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
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
Data can be moved into a machine-readable format for instant diagnostics to determine exceptions for review to protect investors and the capital markets with minimal paperwork