Posted on Thursday, April 15, 2021

XBRL was named in Forbes April 15 article, The SEC’s Technology Modernization Is Accelerating – Are You Ready? as one of the SEC’s important modernization efforts, noting:

 “…the SEC has notched significant progress adjusting rules and enforcement in response to technological disruptions over the past two decades. For example, the commission’s 2009 rule requiring the use of eXtensible Business Reporting Language (XBRL) and its 2018 update of that rule (calling for the use of the Inline XBRL format that makes the disclosure document human- and machine-readable) represent laudable strides in improving search and analysis capabilities.”

The article goes on to note, “Thanks to those XBRL rules that place all filings on a common platform, the SEC has amassed a robust database. SEC commissioners have signaled that they plan to intensify their use of data analytics. By mining that database for exceptions and patterns, the SEC can identify trends and anomalies that drive consistent and focused comment letter activity.”

Read the article.