Data quality is at the top of our list
We've heard it from the beginning: XBRL holds the promise of fundamentally changing financial reporting.
However, the SEC’s vision has not been achieved completely—yet. Even though there is pent-up demand for this data, investors and analysts are still skeptical and concerned about the quality of this data.
Over the past year, Congress has been applying increased pressure to the SEC to make XBRL data accessible and usable by investors and analysts. And in July, the SEC issued Dear CFO comment letters—a warning to filers that the SEC is monitoring XBRL.
With the SEC, investors, and analysts watching, the quality of your data is more important now than ever. Are you doing everything you can to create the highest quality filing?
At Workiva, data quality is one of our highest priorities. We are passionate about data quality and firmly believe that you don’t have to be an XBRL expert to have high-quality data. Together we can work to unlock the full potential of this data.
Our data quality team and XBRL experts are working to develop best-in-class business validations on top of Arelle, the open-source XBRL platform used by the SEC, and to give our staff and customers full access to up-to-date knowledge and training. We are influencing regulators and doing much more to ensure that you can produce the highest-quality data possible.
Join us on our data quality mission, and read more about XBRL here.
About the Author
Mike Starr is Vice President of Governmental and Regulatory Affairs. He previously served as the SEC Chief Accountant’s advisor with a focus on investors’ financial information needs and the role of structured data in meeting those needs. Prior to his work with the SEC, Mike served as Chief Operating Officer for Grant Thornton International Ltd., where he oversaw global strategy and public policy. He earned a Bachelor of Science in accounting from Oklahoma State University (OSU), and in 2010 was recognized as an OSU distinguished accounting alumnus and inducted into the School of Accounting Hall of Fame.