Posts tagged as ‘XBRL’
A more efficient, 21st Century approach is to retain all the data in “machine-readable form” rather than converting it into and the back out of a print format. The primary technology that enables the transfer of financial data from statement filers to users is eXtensible Business Reporting Language (XBRL).
The inaugural RegTech Data Summit’s thesis was that regulatory rules, technology, and data must be modernized in a coordinated fashion. If all three areas are modernized in tandem, new RegTech solutions will flourish, reducing reporting duplication, minimizing reporting errors, and enabling automation.
Progress in RegTech has been seen in the private sector as access to quality data improve. This progress has not been mirrored in the private sector here in the United States, but the potential to improve government efficiency is not far off.
Last week the U.S. Securities and Exchange Commission proposed its first expansion of open corporate data in nearly nine years. Here's where the new proposal came from, what it means, and why it matters.
Reps. Darrell Issa (R-CA), Carolyn Maloney (D-NY), and Randy Hultgren (R-IL) headlined our third annual Financial Data Summit last week - and their new proposal in Congress is going to transform financial regulatory reporting.
Twenty-eight Members of the House of Representatives, led by Rep. Darrell Issa (R-CA), have reintroduced the Financial Transparency Act (H.R. 1530). If enacted, the Financial Transparency Act would be the nation’s first RegTech law. The bill would modernize the U.S. financial regulatory reporting process from unstructured documents into fully searchable, standardized, and machine-readable data.
Today the Securities and Exchange Commission’s two sitting commissioners, Michael Piwowar and Kara Stein, unanimously voted to propose rule changes to require public companies to file their financial statements using the Inline XBRL (Extensible Business Reporting Language) open data format.
The DATA Act is the first modern attempt to bring together three broad categories of federal spending reporting requirements: cash-based agency budgets, accrual-based accounting data, and award data. The open data law requires the federal government to define and apply standard data elements and a government-wide data format to all federal spending.
It’s been a busy year for the world’s only open data trade association! We started a new sister organization, welcomed nearly two thousand people to our events, testified before Congress, and celebrated the Senate’s passage of landmark legislation. Our members made all this possible.
The Data Coalition and seven other financial and technology organizations today sent a letter to the Financial Services Committee of the U.S. House of Representatives requesting that the committee convene a hearing on the need for regulatory agencies to modernize the way they collect information from public companies, banks, markets, and financial firms.