US SEC Chairman says XBRL will greatly improve audit quality
US SEC Chairman says XBRL will greatly improve audit quality
December 5, 2006
The adoption of XBRL will significantly improve the quality of audits and cut errors by companies, US Securities and Exchange Commission Chairman Christopher Cox said. Delivering a keynote speech at the 14th XBRL International Conference in Philadelphia, Mr Cox said that XBRL could ensure the correct classification of business data - removing human intervention and error and freeing resources for higher-value work. It would make regulators, analysts and investors more productive. In wide-ranging remarks, Mr Cox declared that the SEC was committed to ensuring XBRL remained a truly international, open source standard. The widespread use of XBRL would aid in translating financial data between accounting systems and accelerate the development of a set of truly global accounting standards, he said.
