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CFA Institute: Use data structuring, like XBRL, end to end

Tammy Whitehouse | September 13, 2016

Analysts and investor advocates are calling on public companies and policy makers to push past the learning curve in using data and technology to improve financial reporting.

The CFA Institute, a group of certified financial analysts, says in a recent report literally everyone with a stake in capital markets stands to gain from greater use of data and technology to reform the financial reporting process from end to end. Companies could structure data earlier in the reporting process in a way that would not only save them time and money, but also would reduce error, a commonly cited obstacle to greater use of structured data as it is now made available to investors through the XBRL-filing system.

The Securities and Exchange Commission requires all public companies to file financial statements not only in the traditional paper format, but also in the machine-readable XBRL format, in a process that began...

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