Late last week the US SEC announced that public companies in the United States can voluntarily begin to use the iXBRL data format for submission of financial statements to the US EDGAR System. US SEC has mandated that all public companies (estimated to be 14,500) tag their financial statements – a core document used by the capital markets to drive global economies – with XBRL (Extensible Business Reporting Language) to make business data disclosed to both regulators and the public more transparent and accessible by using a uniform global data format
XBRL provides this transparency/ accountability since this information is also placed on the US SEC EDGAR SYSTEM when investors around the world can look at and make better financial and in some cases – social/ governance decisions regarding company selection in investment portfolios
We are also furthering efforts to modernize our EDGAR system by improving the machine-readability of forms and filings
Interesting guest article posted today on Kevin LaCroix’s D&O DIARY written by Robert F. Carangelo, Paul A. Ferrillo and Andrew Cauchi of the Weil Gotshal law firm. The article takes a look at the US SEC’s recent focus on financial reporting and the use of new technologies to detect...
The USA Securities & Exchange Commission is following the same procedure and is now allowing foreign filers to the EDGAR System to submit IFRS if those companies are using Inline XBRL
Currently the US SEC is using XBRL for enhanced transparency and disclosure for public company financial statement data posted in the EDGAR System for the public to access
With the recent news that the European Securities and Markets Authority (ESMA) has published a feedback statement setting out the use of Inline XBRL as the digital format which public companies in the European Union (EU) must use to report their company information to investors worldwide from...
Great article in Sustainable Brands and the significance of non-financial reporting disclosure by companies and its direct relationship to investor behavior… According to a recent Ernst & Young survey : Investors are increasingly using non-financial performance to draw...
Interesting article … Largest democratic country in the world (India) is pushing the largest capital markets country in the world (USA) to have public companies disclose not only financial information but non-financial information to better serve both investors and the public. Including...
Great article about UK’s new narrative reporting framework for listed companies, banks and insurance enterprises with more than 500 employees that went into effect for financial reporting periods on or after January 1, 2017 . Companies, banks and insurance enterprises will be required...