TechnologyAccounting SoftwareSEC expands XBRL programme

SEC expands XBRL programme

XBRL project grows for the Securities and Exchange Commission

The Securities and Exchange Commission has extended its voluntary programme
for accepting filings under the controversial XBRL format.

The expansion to its scheme, which began in April in an attempt to make it
easier for investors and others to use disclosure documents, now allows mutual
funds to file exhibits to their annual report and quarterly statement of
portfolio holdings.

XBRL is a mark-up language that tags data to allow it to be more easily
searched for and analysed.

However, its take-up has been controversial, with commentators suggesting
that there are already too many different ways to mark up financial data,
defeating the purpose of having standard data tags.

Meyer Eisenberg, acting director of the division of investment management,
said: ‘Mutual funds should review the benefits of participation in this
important voluntary programme.’

Eisenberg said the move was a ‘significant step towards the collection and
evaluation of XBRL data’.

‘Once mutual funds begin participating in the voluntary program, investors,
analysts, the SEC and volunteers in the program themselves will be able to
assess the potential benefits of XBRL.’

Related Articles

Accountancy in the digital age: Flexibility, agility, efficiency

Accounting Software Accountancy in the digital age: Flexibility, agility, efficiency

3w Pegasus Software | Sponsored
Sage purchases Intacct in its largest ever acquisition

Accounting Software Sage purchases Intacct in its largest ever acquisition

5m Alia Shoaib, Reporter
5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
UK behind foreign markets in digital accounting, but gap is narrowing

Accounting Software UK behind foreign markets in digital accounting, but gap is narrowing

7m Alia Shoaib, Reporter
The rise of the progressive accountant

Accounting Software The rise of the progressive accountant

8m Emma Smith, Managing Editor
Making Tax Digital: Revolution or revolt?

Accounting Software Making Tax Digital: Revolution or revolt?

8m Emma Smith, Managing Editor
Making Tax Digital: Is HMRC’s recent system fault a cause for concern?

Accounting Software Making Tax Digital: Is HMRC’s recent system fault a cause for concern?

8m Emma Smith, Managing Editor
Four reasons why SME owners should switch to cloud accounting

Accounting Software Four reasons why SME owners should switch to cloud accounting

9m Emma Smith, Managing Editor