Businesses have relied on standards for decades, squeezing out costs by increasing efficiency and maximizing product consistency and quality.
Regulators can do the same by adopting open-source data standards and identifiers for data collection. Standards grease the wheels of agency data collection and cut government spending. They improve accessibility, uniformity, and usefulness of data for the public, and facilitate the use of advanced technologies like artificial intelligence.
Manufacturing companies maximize efficiencies and minimize costs by using the same standard size containers across products and companies. Regardless of content, the dimensions of standardized containers like cans and bottles are the same. Standards maximize efficiency and reduce cost on the filling line, in the supermarket, and in the shipping process when products are transported by truck. A small change in container structure would mean a massive increase in cost.
Open data standards wring unnecessary costs out of government data collection and increase the quality and functionality of reported information. Regulatory efforts including the FDTA for financial and municipal bond issuance reporting, and the GREAT Act for grants reporting aim to increase government efficiency through data standardization. The increasing availability of open, freely available data in structured, standardized format leads to significantly greater support for financial technology including AI.
The latest news, events and posts
By Campbell Pryde, President and CEO, XBRL US Summary: Agencies and market participants spend significant time actively reviewing a high volume of rulemaking comment letters. Current agency comment letters are unstructured and require manual...
The Securities and Exchange Commission's (SEC) Investor Advisory Committee held a meeting on disclosures and artificial intelligence and the Regulation National Market System. XBRL US' President and CEO Campbell Pryde participated in the...
XBRL-tagged datasets are transforming financial analysis. Go beyond the basics to examine real-world case studies on how cutting-edge, analytics platforms are harnessing structured data to deliver analysis that’s faster, deeper, and more precise...
On September 10, 2026, XBRL US President and CEO Campbell Pryde participated in a panel discussion at the SEC's Investor Advisory Committee meeting, AI Technologies and the Public Markets Information Ecosystem.
XBRL US responded to the PCAOB’s Draft 2026-2030 Strategic Plan Goals and Objectives. The XBRL US letter addressed two of the five goals in the plan: Goal 1: Modernize Standard Setting and Implementation....
In an AI era, how can structured data enhance trust? How can streamlined digital reporting drive value? Data Amplified 2026 will dive into these essential discussions, bringing together regulators, technologists, finance professionals and...
Comment
You must be logged in to post a comment.