[OpenSpending] Problems with XBRL Reporting in the US

[Marc Joffe]

Further to the discussion of XBRL last week, you can find a letter from a
Congressional Committee to the Securities and Exchange Commission
<http://datacoalition.us5.list-manage.com/track/click?u=1fe27980fc8b5dda1bc3
62b91&id=93b7f3bca6&e=a11c5f3db6> here (PDF) that describes implementation
issues being faced in the US.  This lends support to Friedrich's critique of
XBRL, but it also shows the strong institutional footprint that this
standard now has in this country.

 

One particularly embarrassing criticism is that the SEC still uses corporate
financial data from subscription services even though it has immediate
access to the complete library of XBRL filings.

 

This letter was circulated by the Data Transparency Coalition
<http://datacoalition.org/>  after their meeting on Tuesday.

 

Marc

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