What’s next in tech for finance? XBRL, your competitive advantage

Technology continues to reshape our world and has been accelerated by the pandemic. As you rethink processes for the new environment, you may be asking how technology can help improve efficiency and effectiveness. This podcast is the next episode in the second season of our What’s next? podcast series for CFOs, controllers — anyone in finance. This season we’re focusing on what’s next in tech for the finance professional — discussing the benefits of technology through the lens of the finance function. In this episode, host Heather Horn sits down with Wes Bricker, PwC’s Vice Chair and Assurance Leader for the US and Mexico, and Jenn Neglia, a PwC risk assurance partner and the US XBRL technology leader, to discuss the full potential of using XBRL structured data to advance digital reporting.Topics include:0:53 - XBRL through a technology lens. While XBRL isn’t a standalone technology, it is integral to the broader tech conversation. We begin with an overview of how XBRL converts unstructured data to structured data, enabling users to get the information they need to drive better decision making. 6:40 - XBRL for public reporting. The use of XBRL is growing. We discuss how XBRL filings are being used and what companies are doing well to ensure their data is high quality.     16:44 - XBRL for internal use. How can finance organizations apply XBRL internally and gain a competitive advantage? We discuss how XBRL is solving the problems of disparate systems and inconsistent data structures.  21:09 - The future of XBRL. We close with an update on the areas of focus for the XBRL International Board and how XBRL and structured data will continue to transform the “last mile” of reporting. Wes Bricker is PwC’s Vice Chair and Assurance Leader for the US and Mexico. In this capacity, he serves as a member of the US Leadership Team and the Global Assurance Executive Leadership Team. Wes’ leadership and oversight of the Assurance practice encompasses audit quality, business development and portfolio strategy, human capital, diversity, innovation, and technology.Jennifer Neglia serves as PwC's US XBRL Technology Leader, focused on delivering the full spectrum of XBRL services. As a partner in the Risk Assurance practice she has helped companies with their financial accounting, system transformations, IT processes, and business process controls, primarily focused on the financial services sector. 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, as well as periodic webcasts for the power and utilities industry. With over 25 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 [email protected].