April 30, 2009
Cathy Baron Tamraz, Business Wire President & CEO, discusses the challenges facing Treasury Secretary Timothy Geithner regarding maintaining and increasing transparency in the financial markets in a new commentary at FinReg21.
Tamraz’s recommendations, combined with new SEC chief Mary Schapiro’s “visceral reaction” to the idea of web-based disclosure in which market participants have to go looking for financial information, are good news for the markets and for investors. Tamraz talks about the press release as a disclosure vehicle, and how the existing framework for news distribution is already in place to help Sec. Geithner reassess the state of disclosure and help avoid future financial crises.
Go read, and let us know what you think in the comments below.
November 20, 2008
With the SEC’s proposed mandate, which would require publicly traded companies in the U.S. to adopt XBRL for their financial reporting, looming, we are hosting a panel of XBRL experts today for a free webinar called “Understanding XBRL and the SEC’s Proposed Rule.” The live webinar will begin at 1 p.m. EST at BusinessWire.com.
XBRL-formatted documents are made to be easily searched for online, downloaded into spreadsheets, reorganized in databases and easily compared and analyzed. Notably, despite the fact that, under the SEC’s proposed mandate, Fortune 500 companies would be expected to adopt the format as early as next spring, most companies have yet to convert. A September study by Grant Thornton found that, while more than half of CFOs surveyed were familiar with XBRL, just two percent were actually using the format in their company’s financial filings.
Business Wire, a longstanding member of the XBRL International Consortium and provider of XBRL services, will lead the following distinguished panelists in a discussion on what XBRL is, why this technology is reshaping public company reporting, who within your organization should be preparing for it, and how the investment community will consume financial data in this format:
- Michelle Savage, Vice President, Communication, XBRL U.S.
- David Blaszkowsky, Director, Office of Interactive Disclosure, U.S. SEC, and
- Phillip Gaudreau, Manager, Accounting Projects, Comcast Corporation.
Registration is required for this free XBRL webinar:
“Understanding XBRL and the SEC’s Proposed Rule”
Thursday, November 20 beginning at 1 p.m. EST
Register today at www.BusinessWire.com/cnn/XBRL
February 11, 2008
The SEC Advisory Committee on Improvement to Financial Reporting (CIFiR), in a Draft Decision Memo and at its January 11th meeting, recommended the SEC transition to mandatory XBRL for all companies. CIFiR recommended the SEC phase-in XBRL as follows:
- The largest 500 domestic public reporting companies should be required to “furnish” XBRL tagged face financial statements and “block tagged” footnotes;
- One year later, all domestic “large accelerated filers” (~2,000 Companies) should be required to “furnish” XBRL tagged face financial statements and “block tagged” footnotes to the SEC.
- During the phase-in period, the SEC and the Public Company Accounting Oversight Board (PCAOB) should seek input from companies, investors, and other market participants as to the experience of such persons in preparing and using XBRL tagged financial statements using the U.S. GAAP taxonomies, and related costs. The SEC should consider conducting or commissioning a study of the rate of errors by companies in using the appropriate XBRL tags in comparison to the financial statement items. At the end of the phase-in period described above, and as promptly as practicable after the preconditions to full implementation discussed above are met, the SEC should evaluate the results from the phase-in period to determine whether and when to move from furnishing to official filing of XBRL tagged financial statements for domestic large accelerated filers, as well as the inclusion of all other reporting companies.