XBRL US submitted a letter responding to a U.S. Commerce Department request for comments on the Cross Agency Priority Goal: Leveraging Data as a Strategic Asset. The Commerce Department notice seeks comment on best strategies and processes for achieving this CAP goal. The Request for Comments seeks input on a 4 part strategy to: Manage government data […more]
Items tagged with "advocacy"
XBRL US submitted a comment letter responding to the SEC Request for Comment about its draft Strategic Plan 2018-2022. Recommendations include: Require all financial data submitted by all reporting entities, to be provided in computer-readable, standardized format. Use consistent standards across the agency to keep the cost of producing and consuming the data low, and […more]
XBRL US strongly opposes Section 411 of Subsection C of Title IV in the Financial CHOICE Act, a provision to exempt small companies from XBRL filing and which will have significant negative repercussions on both Wall Street and Main Street. Read the XBRL US argument on Section 411 in a letter to the House Financial Services Committee.
In response to the SEC’s Concept Release on disclosures in Reg S-K, the SEC Investor Advisory Committee submitted a comment letter where data standards are very positively referenced. Highlights from the letter: Leveraging Technology. The Commission is in the process of developing a second generation for the Electronic Data Gathering, Analysis and Retrieval system (EDGAR). […more]
XBRL US responds to SEC Concept Release on Transfer Agent Regulations on April 14, 2016, proposing that inline XBRL be used for transfer agent financial disclosures and that data standards be used to improve corporate actions processing.
Research on data reported in 10-Ks filed by 498 public companies (roughly representing the S&P 500) demonstrates a significant amount of duplication. 54% of facts reported had been reported already in previous filings. Company workload in the filing process could be reduced by only requiring companies to report facts that have not already been reported. […more]
Morningstar’s Jo Guo discusses the importance of financial fundamentals to stock research and why every public company should report the same information in the same fashion in this 8 minute video. She also covers why investors should determine what data is reported and how that data is reported, not the public companies themselves. And finally […more]
On March 24, a hearing was held by the Securities, Insurance & Investments subcommittee of the Senate Banking, Housing & Urban Affairs committee on “Capital Formation and Reducing Small Business Burdens”. Speakers included Tom Quaadman of the US Chamber of Commerce, William Spell of Spell Capital Partners, Dr. Marcus Stanley of Americans for Financial Reform (AFR) and John Partigan of Nixon Peabody.
XBRL US, the national consortium for XBRL business information reporting, announced today that it strongly disagreed with H.R. 4164, proposed legislation which would exempt small companies from filing financial statement data to the U.S. Securities and Exchange Commission (SEC) in XBRL format for five years. Small company is defined as any entity with under $250 […more]