The law also incorporated the OPEN Government Data Act, which requires all non-sensitive government data to be made available in machine-readable formats which includes financial data using global standards like XBRL.
In the UK – HMRC (Tax Authority) requires corporations to file in the iXBRL data format – a structured data format like XBRL. More than 5 million organizations send their tax data to UK HMRC using the iXBRL data format. Is this the first step toward XBRL that the IRS will pursue using XML tagging for structuring of data and better data analytics?
Interesting story in FCW about the current implementation by the DATA Act by the US Federal Government… The DATA Act requires the use of the eXtensible Business Reporting Language (XBRL) data standard for the tagging of both business and financial data for better transparency and accountability. XBRL is a machine-readable data format that can be used in spreadsheets for faster, cheaper and better data analysis
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Attended the XBRL US - "Improving Financial Analysis Through Structured Data" Conference yesterday at Baruch College. Excited to hear from Mike Willis, Assistant Director, Office of Economics and Risk Analysis, US SEC speak about structured data (XBRL) and its use at the US SEC and former IMA TSP Committee member. 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."
This also includes human capital data disclosure by companies including gender pay and pay ratio data including composition of boards of directors.
Nearly half (45%) of the respondents say they now act as their companies’ de facto chief data officer—reporting on a range of KPIs, including nonfinancial metrics
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
The US SEC Chairman is urging public companies to disclose human capital in addition to financial data. Role of the Management Accountant: What role will management accountants play in this new area of corporate disclosure Can management accountants help companies provide this additional data to the capital markets? Will they help their finance team gather this data and create internal systems in place to manage and report this new information to company stakeholders. Can this data be disclosed in a machine-readable format for investor to input and use in data analysis?
What is CIRA’s relationship to XBRL and/or structured data? Right now, the data come primarily from commercial databases, but some of the XBRL variables that are reported to us also go into the tool. I want to emphasize that generally we use XBRL data where it is available today, and we are very interested in expanding the availability and use of XBRL data. In the context of CIRA, as we get more XBRL data, and as we get a longer time series in XBRL data reports, we will incorporate more and more of that information directly into CIRA