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U.S. House of Representatives supported XBRL

Great news for all consumers of financial data and proponents of democratizing access to that data by providing financial reports in XBRL format!

 

Today, the US House of Representatives rejected the bill HR37 including the section “SEC. 701. EXEMPTION FROM XBRL REQUIREMENTS FOR EMERGING GROWTH COMPANIES AND OTHER SMALLER COMPANIES.” (read more and watch the debate on January 7 at 1:10pm). In a few words, no exemption will be given to smaller public companies from filing XBRL reports along with standard HTML financial reports. This means that the constantly growing set of XBRL reports containing the whole universe of public companies filing with SEC will not be destroyed by introducing such exemption.

Some facts about current state of US XBRL reports and our database in particular.

1) One of the first filings loaded into our database dates back to 2009-01-09. It is 8-K report of NORTHROP GRUMMAN CORP that contains annual data for the years 2005-2007. Yes, it goes back as far as 2005! Since that first report, our database contains all XBRL filings submitted to SEC and is refreshing in real time every 2 minutes.

2) The database already contains more than 130,000 XBRL filings submitted to SEC with more than 95 million facts instantly available in Excel through our application XBRLAnalyst!

3) There is more than 2.1 million footnotes in XBRL format that give highly robust and easy access to valuable financial information that was very difficult to extract before XBRL. Our built-in Excel function XBRLFact in combination with powerful user-defined metrics facilitate access to that information in Excel. In addition, there are roughly 245000 Balance Sheets, 186000 Income Statements and 140000 Cash Flow Statements that could be fetched in Excel in a few clicks.

4)  There exists a vast amount of structured dimensional data in XBRL format whose count has just passed a new mark of 50 million data points — more than 50% of all the financial facts.

All that reach and valuable financial data won’t be wasted, because all US filers will continue reporting in XBRL format. With expected approval of iXBRL format by SEC, HTML and XBRL reports will be combined in a single document greatly improving the quality of that data.

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