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The evolution of XBRL

Mike Rost | October 31, 2017

Since 2009, the U.S. Securities and Exchange Commission has required public companies, credit rating agencies, and mutual funds in the United States to submit filings using the U.S. GAAP taxonomy with XBRL tagging.

XBRL was created to standardize how companies, regulators, and investors analyze and consume financial data. Today, XBRL is used by more than 100 regulators in more than 60 countries and in an increasing number of corporations to facilitate structured data reporting, according to XBRL International. Hans Hoogervorst, chairman of the International Accounting Standards Board, estimates that 60 percent of financial statement data is being consumed electronically, and it’s expected to grow.

Starting December 15, all Foreign Private Issuers (FPIs)—which use International Financial Reporting Standards (IFRS) taxonomy—must also submit their filings to the SEC with XBRL tagging. The SEC will enforce the rule for FPIs in April 2018 following a 30-day grace period....

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