Last week, we discussed the House Oversight Committee's hearing on FY2010 Consolidated Financial Statements of the U.S. Government. Well, half a country away (and in front of a much different audience) a similar conversation took place this week.
The South by Southwest Conferences and Festivals (also known as SXSW) in Austin, Texas qualifies itself as the premier destination for discovery by "offering the unique convergence of original music, independent films, and emerging technologies." While best known for music showcases and film screenings, SXSW has proven to be an event that doesn't talk about something that is buzz-worthy; rather creates an atmosphere to share and discuss topics, therefore making them buzz-worthy.
Amongst the panel topics this year was the following:
After being witness to a multitude of massive corporate accounting scandals, the world has been forced to re-evaluate almost every area of how business is conducted. A new day is dawning in the world of information, and the people are demanding more visibility into the everyday operations of companies and governments. In order to pacify the public outcry for increased knowledge, regulatory controls such as Sarbanes-Oxley and Base III have been enacted. In addition, regulatory agencies like the SEC are rapidly embracing new approaches to providing the public with information and data through the use of eXtensible Business Reporting Language (XBRL). The SEC and other governing bodies have recognized that the democratization of corporate and government data, through the use of XBRL, will guarantee a higher level of transparency and usability.
Now like never before, transparency is allowing for a shift of power from corporations to the people. Because information is easily available for anyone to download for free, analysis and comparisons between the big guys can be done on a large assortment of public data. This information revolution will no longer allow companies to operate in secrecy and will provide people with the data they need to avoid future bailouts and economic turmoil.
Merrill has produced webinars, created tutorials and developed materials on topics like this, but our demographic is admittedly different than that of SXSW, and therefore, we applaud the organization for taking the time and risking its reputation on covering this subject. This type of information is important for younger individuals to hear, and with an audience and a following the likes of SXSW's, there is a legitimate opportunity that many walked away with knowledge they can utilize in (and for) their future.
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