The CFA Institute publication Data and Technology: Transforming the Financial Information Landscape discusses the benefits of structured data to all parties in the financial reporting supply chain, including companies, auditors, regulators, and investors. This paper addresses the consumption of that structured data, including which data are available and how data are being consumed, and refutes the claim […more]
XBRL US comments on Government Effectiveness Advanced Research (GEAR) Center, a proposed public/private partnership, “re-imagining possibilities for how citizens interact with the Government; rethinking the delivery of citizen services and data; reforming core processes.”
In this issue:
The SEC has released a draft of the EDGAR Filer Manual (EFM) to reflect changes in the new EDGAR Release 18.3 which is scheduled to be published October 1, 2018. An update to the EFM test suite will be published soon with new test cases. While a number of changes have been made to the […more]
The Financial Stability Board (FSB) is conducting a review on implementation of the Legal Entity Identifier (LEI). The objective of the review is to evaluate the progress made by FSB members – both national authorities and international bodies – in response to the G20 Leaders’ 2012 call for “global adoption of the LEI to support […more]
The Data Quality Committee is soliciting input on the 7th Data Quality Ruleset during a public review and comment period that will end on September 10, 2018.
On August 17, Marc Joffe of the Reason Foundation published an article on Making Government Documents Searchable and Machine-Readable to Improve Transparency and Accountability which states: “In Florida, and nationally, Reason Foundation is working to improve the accounting transparency of state and local governments by seeking the mandatory disclosure of government financial documents in a machine-readable […more]
The Securities and Exchange Commission (SEC) finalized their rule on Disclosure Update and Simplification. The rule proposal was introduced on July 13, 2016 and XBRL US submitted a comment letter. A review of the final rule indicates that there are no near-term changes to what is required to be XBRL tagged by issuers. There are […more]
On August 16, the Global Banking & Finance Review published an article referencing the AICPA XBRL US study on the cost of XBRL preparation for small companies, stating: “The American Institute of CPAs (AICPA) and XBRL US have found that the cost of XBRL formatting for small reporting companies has declined 45 percent since 2014, according to an updated […more]
On August 15, the Journal of Accountancy published the article, “XBRL Costs for Small Reporting Companies Have Declined 45% Since 2014” , stating: “The cost of formatting financial statements in Extensible Business Reporting Language, or XBRL, for small reporting companies has plunged 45 percent since 2014, according to a new study by the American Institute of CPAs […more]
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