XBRL ( an XML data tagging regime for financial/business reporting data tagging standard ) and the new SEC crowdfunding rule requires the use of structured data like XBRL
More than 2/3 of the world’s capital markets are using the IMA supported XBRL global structured data format for both financial and nonfinancial disclosures
Attended the XBRL US - "Improving Financial Analysis Through Structured Data" Conference yesterday at Baruch College. Excited to hear from Mike Willis, Assistant Director, Office of Economics and Risk Analysis, US SEC speak about structured data (XBRL) and its use at the US SEC and former IMA TSP Committee member. Impressed by his comments - "Stunned by XBRL's use at the US SEC" and "Momentum is increasing in its use in other areas of regulatory reporting at the US SEC besides financial statement data reporting such as executive compensation, proxy and crowdfunding" and "XBRL or "structured data" is mentioned in seven US SEC rules or proposed rules of the US SEC in the past 12 months."
Now with the global build-out of legal entity identifiers (structured data) by US Treasury OFR – financial institutions around the world are beginning to use this identifier (LEI) and US Treasury OFR is now working aggressively to build out identifiers for both financial instruments and financial transactions using a global structured data format
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My guess is that XBRL and structured data is being used more effectively by the US SEC and we are starting to see more enforcement actions to protect the interests of investors and support the integrity of the capital markets
The announcement by the IRS bodes well for the XBRL Consortium and its efforts to support the use of structured data for better “big data” analytics and to promote better transparency
The staff, for example, is preparing recommendations for a rule proposal for the Commission’s consideration to allow companies to file financial statements in inline XBRL, rather than as a separate exhibit to their annual and periodic reports, which has the potential to improve the quality of the structured data that is filed and investors’ access to the information
At the end of last year, the Commission announced a program to provide such information into structured data sets and to post the data sets for bulk download on the SEC website
The passage of the DATA Act follows other efforts by the federal government to make open, freely available structured data available to citizens, companies and other important stakeholders in XBRL’s computer-readable format for improved discovery and enhanced analysis
Liv Watson , IMA member and Mother of XBRL) for structured data used by the accounting profession for public disclosure, business and financial reporting so data can be in a machine-readable format. Because XBRL tagged data is structured – data tagged in XBRL is perfect for extreme data analytics allowing currency and language linked to XBRL to be immediately converted and analyzed