of industry and sectoral analytics tools, as well as an online dashboard covering individual companies. These tools are populated with sustainability data provided by corporates (currently in line with GRI standards) and converted into XBRL. The plans to enhance this approach, including the addition of ISSB S1 and S2-compliant disclosures are well underway.
The team from the Indonesian Stock Exchange continues to expand their use of the XBRL standard and have a comprehensive analytics and benchmarking tool under development. The preview shown at XART was impressive.
A presentation from Saba Curtay, of major Indian stock exchange, the NSE, covered the approach to data collection in XBRL from listed entities, including the BRSR sustainability data set. The NSE is moving to require that all financial disclosures are made only in XBRL, removing the option to file in PDF. The exchange is increasingly relying on XBRL data for risk scoring and alert systems for its own regulatory purposes.
The XART meeting proved once again the value of information exchange and collaboration across Asia. Working with the ADB and the ABMF was a pleasure and we are very grateful for not only all the work of the organisers from ADB and XBRL International (including our own Revathy Ramanan) but the generous hospitality of the Kumamoto Gakuen University, including a large number of students that volunteered to assist!
