The Role of XBRL in Corporate Reporting is Becoming More Crucial

Recent developments in the US, particularly the interaction that has been going on between the SEC and the House of Representatives Committee on Oversight and Government Reform, clearly show that there is going to be some significant action regarding XBRL Data quality and enforcement of that quality. So far, there has been little or no enforcement by the SEC, because of the legislative "holiday" on filings and the act that XBRL has been going through a rapid adoption and development phase. The SEC hasn't released a response to the House Committee's actions, but is considering it.

On another front, President Obama recently signed the Data Act which calls for the use of interactive data in government reporting and in so doing, the President urged that interactive data be adopted in all government departments. Interactive data includes XBRL, and at present, XBRL is the most commonly used form of Interactive Data.

For an excellent write-up on the developments in the US, check out this article.