SEC Commissioner on iXBRL
In remarks at the 34th Annual Current Financial Reporting Issues Conference, SEC Commissioner Michael Piwowar shared his view on two issues surrounding interactive data. With regards to the use of XBRL data by analysts and investors, he related demonstrations he has seen of tools for using interactive data (see theXBRL US website to learn more about these tools) and stressed their value to analysts looking to compare data from large numbers of issuers at once. He also called on the Commission to “move promptly to modify EDGAR to permit inline XBRL and commence a voluntary pilot program to obtain more information about the costs and benefits of an inline XBRL system”. This would be a welcome development by the SEC, and XBRL US is working to make sure the SEC has the information they need to make an informed decision. Read the full remarks.
