For more than 10 years – the US SEC has been using the XBRL data format for machine-reading of US Public Company Financial Statements as well as the US FDIC for US Bank Call Reports to support better transparency and accountability of the capital markets. The US SEC is now positioned to build-out the use of XBRL across the US capital markets
As reported in FCW -- One of the final rules that could make it through before the end of US SEC Chair White's tenure at the US securities regulator is a proposal to require the use of inline XBRL in the submission of financial data for US public company disclosures
The financial services committee has Congressional oversight of the US SEC, PCAOB and the accounting and auditing profession, How Can Diversity and Inclusion Support a Company’s Business Case?
The accounting profession has not made the jump from paper to electronic reporting by assuring specific data elements in financial reports for example submitted to the regulator even though more than 60% of financial statement data is consumed electronically… Right now these assurance services are provided in the full audit for the public company BUT not the specific data elements submitted to the US SEC. According to conversations I have had with the US SEC ... the accounting profession will need to create guidelines and protocol to offer digital reporting assurance on specific data tagged elements in the financial report
Approximately 1 in 5 investment dollars in the USA is going to sustainability finance but we are not hearing any action by the US SEC to support this capital markets efforts to provide better transparency and accountability