TechTalk Blog - US Securities & Exchange Commission Moving Forward with Inline XBRL for Public Company Financial Disclosure

By David Colgren posted 04-14-2016 04:13 PM

  

Tech Alert: US SEC Chair Mary Jo White released a statement at an Open Meetings yesterday (April 13, 2016) on Regulation S-K Concept Release and use of Inline XBRL for better public company financial disclosure. 

Mary Jo White hinted at the open meeting of the US SEC that the agency is prepared to move forward with Inline XBRL for public company financial disclosure. In a statement issued she said:

“In addition to broadly seeking input on the range of such options, we are also moving forward on other, disclosure-related technology projects.  The staff, for example, is preparing recommendations for a rule proposal for the Commission’s consideration to allow companies to file financial statements in inline XBRL, rather than as a separate exhibit to their annual and periodic reports, which has the potential to improve the quality of the structured data that is filed and investors’ access to the information.  We are also furthering efforts to modernize our EDGAR system by improving the machine-readability of forms and filings.  And when we adopt new requirements under our rules now, we are assessing not only whether the information is needed for informed decisions by investors, but also whether the information can be usefully structured – including, among recent examples, in executive compensation proposals and new disclosure requirements for asset-backed securities.  Because of the importance and nature of these “manner of delivery” issues, I have asked the Division of Corporation Finance, as part of the disclosure effectiveness review, to form a dedicated working group to address these issues and to include staff from OIT, DERA and the Office of the Investor Advocate.”



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