May 22, 2019

GLEIF, in partnership with XBRL International, has published its 2018 annual report in human and machine-readable Inline XBRL and HTML format, with GLEIF’s LEI embedded into the financial information for the first time. This becomes the first official business report globally that automatically links the filing entity to its verified LEI reference data held within the Global LEI Index. The annual report highlights the status of GLEIF’s operations, financial condition, and key developments in 2018.

The process of embedding an organization’s LEI—or that of its affiliates, subsidiaries, and parent companies—within digital financial reports, allows market participants who rely on official documents to inform strategic decisions (for example, traders, investors, and regulators) to quickly and easily consolidate and verify information on a filing entity. Filing financial statements in Inline XBRL format has already become a compliance requirement across many jurisdictions. GLEIF encourages companies preparing for this scenario to consider not only the advantages of making paper or PDF-based reporting a thing of the past, but of also integrating the LEI of the filing entity, its affiliates, and parent companies in their machine-readable reports. Such a simple action can generate significant industry-wide benefits, including increased trust, enhanced data check methods, and reduced fraud. Through this development, GLEIF has demonstrated another tangible way in which LEIs support the global digital economy.

Within the 2018 annual report of GLEIF, LEI is also embedded in the digital certificates of signing executive officers of GLEIF. These certificates, for the first time, connect the role of the signatory to an organization through the LEI and can, therefore, be used to verify—automatically, through the shared LEI—that the filed document and the signatories represent the same organization. With a view to further the digital economy globally, GLEIF aims to make standardized digital signing with the LEI available to all. A standard way to embed the LEI in digital certificates as a new separate part of the LEI standard (ISO 17442) has been proposed and is under development by the International Organization for Standardization.

XBRL International is the standards development organization behind the freely licensed XBRL specifications. The purpose of XBRL International is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting. The standards are used by more than 130 regulators in more than 70 countries to collect high-quality, reliable, and timely digital business information from millions of companies worldwide.

 

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Keywords: International, Banking, Insurance, Securities, LEI, Inline XBRL, Global LEI Index, Annual Report, XBRL International, Machine-Readable Report, GLEIF

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