Archive for the ‘The DATA Act’ Category

RDG Filings is Honored to be a Founding Member of the XBRL US Center for Data Quality

Friday, June 26th, 2015

Since the inception of the XBRL mandate, RDG has strived to set the standard for XBRL data quality, and we are proud to be among the leaders in the XBRL community.  That is why—along with Merrill, RR Donnelley, Vintage-a division of PR Newswire, and Workiva—RDG Filings is delighted to be a Founding Member of the XBRL US Center for Data Quality.

The formation of the Center for Data Quality—announced yesterday—is the culmination of months of work by the XBRL US, the Founding Members, and many more people to whom we are grateful.

The Founding Members provide XBRL tagging services and software to a majority of public companies, and they have come together in shared commitment to the importance of improving the quality of the XBRL data that is filed with the SEC.

The advent of the XBRL mandate has been a tremendous improvement to the existing HTML/EDGAR format, and XBRL has become the worldwide standard for the reporting and analysis of financial information.  However, the full benefits and potential of XBRL have not yet been realized because much of the XBRL currently filed with the SEC contains errors and inconsistencies.  As a direct result of valid concerns about its accuracy and reliability, investors and analysts have been reluctant to utilize the available XBRL data.

The XBRL US Center for Data Quality believes that the errors and inconsistencies currently restraining XBRL’s true potential are primarily the result of:

  • Absence of unambiguous guidance for using the US GAAP taxonomy
  • Lack of corporate awareness of errors in their filings

Investors, analysts, the SEC, and the market in general will benefit greatly from the utilization of XBRL data, and RDG Filings is happy to join forces with other leaders in the XBRL community to ensure that the quality and utility of the data improves dramatically.  The Data Quality Committee will develop:

  • Guidance to provide for uniform, consistent tagging of financial data and to clarify those specific circumstances where custom tags are appropriate
  • Automated validation rules to detect input errors and verify compliance with the Committee’s guidance

RDG Filings agrees with Barry Melancon, CEO of the American Institute of CPAs, and Chair of the XBRL US Board of Directors, when he says that in order to “realize the full economic benefit of XBRL, investors and other consumers must have access to accurate and reliable XBRL data.”  Melancon applauded the formation of the Center for Data Quality as an “industry-funded initiative” that will “make it substantially easier for companies to create consistent, good quality financial statements in XBRL format.”

RDG Filings—along with the other Founding Members of the XBRL US Center for Data Quality—has always made a commitment to creating quality code that is of the greatest value and utility for analysts and investors.  There is a “clear demand for timely, structured, machine-readable data,” and we are excited about the work the Center will do to fulfill the potential that XBRL holds for public companies and the investment community.

Feel free to contact me any time.

Stewart Walker – SVP, Director of Sales

(415) 643-6017

Congress Sends The DATA Act to the President’s Desk for his Signature

Wednesday, April 30th, 2014

After unanimously passing the Senate in a vote on April 10th, the DATA Act (Digital Accountability & Transparency Act) was unanimously approved by the House of Representatives on April 28th.  The bill will next be sent to the President for signing into law.

RDG joins all proponents of government transparency nationwide in thanking the DATA Act’s lead sponsors Rep. Darrell Issa (R-CA), Sen. Mark Warner (D-VA), Rep. Elijah Cummings (D-MD), and Sen. Rob Portman (R-OH) for championing this important legislation. We are also grateful to the Data Transparency Coalition and other groups who have worked so hard to push this bill through.

The law will require the federal government to comply with new standards for financial disclosure that utilize Structured Data technology, and it ensures that more and better data is published online.  The DATA Act will usher in a new era of transparency for the U.S. government’s spending of taxpayer dollars.  Structured Data will allow government spending information to be properly searched and analyzed, and will facilitate the elimination of waste and fraud.

Structured Data is the future of financial reporting, and it is already in wide use by public companies worldwide in the form of eXtensible Business Reporting Language (XBRL).

The DATA Act will open the government’s spending information and set the stage for meaningful spending reform.  By creating documents with standardized, searchable data, this law is a huge step forward in the honest tracking of government expenditure.