Posted on Friday, June 17, 2022

XBRL US submitted a comment letter in response to the SEC proposal on The Enhancement and Standardization of Climate Related Disclosures for Investors. Our comment letter supported the proposal requirements to prepare ESG data in Inline XBRL format to improve the consistency and usability of reported data. Key points raised in the letter include:

  • Academic studies demonstrate that ESG disclosures do affect investors and therefore should be mandated by the SEC.
  • The need for global regulators to adopt a single, widely used standard, potentially with some region- and industry-specific extensions is critical to produce comparable, useful data and to minimize the burden of reporting and data extraction.
  • We encourage the Commission to allow companies to use XBRL-tagged custom extensions as an important feedback loop that can be reviewed, analyzed and potentially incorporated more easily, because of its machine-readable form.
  • We support the use of Inline XBRL, as proposed, to enable easy commingling of ESG data with financial performance data, to harmonize with global ESG standards now being established by the ISSB, and to minimize the burden on the reporting ecosystem.

Read the letter: XBRL US Comment on Enhancement and Standardization of Climate-Related Disclosures for Investors, File Number S7-10-22

Upcoming XBRL US Events

Center for Data Quality Committee Meeting
Wednesday, June 29, 2022

Domain Steering Committee Meeting
Tuesday, July 19, 2022

Communications & Services Steering Committee Meeting
Tuesday, July 19, 2022

Dive into Debt Securities – Illustrations of the FASB Implementation Guide
Wednesday, July 20, 2022

Public Review: Annual Comprehensive Financial Report Taxonomy
Monday, August 15, 2022