Julie Valpey, Chair, XBRL US Communications Steering Committee; Partner, National SEC Department, BDO Switching to structured (XBRL) data after using HTML versions of financial filings is like trading in your flip phone for an iPhone 7. Wow. Suddenly you can do things you never thought possible. Flip phones were only good for making calls. Today’s phones […more]
By Jonathan Previtali, Vice President, Environmental Finance Group, Wells Fargo and Michelle Savage, Vice President, Communication, XBRL US In 1974, the first Universal Product Code (UPC) was scanned in Troy, Ohio, automating what had been a manual process for recording sales. The first item scanned was a pack of Wrigley’s chewing gum. The UPC revolutionized […more]
Mike Starr, Chair, XBRL US Data Quality Committee; Vice President, Governmental and Regulatory Affairs, Workiva As we begin a brand new year, it’s always good to make a few resolutions that go beyond joining a health club, eating right and losing weight. So we have three recommendations to add to your list of resolutions. The first is […more]
Formats are often mistaken as financial data standards by regulators, government agencies and businesses. It’s a misunderstanding with significant consequences for comprehensive, comparable, interoperable data collection and use.
UPC codes. Shipping containers. Most people understand that the introduction of these kinds of standards revolutionized an existing process, making it better, faster, cheaper, by establishing a single method of doing something that is used by many. UPC codes made it possible to track purchasing habits worldwide. Shipping containers dramatically reduced the cost and time involved in shipping goods cross-country. Financial data standards can be similarly revolutionary – reducing processing costs, enabling automation and greater timeliness, providing for validation checks to improve accuracy.