Great article in Accounting Today by Michael Cohen (Technology Reporter) about the United States Securities and Exchange Commission looking more closely at XBRL data tagging of financial statement & footnotes of public company disclosures more closely now.
From the article:
“Lou Rohman, vice president of XBRL services at Merrill Corporation, a member of XBRL US’s Data Quality Committee, recommends that financial statement preparers take a closer look at the guidance being issued by his committee. Documents on the committee’s website provide guidance and validation rules that should be used for the filings.
“The SEC gets the information and puts it in a database and then users come in to use it,” he said. “The challenge is getting clean, good data in that database. That’s always going to be an issue. Any database has errors in the data.”
Today somewhere between 15,000 – 20,000 data elements of a public company’s financial statement information (Company's financial DNA) is being tagged to XBRL so they information can be in a machine-readable format so it can be instantly analyzed by both securities regulators and analysts and investors around the world to protect capital market investment and improve investor confidence.
Learn more about XBRL... Stay tuned as the data format is moved across other asset classes supporting capital markets transparency/ accountability and sustainability.
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