Washington, D.C. – The Data Transparency Coalition (DTC) today applauded the Securities and Exchange Commission (SEC) for knocking down virtual walls and creating a tool that will eliminate a major hurdle for investors and other users of SEC financial data.
In a release earlier today, the SEC announced that the thousands of XBRL submissions it receives, as separate files each quarter will, for the first time, be available as a single database. This is good news for investors, markets and companies because easier use of structured financial data means more use of financial data.
Hudson Hollister, Executive Director of the Data Transparency Coalition, which is the leading advocate for the switch from documents to data in government filings, released the following statement in reaction to the news:
“The SEC’s release of financial statement information as a single data set, rather than thousands of separate files, will make life easier for investors and the research data companies serving them.
Today’s announcement caps off a year of incremental progress toward fixing longstanding problems in the quality, completeness, and accessibility of U.S. corporate disclosures. In July, the SEC started enforcing the quality of financial statement data for the first time, and in September, the agency’s five-year strategic plan made data a centerpiece.
This action is another step forward to data transparency in financial regulation but we’re not there yet.
To truly modernize, the SEC should stop requiring companies to submit two duplicative versions – document and data – of each financial statement, and should adopt consistent data formatting throughout the hundreds of document-based forms it currently collects.”
Previously, the SEC published each of the submissions in separate files, which would require users to assemble the information into a database.
For more information on today’s development, visit our blog.