A standard reporting format for financial reporting would enable automated processing of financial information, cutting out the need for manual re-entry and comparison. Stakeholders would be able to search for information about companies more easily.
The Commission recommendation on the electronic network of officially appointed central storage of regulated information mechanisms (OAMs) is requesting CESR to report to the Commission on the possible future development of the network of OAMs by 30 September 2010.
CESR has not yet taken any position on standard reporting formats, or, more particularly,
XBRL reporting, nor has it any powers to impose them. The responses to this call for evidence will serve
CESR in the analysis of the issue. On the basis of the analysis,
CESR may address the issue in more detail in the preparation of a report to the Commission on the possible future development of the network of OAMs.
CESR today issued a
call for evidence on the use of a standard reporting format for the financial reporting of issuers with securities trading on regulated markets.
A standard reporting format for financial reporting would enable automated processing of financial information, cutting out the need for manual re-entry and comparison. Investors, analysts, journalists and financial intermediaries would more easily be able to search for information about companies on the internet, download the information into spreadsheets, reorganise it in databases, and put it to other comparative and analytical uses.
CESR invites responses to the consultation paper by 30 November 2009.
© CESR - Committee of European Securities Regulators
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