XBRL US has submitted a comment letter responding to the SEC request for comment on the List of Rules to be Reviewed Pursuant to the Regulatory Flexibility Act. The Regulatory Flexibility Act requires a 10-year review of rules that may impact small businesses. Rules included in the list pertaining to XBRL are: Interactive Data to Improve Financial Reporting, Amendments to Rules for Nationally Recognized Statistical Rating Organizations (NRSRO), and Interactive Data for Mutual Fund Risk/Return Summary. The XBRL US letter points out the impact of these rules on the markets:
- Commercial data providers rely on XBRL data.
- Small company data is available at the same time as large company data.
- Cost of capital reduced for all public companies.
- SEC makes XBRL data available through RSS and data downloads.
- More granular data is more easily available from public companies.
- Original rules for mutual funds and NRSROs need refinement.
Our letter goes on to point out market, industry and regulatory changes that have occurred since passage of the rule which the Commission should take into consideration:
- The burden on issuers has declined.
- The quality of XBRL financial data has improved.
- Technology has changed over ten years and XBRL has evolved.
- More U.S. standards programs have adopted XBRL.
- XBRL use outside the US continues to grow.
- More tools are available to work with XBRL data.
Read the XBRL US comment letter: XBRL US Comment Letter RE SEC List of Rules December 2018
Read the SEC List of Rules.