Earlier this week US SEC Commissioner Michael S. Piwowar addressed The 34th Annual Current Financial Reporting Issues Conference in New York, New York, on November 16, 2015. The Republican US SEC Commissioner Mike Piwowar had several remarks regarding Interactive Data /XBRL for public...
But linking XBRL for financial statement information from each US public company to LEI we could provide even more transparency and accountability of public companies to rebuild confidence in the capital markets where it is so needed today
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Great article in Accounting Today by Michael Cohen (Technology Reporter) about the United States Securities and Exchange Commission looking more closely at XBRL data tagging of financial statement & footnotes of public company disclosures more closely now. From the article: “Lou Rohman, vice president of XBRL services at Merrill Corporation, a member of XBRL US’s Data Quality Committee, recommends that financial statement preparers take a closer look at the guidance being issued by his committee
Impressed by his comments - "Stunned by XBRL's use at the US SEC" and "Momentum is increasing in its use in other areas of regulatory reporting at the US SEC besides financial statement data reporting such as executive compensation, proxy and crowdfunding" and "XBRL or "structured data" is mentioned in seven US SEC rules or proposed rules of the US SEC in the past 12 months."
FASB is using XBRL data to sort out the leasing disclosures from information contained in public company financial statements to make better rules are determine if this information is reported correctly to the capital markets. Today, close to 15,000-20,000 data elements contained in the financial statements of a public company is tagged (The DNA of a public company) and linked to accounting rules for better comparison and analysis for better company transparency and accountability
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
The US Securities and Exchange Commission has voted today to move forward in mandating the use of Inline XBRL for US public company financial statement disclosure
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
The article takes a look at the US SEC’s recent focus on financial reporting and the use of new technologies to detect financial statement accounting anomalies/fraud… In 2015, the SEC brought enforcement cases against 191 parties (in contrast to 128 parties in 2014), a significant increase over prior years
The same thing happens with XBRL formatted data; XBRL attaches context to each piece of information, such as the line item it represents in the financial statement (e.g., total revenue or greenhouse gas emission level), the year, currency, language, relevant reporting standard (e.g., U.S
1 Comment - Also interested in comments from SEC Commissioner Kara Stein that the SEC will be coming out shortly with iXBRL which will be a more effective way for investors to see XBRL data used for financial statement analysis of public companies