XBRL Is Increasingly Becoming The New Standard

August 15th, 2013

 

Back in April – in a development that RDG Filings was rather excited about – Citi, The Depository Trust & Clearing Corporation (DTCC) and XBRL US announced that Citi had begun “sending XBRL-formatted dividend announcements related to ADRs for which it is the depositary bank to DTCC through The Depository Trust Company.”

While this development was not directly related to RDG Filings day-to-day work as a SEC Filings agent that specializes in full-service XBRL filing for corporate and mutual fund filers, we were pleased to see the value and importance of XBRL financial reporting enthusiastically endorsed by Citi and the DTCC.

Alan Smith, Managing Director, Citi Securities and Fund Services (SFS) said, “We’re pleased that Citi has taken a key role in an initiative that ultimately will result in better, faster and much less expensive data for the marketplace.”

And Dan Thieke, DTCC Managing Director, Asset Services said that with the DTCC receiving “thousands of announcements from issuers and intermediaries every day. XBRL enables us to take that information directly into our systems without manual intervention, thereby reducing risk and cost and  boosting efficiency and accuracy.”

XBRL is the future of financial reporting, and the value of this relatively new tool is contingent upon the quality of the code created.  RDG Filings is committed to the present and future of XBRL reporting, and as major part of that commitment, RDG is committed to creating the highest quality XBRL possible.