We're doing it . . SEC

Business Wire hosted a webinar on Sep 13 inviting the SEC's Corey Booth and others to answer questions on the adoption of interactive data. . . sounds like business-speak is finally "in" and geek-speak is fashionably out in the world of XBRL "XBRL is such an ugly word," Booth. He finally gets it.

Booth went on to to say that he estimates there were about 40 companies that were part of the SEC interactive data program and he expected many more to join. While it's uncertain where and when the tipping point will be reached for mass adoption of interactive data, Booth did say that the SEC is looking at their options more carefully for moving beyond adoption. . . and alluded to several RFPs that were underway to solicit guidance from vendors to help the SEC in their transition to use XBRL data. While it became more and more clear why the SEC is moving on this -- driven by Congress and coupled with SOX initiatives demanding that the SEC review a higher number of company filings - in the order of 40% over a three year span, the value prop. for the issuer still appeared somewhat illusory as depicted by the panel. Without citing specific quantitative benefits, issuers were left with an unsettling feeling that this is yet another "digital" wave about to blow their way with far reaching consequences and obvious benefits somewhere in the business reporting supply chain (oops, sorry for using that overused phrase, but apparently all good XBRL citizens, heady with the XBRL coolaid, are meant to refer to this term and associated visual to the point where we're all supposed to nod in unison, and mutter "...hmm, aha, eureka, yes. .").

While Booth speaks well for the regulator(s), he leaves the issuer with a nervous feeling about their benefits and the need for immediate action. While the regulators represent institutions to be respected and followed outside the US, the financial shinanigans in the US markets in 2001 followed by SarBox attempt to reign the markets in, have left US issuers more than just a little reticent about following US regulators -- when there is a choice.

Kudos to Business Wire and Michael Becker for moderating an excellent discussion and extracting some valuable insights from the panel in a masterly conversational form that made it a pleasure to listen (and even podcast!) in . Thank you, Michael for asking the tough questions and for making it sound so easy.