Good news for XBRL advocates! SEC will be voting if Inline XBRL will be mandatory for financial filings, as one of the agenda of their Sunshine Act open meeting on March 1. Since introduction, structured data advocates have been supporting XBRL as a great way to encourage open data information. It might not have fully achieved its optimum advantage yet, but this pronouncement will surely take a big step in reinforcing interactive data and report transparency.
Let’s not disregard EU’s support in this light too. If we can recall, ESMA (European Securities and Markets Authority) selected Inline XBRL (iXBRL) as the best technology for EU filing requirements, along with their vision of issuers application on year 2020. And again, addressed in the recent 18th XBRL Europe day in Amsterdam, where it gained full support from European analysts as well.
They considered iXBRL to provide better information and greatly improve financial analysis among users. It was also emphasized that educating the users and the market about the system, and imposing audit obligations by EU officials are essentials to their 2020 vision’s success. Software vendors and data providers were also invited to explore the structured data and provide analysis tools to the market.
At XBRLAnalyst, this call is more than welcome to us. Since 2011, we have been building and providing our clients an excel add-in which returns XBRL values in Excel format for easier analysis and report. Please check this overview to know what XBRLAnalyst can do.