Data adoption: New opportunities in corporate reporting
This year the suggested interest is in academic and innovative works which explore how to turn corporate data into valuable information for decision making, by presenting works related to data adoption and impact on markets instead of purely XBRL implementation.
There is a big amount of data available from corporations on the web, and more corporate data is coming looking at the new regulations, voluntary reporting initiatives and reputational trends. Nowadays, the corporate reporting landscape represents a complex scenario of information full of opportunities to rethink the way we make decisions. It is composed of data covering a variety of financial and non-financial topics, from different organisations, structured and non-structured data formats (video, tweets, XBRL, RDF, SDMX, HTML, PDF, sensors, etc.) and reporting frequencies (annually, quarterly, real time). Questions arise about how to get a comprehensive picture of company performance combining different datasets for decisions. There are certain barriers identified to make the information useful and relevant for decision-makers, namely governments, companies, investors and general society. Important measures to overcome these barriers are: open data standards, semantic web technologies, data science techniques, big data technologies, sophisticated decision-making processes and associated information systems.
In this scenario of information, the amount of corporate data available in XBRL format is high, as XBRL is in use globally in more than 60 countries at present, implemented by over 100 regulators, covering some 10 million companies worldwide. However, XBRL data represents independent silos of information owned by different organisations and it is limited to permit the combination of datasets to facilitate a better comprehension of company’s performance.
Solutions like Linked Data appears as a set of best practices for publishing and connecting structured data on the Web. The European Commission, via the Interoperability Solutions for European Public Administrations (ISA programme), is moving forward Linked Data as a relevant solution to enhance the interoperability and transparency between public administrations. Linked Data is a reality in Open Government Data Initiatives such as data.gov.uk in the United Kingdom and data.gov in the United States, which could suppose an opportunity to increase the adoption of XBRL data in combination with other structured datasets in XBRL and other formats such as SDMX and JSON.
The suggestion is therefore looking for applicable research that tries to solve real problems in corporate reporting, from data publication, data gathering, data interoperability, analysis and visualisation.
Academics and industrial researchers are welcome to participate, especially from the XBRL and Linked Data community.