Jun 28 2018
WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), Ranking Member of the Senate Banking Subcommittee on Securities, Insurance, and Investment, released a statement after the Securities and Exchange Commission (SEC) today voted to adopt amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds:
“This is a long-overdue move that will improve the quality and accessibility of XBRL data, lowering costs for filers and investors. This is just one of several steps that the SEC should take to modernize existing reporting requirements.”
In July 2015, Sen. Warner and Sen. Mike Crapo (R-ID) sent a letter calling on the SEC to implement in-line XBRL.
Sen. Warner has been a longtime advocate for improving data access and transparency. The Digital Accountability and Transparency (DATA) Act, bipartisan federal financial management and transparency legislation authored by Sen. Warner, was signed into law in May 2014, requiring the development of government-wide financial data standards to make it easier to compare federal spending across federal agencies.