Push Underway to Require U.S. Regulatory Filings in XBRL

A massive lobbying campaign is being waged to require U.S. financial regulatory agencies to collect financial regulatory filings electronically, using only standardized data: eXtensible Business Reporting Language (XBRL).

If successful, it would be a major step in the way information is distributed and shared by and among financial agencies. It could mark a historic turning point in U.S. financial reporting.

The movement comes on top of what federal agencies must do as of 2017 under the Digital Accountability and Transparency Act (DATA) of 2014, the nation’s first open-data law. The act requires the federal government to transform all spending information ...