Corporate Actions USA 2010
The US corporate actions market has long been characterised as paper-based and manually intensive, but it seems that much progress is being made of late to tackle the lack of automation due to the introduction of four little letters: XBRL.
According to a survey by the American Institute of Certified Public Accountants (AICPA) and standards body XBRL US released in January this year, there is a high level of awareness of the benefits of the XBRL tagging process. The majority of the 215 respondents, at 93%, had at least a basic knowledge of XBRL. Moreover, the appetite for extending XBRL to areas beyond its mandated remit of financial reporting is also high: 61% of respondents said they would consider using XBRL tagging beyond financial statements, especially in providing XBRL data for investors on their websites.
The awareness and preparation work required for XBRL tagging for financial reports, as required by the Securities and Exchange Commission (SEC), will likely help to kick off XBRL tagging for corporate actions data in the US market. If the majority of the market is fully apprised of the processes required and are already partnering with vendors for financial reporting, it should be less of a struggle to get this tagging
If you are interested in sponsoring or advertising in one of our handbooks, suppliers guides or special reports, please get in touch with us.