Late last week the US SEC announced that public companies in the United States can voluntarily begin to use the iXBRL data format for submission of financial statements to the US EDGAR System. US SEC has mandated that all public companies (estimated to be 14,500) tag their financial statements – a core document used by the capital markets to drive global economies – with XBRL (Extensible Business Reporting Language) to make business data disclosed to both regulators and the public more transparent and accessible by using a uniform global data format
Currently the MSRB has no plans to move the EMMA System forward using technologies such as XBRL to make municipal bond data more accessible and usable to the public for better data analytics.
The USA Securities & Exchange Commission is following the same procedure and is now allowing foreign filers to the EDGAR System to submit IFRS if those companies are using Inline XBRL
We are also furthering efforts to modernize our EDGAR system by improving the machine-readability of forms and filings
Yesterday at a summit of central bank governors in Amsterdam -- the governor of the Bank of England warned that climate change could have a "catastrophic impact" on the global financial system. Speaking at the summit -- Mark Carney reiterated previous warnings that the global financial system could be at risk from both physical climate impacts and a 'carbon bubble' where efforts to de-carbonize leave carbon intensive assets stranded.
Interesting guest article posted today on Kevin LaCroix’s D&O DIARY written by Robert F. Carangelo, Paul A. Ferrillo and Andrew Cauchi of the Weil Gotshal law firm. The article takes a look at the US SEC’s recent focus on financial reporting and the use of new technologies to detect...
Human capital development is one of the key factors in human development in which the government and the private sector plays a critical role. Policies and systems established by the government and the business community to enable education, trade and socialization help human capital development and prevent marginalization in society and strengthen democracies
The US Electronic Data Gathering, Analysis, and Retrieval system (EDGAR), performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file forms with the U.S
Currently the US SEC is using XBRL for enhanced transparency and disclosure for public company financial statement data posted in the EDGAR System for the public to access
The US SEC is taking major steps to make both financial and footnote information available to the public/investors via the US EDGAR SYSTEM. The US SEC has created a new database that allows the public to extract information from the footnotes -- far more valuable that the financial data extracted from financial statements and new private sector apps are being developed to utilize this treasure-chest of detailed data helping investors make better decisions.