In a speech to the Institute of Chartered Accountants in England and Wales, SEC Commissioner Kara Stein reiterated SEC support for inline XBRL as a means to improve the quality of structured data for investors. She cited the use of inline XBRL by UK companies reporting tax returns to the HMRC, noting “This means that the document is presented with structured data embedded within it, so that it can be read easily by both humans and machines.”
Commissioner Stein goes on to state:
The SEC has played an important role in advancing the presentation of structured data for investors, such as through XBRL. Yet the Commission has yet to require inline XBRL reporting for U.S. listed companies. This contributes to poor data quality for investors and extra costs for companies. Today’s data-driven markets are simply demanding more…The importance of this structured data for accountants is clear, and the SEC needs to follow your lead and adopt measures, such as requiring the use of inline XBRL, for financial reporting and for other data-centric reports.
