As the biggest U.S. corporations begin using XBRL this month to file reports with the Securities and Exchange Commission (SEC), a trio of financial services industry organizations is already trying to build on that requirement to promote the use of XBRL for the announcements of corporate actions.

The Depository Trust Clearing Corp. (DTCC), SWIFT and XBRL U.S. said last month that they are joining forces to create an XBRL taxonomy for corporate actions, such as mergers, stock splits and dividend payments. In addition, DTCC will develop a system that creates a unique identifier for each corporate action announcement.

Extending the use of XBRL to tag corporate actions would allow financial services firms to boost their efficiency and eliminate manual errors by using more straight-through processing (STP) in their communications because the XBRL tags can be automatically translated into SWIFT's ISO messaging standard.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.