Browse this growing collection of case studies, white papers and resources documenting the significance of the business reporting data standard, or check out one of our Infographics to get a clear picture of the hows and whys of the financial data standard.
UPC codes. Shipping containers. Most people understand that the introduction of these kinds of standards revolutionized an existing process, making it better, faster, cheaper, by establishing a single method of doing something that is used by many. UPC codes made it possible to track purchasing habits worldwide. Shipping containers dramatically reduced the cost and time involved in shipping goods cross-country. Financial data standards can be similarly revolutionary – reducing processing costs, enabling automation and greater timeliness, providing for validation checks to improve accuracy.
The Australian government and business saves $1.1 billion every year thanks to a program introduced seven years ago that brought financial data standards into the business to government reporting process. Translated to the American economy, which has a GDP 10 times the size of Australia, the adoption of the right format, information and identifiers – a financial data standard – has the potential to create $11 billion in savings across the US economy.
Every once in awhile a data collection process comes along that is ripe for standardization – the Department of Labor’s (DOL) Form 5500 Annual Report for pension fund data is one such system. The DOL’s Employee Benefits Securities Administration (EBSA) published proposal to modernize the data collection process of the annual report and corresponding schedules, with an eye towards giving data users the ability to perform better analysis of individual plans, multi-plan comparisons and trends; aid the agencies efforts at enforcement and at monitoring compliance issues; assist auditors; and provide new research opportunities.
The DSC has a mission to support the technology and development efforts of XBRL US that are necessary to meet the business reporting needs of key markets in the United States. The DSC approves taxonomy development work, performs quality control, and provides feedback to working groups.
There are numerous blockchain initiatives in the market today, some public, some private. This session will cover how alternative blockchains interact. Learn about the difference between public and private blockchain; permissioned versus un-permissioned. What issues are raised by multiple blockchains? How might this shake out in the future? What is the impact on regulators? Speaker: […more]
Financial technologists, investors, analysts, regulators, investor relations professionals and data providers are invited to the free FinTech Forum: Smart Contracts, Blockchain & Data Standards. The blockchain is a distributed public ledger that describes confirmed transactions between counterparties, and that prevents tampering or revision. Best known as the enabling technology behind BitCoin, the blockchain promises significant new ways to transact a vast array of transactions that today rely on trusted intermediaries.
In response to the SEC proposal on Investment Company Modernization, XBRL US submitted a comment letter on August 11, explaining the value of XBRL over XML as a more appropriate standard for the data investment companies would be required to submit. The SEC proposal recommends that two new forms be introduced to replace existing forms […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).
On May 8, U.S. Treasury and the Office of Management and Budget (OMB) held a conference call to update agencies and other interested parties on DATA Act progress. During the call they discussed the public review of data elements and the pilot program that are ongoing. They also announced the publication of a DATA Act “playbook” […more]
The national consortium for
the business reporting standard
