Four years after large companies were required to start tagging their financial filings in XBRL, the training wheels are coming off, with the Securities and Exchange Commission's offer of limited liability for errors in XBRL-tagged filings ending this year.
The tagged data is still not that popular with its target audience of analysts and investors, though, and there are complaints about the extent of the errors in the tagged data, as well as a lack of comparability among different companies' data.
The SEC is requiring companies to tag their 10-Q and 10-K filings to make it easier for the investment community to gather financial data about companies and compare them.
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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.
