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.
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