US SEC to spend $54m on XBRL implementation
News Article - 16 November 2006
Category:
Business
The US' Securities and Exchange Commission (SEC) has announced
it will spend $54 million (£28.6 million) on making the
public company disclosure system more interactive through the
extensible business reporting language (XBRL).
With the system currently in use being developed in the 1980s, the
SEC will be joining the Federal Reserve in implementing XBRL for
use by companies.
The SEC states that approximately 8,200 financial institutions in
the US are now using XBRL to submit quarterly call reports to their
banking regulators.
According to SEC's chairman Christopher Cox, the announcement
"demonstrates the commission's firm commitment to interactive data"
and represents "a significant milestone on the road to achieving
that goal".
Mr Cox added that the new XBRL system would make it easier to file
and use information, representing a "quantum leap" over other
disclosure systems currently in existence.
Last month the International Accounting Standards Committee Foundation stated
that some XBRL users could become confused by the name convention
for the language's Arc-attribute 'use' because it is the same name
provided for every standard XML-attribute.
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The explosion of affordable, web-based technology means that workers on the move need never be out of touch with their co-workers or customers. What's more, this two-way data exchange between the company and its business system means that web-based data capture can cut costs and increase efficiencies in areas well beyond finance.
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