Earnings Reports in XBRL

XBRL US is conducting a survey of public company SEC filers to gain feedback on their thoughts about needing requirements to prepare earnings releases in XBRL. They point out that the CFA, in 2016, stated:

"Earnings releases and supplemental reporting packages are the documents that most often move markets. But data from earnings releases remain unstructured...We believe that requiring companies to tag their earnings releases ... will be beneficial for investors."

XBRL Canada has long been an advocate of providing earnings releases in XBRL format. Such releases are among the most important of documents in determining market responses to current corporate results. They come out first and markets react quickly. So quickly that a delay of minutes or even seconds in their release can create information gaps between investors, providing some of them with an unfair advantage in market trading. The fundamental principle of open and free stock markets is that all investors get the same information at the same time. Maintaining this principle is not possible with traditional paper reports. Nor is it possible with electronic reports prepared in the paper paradigm.

It is possible with XBRL, however, because the reports can be released more quickly and, most importantly, can be processed by machine without the need for human intervention. With the growth of machine trading, this has become a critical feature.

Yes. Earnings releases should be prepared in XBRL.