XBRL US submitted a comment letter to the Securities and Exchange Commission (SEC) in response to their request on the proposed collection of interactive data. Key points made in the letter include:
- We support the continued use of XBRL for SEC data collection as machine-readable data is not only important for investors but it assists the Commission in its work conducting research on market activity, identifying important trends such as cybersecurity risks, and even in improving efficiencies in calculating fees for fee-based filings.
- The quality of reported finacial data can be further improved by the FASB’s continued incorporation of DQC rules into the DQC Rules Taxonomy (DQCRT) and the SEC alerts to filers regarding these rules. Use of DQC rules continues to improve the quality of submitted filings.
- We encourage the SEC to consider XBRL-CSV in future rules for those reporting situations that call for high volume, consistently reported data, as a better alternative to custom XML schemas.