XBRL US Comments on Modernisation of S-K
XBRL US has submitted a comment letter strongly recommending that the SEC adopts financial data standards for information affected by the Modernization of Regulation S-K proposals.
As previously reported, the SEC recently submitted a proposal to amend regulation S-K, including various changes to disclosure requirements designed to improve the readability of disclosures, discourage repetition and discourage disclosure of information that is not material.
The proposed amendments did not include a mandate for the data reported to be in machine-readable format. The comments from XBRL US argue that given the importance of this information, and the ability to establish clear definitions for each item, and the SEC’s goal of improving readability, it would be a logical step to require this data to be tagged in XBRL format.
Read the comment letter here.