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Tech TALK Blog: US SEC Announces That Public Companies Can Voluntarily Use the Inline XBRL Global Data Format for Financial Statement Submissions to the US EDGAR System to Better Protect Investors

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


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TechTalk Blog -- NEW LEGISLATION INTRODUCED IN CONGRESS TO MOVE XBRL ACROSS ALL US FEDERAL FINANCIAL AGENCIES FOR BUSINESS REPORTING

The Treasury Department would also adopt data standards that reach across agencies and the Securities and Exchange Commission would replace its current financial statement reporting format with a single XBRL filing


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TechTalk Blog -- 86% of Accounting Tasks Can Be Automated With Current Technology -- Management Accountants Need to Review New Technologies

Sixty percent of financial statement data is already being consumed electronically , and this figure will continue to grow, according to International Accounting Standards Board Chairman, Hans Hoogervorst. BUT the SPECIFIC data elements reported and consumed by the capital markets is not ASSURED by the auditor or the management accountant reporting this information to the CFO – the FULL paper report is ASSURED but not the specific DATA ELEMENT reported in the financial statement

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TechTalk Blog - European Securities & Market Authority (ESMA) Provides Instruction on Using Inline XBRL for Public Company Disclosure

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

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