In order for financial firms to properly take climate change risks and opportunities into account they need comparable, standardised data. Measuring carbon emissions would be a simple, effective and material place to start monitoring the climate impact of the businesses financial firms invest in.
Long-time readers of this newsletter will know that one of the major issues holding sustainability reporting back has been the excessive proliferation of confusing and sometimes overlapping disclosure frameworks.
Climate change poses complex risks for financial systems that regulators don’t yet fully understand. In order to properly assess how physical risks and transition risks will interact with each other and other economic vulnerabilities, we need good quality, standardised non-financial data.
The Covid-19 crisis has prompted unprecedented, large-scale relief programmes in the US, creating new data collection needs that could benefit from the XBRL standard.
Having established a task force, the European Financial Reporting Advisory Group (EFRAG) is poised to proceed with the development of non-financial reporting standards, which, if implemented, would increase comparability, relevance and reliability of non-financial information.
The Sustainability Accounting Standards Board (SASB) is seeking feedback on recently published updates to its primary governance documents.
Early in August the European Banking Authority (EBA) published its final draft technical standards on disclosure and reporting on MREL and TLAC.
Europe are seeking expert input as they take the next step in the all-important process of building data standards for non-financial reporting.
The International Federation of Accountants (IFAC) has called on G20 leaders to strengthen commitments to transparent non-financial reporting in their long-term recovery from Covid-19.
The Covid-19 crisis has made it clear how important it is to be able to quickly access and interpret data in a rapidly moving market. While public companies in the US report XBRL-tagged financial information to the SEC quarterly, making up-to-date data relatively easy to analyse, municipal data is much harder to find.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
