His remarks included the following statements from his speech: “I have personally observed software demonstrations that run interactive data filed with the Commission through a series of filters selected by the user
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 Securities and Exchange Commission has voted today to move forward in mandating the use of Inline XBRL for US public company financial statement disclosure. See below story blogged on December 28, 2016 in which we discussed the possibility of the US SEC taking this action and mandating the use of Inline XBRL in the United States
With the recent news that the European Securities and Markets Authority (ESMA) has published a feedback statement setting out the use of Inline XBRL as the digital format which public companies in the European Union (EU) must use to report their company information to investors worldwide from January 1, 2020
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
The article takes a look at the US SEC’s recent focus on financial reporting and the use of new technologies to detect financial statement accounting anomalies/fraud… In 2015, the SEC brought enforcement cases against 191 parties (in contrast to 128 parties in 2014), a significant increase over prior years
The Treasury Department would also adopt data standards that reach across agencies and the Securities and Exchange Commission would replace its current financial statement reporting format with a single XBRL filing
Sixty percent of financial statement data is already being consumed electronically , and this figure will continue to grow, according to International Accounting Standards Board Chairman, Hans Hoogervorst. BUT the SPECIFIC data elements reported and consumed by the capital markets is not ASSURED by the auditor or the management accountant reporting this information to the CFO – the FULL paper report is ASSURED but not the specific DATA ELEMENT reported in the financial statement. 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
The same thing happens with XBRL formatted data; XBRL attaches context to each piece of information, such as the line item it represents in the financial statement (e.g., total revenue or greenhouse gas emission level), the year, currency, language, relevant reporting standard (e.g., U.S
1 Comment - Also interested in comments from SEC Commissioner Kara Stein that the SEC will be coming out shortly with iXBRL which will be a more effective way for investors to see XBRL data used for financial statement analysis of public companies
Great article from the European Securities Market Authority on what EU public companies must do using the new Inline XBRL Global Data Standard for Better Transparency & Accountability by putting financial and non-financial financial statement info in a machine-readable format