BusinessCompany NewsSEC completes work on US GAAP data tagging

SEC completes work on US GAAP data tagging

US watchdog takes major step towards simplifying financial data, with completion of tagging project

Christopher Cox, the chairman of the Securities Exchange Commission,
confirmed this week that the US watchdog had completed work on developing data
tags for the entire US GAAP accounting system.

The tagging of data, using the XBRL computer language, allows investors and
analysts to pull out the precise data they need from hundreds of financial
reports directly into spreadsheets and web tools.

The tagged data is interactive and allows users to make instant financial
comparisons across industries.

‘This is a great step toward making SEC reporting easier for registrants and
easier to understand for every investor,’ said Cox.

The US GAAP tagging project is part of the SEC’s aim to convert its vast
database of information, known as EDGAR, into an interactive format.

For more than two years, the SEC has permitted public companies to file their
financial reports with the agency in interactive data format, as part of a pilot
program.

Recently, the market capitalisation of companies participating in the
voluntary program topped $2 trillion (£1 trillion).

Further reading:

XBRL gets US seal of approval

US-listeds herded onto XBRL

Insider Business Club: enhanced business
reporting

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