Posted on Sunday, May 28, 2017

XBRL US position paper published “Reduce Company Burden, Cut Government Spending – Standardize Financial Data Reporting Requirements” which recommends adopting the freely available, open XBRL data standard for all financial data reporting required by U.S. regulators. Only the XBRL standard has 1) the appropriate format to render data computer-readable; 2) the appropriate information component to clearly and consistently portray definition, time period, units and other attributes of financial data and; 3) the appropriate identifier mechanism to persistently define needed identifiers such as reporting entity.

The gains for the US economy by adopting this approach will be substantial:

  • Significant savings in data collection and processing costs for business, government and the American taxpayer
  • Reduced burden (cost) on US businesses
  • Consistent, comparable, timely information for investors, businesses and policymakers

Read the paper: Reduce Company Burden, Cut Government Spending – Standardize Financial Data Reporting Requirements

View infographics that visually explain the proposal outlined in the position paper:

Problems with current business to government reporting.

How to save billions in government reporting.



Upcoming XBRL US Events

Center for Data Quality Committee Meeting
Thursday, June 27, 2024

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GovFin 2024: Municipal Reporting Workshop
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FERC: How Regulators Use Technology to Improve Efficiency
Wednesday, September 11, 2024