June 2015 Regulatory & Legislative News SEC Proposes Investment Company Reporting Modernization Congressman Darrell Issa Proposes Legislation “Financial Transparency Act of 2015”, Requiring Structured Data for Financial Regulatory Reporting U.S. House of Representatives Goes to Markup on H.R. 1965, Recently Introduced Bill to Rollback XBRL Requirements on Small Companies SEC Proposes Rule Requiring XBRL Reporting […more]
Mary Jo White, Chair of the U. S. Securities and Exchange Commission, sent a letter to Senators Mark Warner and Mike Crapo, in which she reiterated SEC support for inline XBRL and noted that the Commission is developing recommendations for SEC consideration to allow filers to submit XBRL data inline as part of their filing, […more]
XBRL US and an alliance of companies have formed the XBRL US Center for Data Quality to address concerns about, and to improve the utility of, XBRL financial data filed with the U.S. Securities and Exchange Commission (SEC).
This page has information and tools to help you get started using XBRL corporate financial data reported to the US SEC through a variety of resources. How To: Find Out More about Inline XBRL Inline XBRL essentially combines XBRL and HTML documents, to create a single document that is both human-readable and machine-readable. Inline XBRL […more]
Participate in the Public Review & Comment period for data elements to comply with the Digital Accountability and Transparency Act (DATA Act), establishing government-wide financial data standards to increase the availability, accuracy, and usefulness of federal spending information. The federal government seeks input to that process from all stakeholders.
XBRL US is pleased that the U.S. House of Representatives did not pass H.R. 37 “Promoting Job Creation and Reducing Small Business Burdens Act” in its current form, under suspension of the rules on January 6, 2015. The Act included provisions that would exempt companies with revenue under $250 million from filing in XBRL format. The aim of the bill was to reduce public company costs, however a study by the AICPA and XBRL US shows that an XBRL exemption would result in savings of only $10,000 per year for most small reporting companies. Additionally, the unintended consequence of the XBRL exemption would be to raise the cost of capital for small companies versus large by making it more expensive for investors to extract and analyze small company data.
The third annual XBRL Data Forum will be held in the Seattle area September 15-17, 2014 at the Hyatt Regency in Bellevue. Regulators from across the globe, including the U.S. Securities & Exchange Commission (SEC), have mandated XBRL as the required electronic reporting format. Additionally, the Digital Accountability and Transparency Act (DATA) was signed into […more]
XBRL US announced today that it will hold two events this Fall in Bellevue, Washington, as part of its annual National Conference. A 2 ½ day conference, Current Developments in XBRL Financial Reporting for SEC filers, September 15-17, will focus on public company accounting professionals; the XBRL Data Forum, a one-day workshop to be held […more]
Program to Feature Technology and Financial Experts XBRL US, the nonprofit consortium for XBRL reporting today announced topics and speakers in its free webinar series to educate and inform potential contestants in the XBRL Challenge, a contest for developers to build the next great analytical application that consumes XBRL SEC data.Entrants to the XBRL Challenge […more]
Attend to learn rules, criteria and tools for contestants What: The XBRL Challenge is a contest to build the best open source analytical application that consumes XBRL (eXtensible Business Reporting Language) data from the Securities and Exchange Commission (SEC) EDGAR system.Over 8,800 public companies now report their financial statements in XBRL format and the Challenge […more]
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