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SEC© Called to Explain Use of XBRL Interactive Data

Publisher: Compliance Week
Author: Tammy Whitehouse

The House Committee on Oversight and Reform has made an inquiry to the SEC© to prepare a briefing and provide documentation on what the SEC© is doing with all the interactive data that has been gathered since the implementation of XBRL in 2009.

Chairman Darrell Issa describes the SEC’s progress with interactive data as “stagnant” and brings up concerns that the SEC© doesn’t fully utilize the structured data it collects and does not address the concerns about high error rate in corporate submissions. The committee is also concerned with how the SEC© plans to correct data quality problems, how it plans to enforce quality control on XBRL filings, and where and why the SEC© might still rely on paper filings. For more details on Chairman Issa’s request from the SEC, please click here.

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