Three New Year’s Resolutions for Public Company Filers

three-new-years-resolutions-for-public-company-filers

In a recently published XBRLS US article, Mike Starr discussed specific steps SEC filers can take to get involved in industry efforts to improve the usability of XBRL data submitted to the SEC. He highlighted three small time investments that will put filers on the forefront of imminent, groundbreaking regulatory changes, while reducing their workload and significantly improving the quality of XBRL financial data.

Be prepared for regulatory changes and submit your filing using the Inline XBRL standard.
  • Last June, the Securities and Exchange Commission (SEC) issued an exemptive order allowing public companies to file using Inline XBRL, replacing their existing dual-filing requirement with just the single Inline XBRL file.

  • Improve the quality of your filings by taking advantage of free XBRL Data Quality Committee (DQC) rules and guidance.
  • The “DQC” is a committee comprised of investors, data providers, research analysts, accountants and XBRL tool and service providers, that took it upon themselves to help all registrants produce more consistent filings.

  • Take an active role in improving the quality of XBRL data – weigh in on the DQC rules in proposal stage.
  • We strongly encourage you to review the rules when in proposal stage as well as those rules that have already been published. Let the committee know if you have any exception that they may not have considered in their rulemaking process.

  • To read more about each step, read the full article here

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    Source: 
    XBRL US
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