On February 24, 2014 the Securities and Exchange Commission established the Office of the Investor Advocate. According to the SEC, the purpose of the Office of the Investor Advocate encompasses three core functions: (1) to provide a voice for investors, (2) to assist retail investors, and (3) to support the SEC’s Investor Advisory Committee.
Financial reporting professionals are tasked with keeping a lot of people happy – your CEO, your board, your shareholders, and your staff. Determining the best way to present accurate, accessible and interactive financial data to all of your key stakeholders can make you stand out as the reporting champion in your office. Sounds great, right? Here’s a few tips to help you and your team become external reporting all-stars.
About a month ago, Representative Robert Hurt re-introduced into Congress an updated version of the Small Company Disclosure Simplification Act (H.R. 1965). This bill seeks to exempt emerging growth companies and issuers with total annual gross revenues of less than $250 million from the requirements to use eXtensible Business Reporting Language (XBRL) for financial statements and other mandatory periodic reporting filed with the Securities and Exchange Commission (SEC). XBRL standardizes the way companies communicate and present business information by applying computer readable tags to information across public financial documents.