The SEC doesn’t have a way to measure the level of efficiency that interactive data has brought about.īut Hamscher says people are spending less time reviewing filings because the data in the document is “literally floating above it.” Impending deadlines

Having a single document with both data and presentation is really a win from an efficiency standpoint.” While it’s difficult to gauge exactly how beneficial the inline XBRL rule has been, Hamscher said it improves efficiency for data users.Īt a recent technology conference for the financial services industry, he told attendees, “We’ve gotten really nothing but positive responses both from the users of that type of technology within the SEC, but certainly from the filer community and the vendors once they understand what it is they are doing. Let’s make that accessible to machines who are increasingly actually the ones reading the documents and making use of the information,’” said Walter Hamscher, Senior IT Program Manager in the Office of Structured Disclosure of the SEC’s Division of Economic and Risk Analysis (DERA). “The idea behind inline XBRL was to take advantage of the fact that, ‘ok, you got this embedded understanding in the users of documents of where things are going to be and how they relate to each other. The SEC has said that Internet bots view as much as 85% of the documents viewed on the Electronic Data Gathering and Retrieval (EDGAR) system. Investment companies are also required to provide risk-and-return summaries using inline XBRL. In a nutshell, financial statements tagged in XBRL can be read by computers, allowing investors and regulators to more easily analyze and compare companies’ financial information. 33-9002, Interactive Data to Improve Financial Reporting. The rule expands the use of XBRL financial information that the SEC caused in 2009 when it adopted Release No. 33-10514, Inline XBRL Filing of Tagged Data, in part to solve the problem of tagging errors stemming from the current two-step process requirement to submit XBRL data as separate exhibits to financial statements. The SEC adopted inline XBRL in Release No. Here are some benefits on inline XBRL and impending implementation deadlines for public companies of various sizes. The Securities and Exchange Commission (SEC) adopted a rule in June 2018 to require public companies to embed interactive data tags directly into their financial statements using a process called the inline eXtensible Business Reporting Language (XBRL). Pathway Forensics Cybersecurity & Digital Forensics.

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