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Articles, White Papers, Links
XBRL
*new* 28 October 2009. We repond to FRC's (Financial Reporting Council - UK) "Louder than Words" discussion paper on financial reporting complecity and relevance. Read our response here.
Key points:
1. Complexity is not the issue: Reliance on a "document-centric" model of reporting is the issue.
2. XBRL is not mentioned in their paper: Reduction in complexity and improved relevance requires XBRL tagged reports so that consumers can access information they want.
3. CSR/ESG: There are too many standards, but reporting should be included,
RAAS Writes to the SEC in response / support of the SIF letter to the SEC of 21 July 2009, recommending mandatory Environmental, Social and Governance (ESG) reporting.
Key points:
1. Reporting requirement already exists: Regulation S-K already requires reporting of any “known trend” or “uncertainty”.
2. A standard would help, but what standard?
The SEC should exercise significant caution when selecting the ESG
standard or standards that would be required for ESG reporting.
3. XBRL is part of the answer: The SEC should mandate the tagging of ESG information.
4. MD&A needs to be included in tagged data: The SEC should require that the MD&A be tagged in XBRL.
Can XBRL make the separate CSR report obsolete? Presentation at 19th XBRL Conference, Paris, June 25th, 2009.
Will XBRL spell higher audit fees? (CFO.com): Article saying that the accounting profession cannot turn XBRL into a cash cow of SOX 404 proportions. I agree completely, and am confident that auditing of XBRL can be very fast and cost effective. January 16, 2009
Getting the full picture (Cross Boarder/IIR): Benefits of XBRL are many but concerns remain about completeness of disclosure, finds Brendan Sheehan. February 2009
XBRL will be Audited
(PDF): Article discussing the probability that companies will want
assurance over their XBRL documents provided to regulators and the SEC
in particular, 2008
Four Steps into XBRL
(Word doc): Article recommending four steps companies should take to
prepare for the SEC mandate on filing of XBRL. The issues are
replicable in all countries introducing mandatory XBRL reporting.
Ready or Not, XBRL is Coming (CFO.com): The SEC and FASB are gearing up for XBRL, suggesting it's only a matter of time before its use becomes mandatory. Tim Reason - CFO.com; April 27, 2006
XBRL and the Truth (web): Article by the Gilbane Group on assurance and XBRL. Somewhat dated - http://gilbane.com/blog/archives/2005/08/xbrl_and_the_tr.htmlAugust 2005, but still worth a review.
XBRL Assurance (Wiki article): A reasonable starting point. I dont' agree with everything, but that does not detract from it. There is agreement only on the key high level issues relating to assurance and XBRL
Sustainability
Can XBRL make the separate CSR report obsolete? Presentation at 19th XBRL Conference, Paris, June 25th, 2009.
US EPA pubishes rule-making for reporting of GHG emissions:
March 16th, 2009. This results from the Obama Administrations
appropriations package (the stimulus bill), and requires reporting of
green house gas emissions for all facilities exceding 25,000 tons per
year. You can find the summary slide deck here.
CSR and Sustainability for Internal Auditors (PowerPoint slidedeck): Presentation to the Insuance Internal Auditors Group in London, February 2009
CSR in Troubled Times (PDF): Article written in November 2008, co-branded with Intependent Audit Limited (IAL), London
Mapping CSR standards to target Audiences
(Word doc): What is the most appropriate CSR/Sustainability standard,
depending on the target audience. Not all standards are focused on the
needs of particular audiences.
Sustainability market to tranform by 2012 (article): Interesting observations from Verdantix survey.
Risk Management
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