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.