ROCKAWAY, N.J., July 27, 2022 (Newswire.com) - Gap Inc., the largest American specialty apparel company, is among the first companies in the U.S. to release its 2021 sustainability report in digital format using the SASB XBRL taxonomy.
Marvin Smith, Gap's Director of ESG Reporting & Disclosure, said Gap Inc. chose to make digital disclosures in XBRL to make its ESG report more accessible to various stakeholders. "Having that machine-readable (XBRL) element is another way to ensure our disclosures are accessible to key stakeholders who are processing and evaluating our ESG performance. We believe it's important to make information available in a useful, comparable, reliable, and importantly, accessible manner and in a format where investors and stakeholders increasingly process information - in the digital format."
On learnings from the report's digital conversion, Smith said the taxonomy structure encouraged Gap Inc. to present some of the sustainability data in a more rigorous, nuanced manner to add value to investors.
Anand Padmanabhan, President, IRIS Business LLC, stated, "With the increasing adoption in over 60 countries by more than 180 regulators, XBRL has played a pivotal role in enhancing the goal of data usability, standardization, and discoverability. We have been extensively working in this area over the last 18 years, helping regulators, enterprises, and analysts adopt these data standards."
"With rising focus on ESG reporting by corporates, it was great to see the Value Reporting Foundation release the SASB XBRL taxonomy last year. We are excited to see leading organizations like Gap Inc. becoming early adopters of digital data standards to enable better data accessibility to their stakeholders," said Anuradha RK, Global Customer Success Head at IRIS CARBON®.
About Gap Inc.
Gap Inc., a collection of purpose-led lifestyle brands, is the largest American specialty apparel company offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. The company uses omni-channel capabilities to bridge the digital world and physical stores to enhance its shopping experience. Gap Inc. is guided by its purpose, Inclusive, by Design, and takes pride in creating products and experiences its customers love while doing right by employees, communities, and the planet. Gap Inc. products are available for purchase worldwide through company-operated stores, franchise stores, and e-commerce sites. The fiscal year 2021 net sales were $16.7 billion. For more information, visit www.gapinc.com.
About IRIS CARBON®
IRIS CARBON®, a SaaS Disclosure Management and iXBRL reporting solution, is used in close to 30 countries globally. The solution is backed by XBRL experts with close to two decades of regulatory reporting experience and assists 5,000 enterprises globally. IRIS CARBON® has consistently been ranked #1 for quality XBRL filings by independent third-party evaluators. For more information, visit www.iriscarbon.com.
Vivek Nair | email@example.com
Source: IRIS CARBON