SEC to assess benefits of XBRL.
Position | National |
The SEC announced it will seek public comment on the costs and benefits associated with tagged data in financial report filings. In addition, the SEC will consider a staff proposal to accept voluntary supplemental filings of financial data using extensible Business Reporting Language (XBRL).
This initiative is aimed at determining:
* The benefits of tagging to reporting quality and efficiency.
* The implications of tagging data for filers, investors, the Commission, and other market participants.
* The compatibility of existing tag definitions with current disclosure requirements.
"Streamlining the financial information supply chain through XBRL gives CPA firms a competitive edge, enhances their relationships with clients, generates increased revenue, and positions them as premier knowledge professionals," according to a...
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