Mohini Singh is director of financial reporting policy at CFA Institute. She represents membership interests regarding financial reporting and disclosure proposals issued by the FASB, the IASB, and others. Singh holds the Associate Chartered Accountant (ACA) designation.
The use of structured data has the potential to simplify reporting burdens and make it easier for investors to access company data, but there are still challenges in its implementation.
With over 150 million data points in this structured database, XBRL has the potential to increase the volume, speed, and access to corporate financial reporting and analysis.
Companies say they need relief from the heavy burden of financial reporting, but what about the impact on investors and their ability to make informed investment decisions?
Transforming regulatory reporting from documents into data can make markets more efficient, empower investors, and improve regulatory oversight while also reducing compliance costs.
The use of data analytics in auditing is key for more effective and efficient overall financial reporting process, which better serves investors.
Structured data, data analytics, and technology can bring greater efficiency for all parties in the financial reporting chain.
The reasons behind possibly extending account alternatives to public companies are different from when those alternatives were extended to private companies, and they are not the right reasons.
Survey finds that companies are not using structured data, such as XBRL, in their financial reporting except when they have to for reporting to regulators.
In support of the use of data in financial reporting, the SEC commissioner proposed creating a new office and task force to design a data strategy and reimagine how data is provided to investors.
The current financial reporting process is time consuming and costly. Structuring data could streamline the process and provide more transparent and timely information for investors.
The second set of proposed XBRL guidance and validation rules from the US DQC are now open for public review and comment. We encourage you to participate. Deadline is 31 August.
With its impressive findings, a 60% to 70% drop in filers’ errors, the DQC hopes more companies will use its validation rules to prevent or spot variations or errors in XBRL data filed with the SEC.
Firms and regulators: Follow our XBRL framework principles to address implementation challenges. Analysts: Watch how structured data can be used.
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