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SEC Seeking Market Feedback on XBRL Compliance Challenges

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As part of its wider push to extend XBRL into other areas such as the tagging of source documents for mortgage backed securities (MBS) and corporate actions, the Securities and Exchange Commission (SEC) is currently taking stock of the challenges faced by the industry during XBRL implementation thus far. To this end, the US regulator has published a web survey asking for more detail on how firms set about rolling out their XBRL projects for SEC filings.

The survey asks firms to provide details about the route they chose during the implementation: whether they opted to develop a solution in-house or to outsource to a third party. This includes details on the outsourcing experience as a whole or the software tools being used in-house in either case. The SEC survey also asks firms to indicate whether they are happy with the final results and whether they are interested in XBRL being extended to other areas.

This is all part of the SEC’s sustained campaign to get XBRL tagging embedded within the US financial services community. The regulator has mandated XBRL tagging for financial reporting but, along with XBRL US, is also keen to extend its reach into other areas that it believes would benefit from the data tags such as corporate actions, proxy voting and MBS data. The survey is therefore aimed at gathering together details on the industry’s experiences of XBRL implementation thus far and perhaps applying lessons learned to the next stage of its plans.

The survey is available to view (and fill in) here.

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