Why Are the Regulatory Agencies Supporting XBRL?
One of XBRL’s biggest supporters is Chairman Christopher Cox of the Security Exchange Commission (SEC). In fact, Chairman Cox coined the phrase “interactive data” for XBRL, at the January XBRL-US Public Meeting in San Jose, Calif. Chairman Cox said that the real reason behind SEC’s interest in interactive data was “to protect investors” and to ensure that markets function best when “all the information that market participants need is available to them when they want it, and in a form they can use.” Cox also pointed out that he was going contribute to the process and was not thinking in years but rather in months. XBRL has the ability to help shift the power back to the individual investor by empowering companies to more efficiently disseminate their financial information to the end user in a reliable, accurate and consumable way. The Federal Deposit Insurance Corporation (FDIC) is using XBRL today to save costs and streamline its processes for collecting and reporting financial inform
