Posted on Friday, September 30, 2016

On September 30, XBRL US submitted a comment letter responding to the SEC proposal on Disclosure Update and Simplification. Key recommendations made in the letter include:

  • Ensure that all facts that companies are required to report to investors be provided in a computer-readable format to facilitate greater ease of analysis,
  • Require the use of standardized identifiers to give investors a consistent method to identify traded securities as well as legal entities,
  • Support, acknowledge and adopt the work of the industry-led XBRL US Data Quality Committee, which provides freely available rules and guidance for issuers to improve the quality of financial data,
  • Require the use of standard data identifiers for facts reported by all entities in disclosures to the Commission, and,
  • Lead an effort to standardize the way public companies are required to report to multiple government agencies.

Download pdf XBRL US Response to SEC Proposal on Disclosure Update and Simplification, File No. S7–15–16 published September, 2016.