XBRL US lends support to FDTA joint rule
Last month saw the milestone release of the Financial Data Transparency Act (FDTA) Joint Standards, outlining the requirements for data standards to promote interoperability of financial regulatory data across nine US agencies. XBRL US has released a statement offering its support and urging the use of the XBRL standard.
As it observes, XBRL is the only data standard that satisfies the list of properties for data transmission named in the FDTA rule, enabling agencies to share high-quality, fully searchable, machine-readable data where each piece of information is linked to a regulatory requirement and can be consistently identified. The statement also discusses the role of structured, standardised data in reducing the risks of using AI and driving productive, accurate AI analytics.
US agencies have led the way as sophisticated XBRL users, with XBRL reporting already well established at the Federal Deposit Insurance Corporation (FDIC) and Securities and Exchange Commission (SEC), and taking great shape at the Federal Energy Regulatory Commission (FERC). It’s clear that XBRL is the right way to go for the interoperability and efficiency the FDTA seeks.
Read the in-depth statement here.
