SEC looks to next steps for digital reporting
On 27 March 2025, the US Securities and Exchange Commission (SEC) issued a routine call for public input on its proposal to extend the Interactive Data rule, which requires financial disclosures to be filed in XBRL format. Like other US agencies, the SEC is obliged under federal rules aimed at reducing regulatory burden, to periodically consult on the continuation of data collection arrangements. The SEC is inviting comments on the rule’s effectiveness, the accuracy of its burden estimates, and ways to improve data quality and ease compliance. Feedback is due by 27 May.
The Interactive Data rule mandates that financial information submitted through registration statements and reports under the Securities Act and Exchange Act also be filed in XBRL format. This includes key exhibits outlined in Regulation S-K and Forms 20-F, 40-F, and 6-K, among others. The current extension proposal estimates that this consists of over 36,000 annual submissions.
Introduced to increase data accessibility and enable automated processing, the rule is part of SEC’s commitment to modernising disclosures and supporting machine-readable financial reporting. By renewing this collection, the SEC aims to preserve the utility of structured data for investors while seeking input on how to refine the process. Speaking only for ourselves, we think that the SEC’s extensive use of the DQC data quality rules is an exceptional example of the manner in which data quality can be continuously enhanced in a digital reporting framework. Of course, it would be helpful if they used the report packages specification consistently…
Anyway: read the full notice and find details on how to submit your comment here.
