XBRL US welcomed incoming Chairman of the Securities and Exchange Commission (SEC) Paul S. Atkins in a letter that addressed the role of data standards in supporting federal government agencies. It noted that data standards:
- Support the administration’s focus on modernization, efficiency, and productivity improvement.
- Assist in the creation of machine-understandable data for better, more efficient outcomes on artificial intelligence platforms.
- Are the cornerstone of Standard Business Reporting (SBR), a program that vastly increases the efficiency of statutory reporting from business to government. SBR, which is built on the XBRL standard, has been successfully adopted in the Netherlands and in Australia, and could bring significant cost savings and productivity enhancements for the U.S. government as well.
Read the letter: XBRL US Letter to SEC Chairman Atkin
