Congressman Darrell Issa (R-CA) will be introducing the Financial Transparency Act of 2015 that will mandate standards like XBRL across the capital markets and possible link to the Global Legal Entity Initiative (LEI). This announcement today, follows the announcement last week from the...
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Great article in Accounting Today about the status of XBRL adoption worldwide and its use to reduce business and regulatory reporting burdens (using Standard Business Reporting) and enhance analytics because tagged data is in a machine-readable structured format as discussed by John Turner, CEO of XBRL International
Two weeks ago, the Federal Reserve Board announced that they would be using LEI for certain regulatory reporting forms. Meanwhile, International organizations like IOSCO are taking LEI to a new global level across the capital markets with other banking and securities regulators so we can have greater interoperability between regulators using structured data. During his speech – Richard also discussed XBRL and its benefits to the nation’s banking regulatory operation over the years by reducing regulatory reporting burdens
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The IMA supports to use of using machine-readable formats like XBRL to enhances transparency and accountability of disclosed regulatory reports to help both regulators and investors
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."
It looks like Congressman Issa and other members of Congress from both parties would like the same model to apply to make businesses competitive and reduce regulatory reporting burden. More than 2/3 of the world’s capital markets are using XBRL for better financial statement reporting by public companies
Stay tuned as we learn more about the new US SEC Crowdfunding and also the possible use of XBRL as the data format for regulatory reporting to the US SEC
According to a recent article in Accounting Today -- The XBRL data standard continues to expand globally around the world as a important tool to reduce regulatory reporting by public companies using a standard data format that can be shared across regulators in one common report
Currently more than 25 nations around the world have mandated the use of XBRL for better regulatory reporting and as a means of reducing duplicative regulatory filings and more than 2/3 of the capital markets are using XBRL as the data standard for better disclosure
This action by Treasury and OMB is similar to XBRL actions related to Standard Business Reporting now used in several countries including China, Netherlands and Australia for interoperability of critical government information across silo agencies for reduced regulatory reporting by companies to multiple agencies and for enhanced government financial performance transparency