Thursday, August 10, 2006
XBRL top priority in CESR / SEC cooperation
The recently published work plan of the regulatory dialogue between the European CESR and the US SEC consists of three main topics:
implementation of IFRS and US GAAP by internationally active issuers, modernisation of financial reporting and disclosure, and discussion of risk management practices. While the first and the third bullet point are evidently crucial and as such unsurprising topics, the middle one is noteworthy. The world's most influential regulators join forces to promote the use of interactive data in financial reporting. Interactive data is SEC parlance for XBRL.