Why digitally tagged reporting is critical in 2024 and beyond

XBRL is an open international standard for digital business reporting that allows information to move between organizations rapidly and with accuracy. While XBRL is a mature component of today’s financial reporting ecosystem, a shared digital reporting language may also be critical for the future of sustainability reporting.  

In this episode, host Heather Horn sits down with John Turner, CEO of XBRL International, the global consortium that manages and promotes XBRL, to discuss the framework’s role in enhancing the quality and usefulness of sustainability disclosures. 

In this episode, you’ll hear: 

• 4:02 - Defining digital taxonomies, digital languages, and XBRL 
• 9:49 - How standard setters interact with digital taxonomies 
• 16:27 - How accurate digital tagging of financial data is crucial to robust investment analysis 
• 22:10 - Approaches on digitally tagging qualitative information and footnotes 
• 25:38 - How digital taxonomies could impact sustainability reporting 
• 28:30 - Anticipated challenges in aligning digital reporting across differing sustainability standards 
• 40:23 - Digital readiness considerations for issuers planning for mandatory sustainability reporting 
• 45:03 - The importance of issuers voicing feedback to regulators as standards are set 

Looking for more information on XBRL? Check out our previous podcast episode, What’s next in tech for finance? XBRL, your competitive advantage, as well as PwC’s XBRL service offerings. Additionally, follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards. 

John Turner is the CEO of XBRL International. In his role, John is responsible for enhancing reporting under regulatory standards and supporting the adoption of XBRL globally. Throughout his career, he has been focused on improving business reporting and analytics, having been a leading member of the XBRL community since 2001 when it was founded, and also serving in roles within the consulting and regulation spaces.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.