Watch Out for SEC's Fraud Fighting, XBRL-based RoboCop
Thursday, February 14, 2013 at 08:51AM
Charlie in Digital Financial Reporting

Well, seems public companies have about 9 months to get their XBRL ducks in order.  Per a CNN news release, SEC to Roll out 'RoboCop' against fraud, the Accounting Quality Model the SEC was talking about will soon become a reality.

An excerpt from the article:

The regulator plans to roll out the early warning system this year, saying it will mine a "rich vein of information" continuously supplied by companies through official filings such as annual reports.

The tool is one of the boldest uses so far of the computer-readable "XBRL tags" that are increasingly being attached to financial data around the world to enable easier comparisons between businesses.

Article originally appeared on Intelligent XBRL-based structured digital financial reporting using US GAAP and IFRS (http://xbrl.squarespace.com/).
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