Meaning evidence based data is not in a machine-readable format using one common accounting standard for government financial reporting to provide better data analytics to make evidenced based decisions
According to the article in FCW: “ The IRS is taking a step to open data on the financials of tax-exempt organizations… in machine-readable XML format.”
In the United States the Government Accountability Office (GAO) reported that federal agencies exceeded $144 billion in improper payments in fiscal 2016 , up from $137 billion in 2015. Using machine-readable data reporting can help end improper payments (using taxpayer dollars) and lead to better government spending and accountability
Over the years the IMA has championed the use of XBRL as a machine-readable data format for financial reporting to promote greater transparency and accountability to support economic growth and new jobs in the capital markets
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
Great article from the European Securities Market Authority on what EU public companies must do using the new Inline XBRL Global Data Standard for Better Transparency & Accountability by putting financial and non-financial financial statement info in a machine-readable format. 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
XBRL protects investors and helps companies tell their story to Wall Street by making their financials available in a machine-readable format for consumption by data aggregators
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
The $3.8 Trillion Municipal Bond Marketplace What if the data hosted by the Municipal Securities Rule Making Board (the principal regulator of the $3.8 trillion municipal securities market) on the Electronic Municipal Market Access Website EMMA SYSTEM could be in a machine-readable format like XBRL and also have XBRL data assurance to protect both taxpayers and investors?