Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

US financial regulators use no technology
Fudzilla ^ | Wednesday, 11 September 2013 08:53 | Written by Nick Farrell

Posted on 09/11/2013 11:52:55 AM PDT by Ernest_at_the_Beach

How to fight 21st century financial crime with 19th century tools

A US House of Representatives committee is investigating whether federal securities regulators are using last century's tools to review corporations' books. House Oversight Committee Chairman Darrell Issa penned a stiff missive to Securities and Exchange Commission Chair Mary Jo White asking for an explanation of why the regulator has been so slow to embrace the use of eXtensible Business Reporting Language, or XBRL.

White has been wanting more funds to hire additional staff but apparently is less interested in moving to XBRL. Issa pointed out that interactive data in financial reporting offers the opportunity for increased speed, accuracy and usability through automation. While the SEC's is aware of interactive data's potential, it is surprising that it has not yet integrated interactive data into its internal review processes to improve efficiency or reduce costs, Issa wrote. Instead the regulator was relying on "printouts, pencils and calculators".

In 2008, the SEC adopted a rule mandating companies and mutual funds submit XBRL versions of their financial statements in addition to routine text format. The open-standard software labels financial statements with computer-readable tags that can be read like barcodes to help investors more easily find and compare information about companies.

But a Republican committee aide said former SEC staffers told the panel that the commission fails to utilize the information it gets and instead resorts to pencils and calculators.


TOPICS: Business/Economy; Computers/Internet
KEYWORDS: hitech; issa; lowtech; sec; xbrl

1 posted on 09/11/2013 11:52:55 AM PDT by Ernest_at_the_Beach
[ Post Reply | Private Reply | View Replies]

To: ShadowAce

Yikes.


2 posted on 09/11/2013 11:57:35 AM PDT by Ernest_at_the_Beach (Sept 9, 2013 -- What a day of reversals!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ernest_at_the_Beach

XBRL?

An extension of W.A.S.S. technology


3 posted on 09/11/2013 12:07:03 PM PDT by NormsRevenge (Semper Fi --)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ernest_at_the_Beach

I’m still waiting for the GOP to realize all their emails are being sent to spam buckets.
Check your yahoo spam...all the “great minds” in the GOP are there.


4 posted on 09/11/2013 12:10:14 PM PDT by Zathras
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ernest_at_the_Beach

Garbage In, Garbage In


5 posted on 09/11/2013 12:37:29 PM PDT by bunkerhill7 (("The Second Amendment has no limits on firepower"-NY State Senator Kathleen A. Marchione.))
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson