The UK’s FRC Lab says that the changing demands of users, supported by upcoming regulatory changes mean that boards can no longer ignore digitisation of listed company reporting. In a new report it urges regulators, investors, vendors and issuers to work together to maximise the benefit of Inline XBRL reports.
There is no requirement to audit or provide any level of assurance on digitally formatted XBRL and Inline XBRL financial statements. This is not in the interest of investors.
In this guest post from Mohini Singh, the CFA Institute suggests a number of measures to improve XBRL filing for Issuers and Regulators alike, in the US and other countries.
On 28 February the SEC proposed a rule to mandate the use of Inline XBRL for public company reporting. The intention is to improve the quality of the data, benefit investors, market participants and other data users, and also to decrease over time the costs involved in preparing the data for submission to the regulator […]