This Week in XBRL: Dodd-Frank and XBRL

In a continued effort to educate on the development of XBRL technology in industries such as financial services (and beyond), Merrill Corporation will share articles and columns published on the topic.

The Dodd-Frank legislation has received a great deal of recognition because of the role it is playing in the overhaul of many aspects of the financial services industry. Highlights of the legislation include:

• Consumer Protections with Authority and Independence
• Ends Too Big to Fail Bailouts
• Advance Warning System
• Transparency and Accountability for Exotic Instrument
• Executive Compensation and Corporate Governance
• Protects Investors: Provides tough new rules for transparency and accountability for credit rating agencies to protect investors and businesses.
• Enforces Regulations on the Books: Strengthens oversight and empowers regulators to aggressively pursue financial fraud, conflicts of interest and manipulation of the system that benefits special interests at the expense of American families and businesses.

Because of the range the legislation has, it was inevitable that XBRL best practices and tips were going to be connected to it. This week, two articles were published regarding the language as it relates to components of Dodd-Frank. including a review of the grace period for XBRL filings in case of unanticipated difficulties and rules behind fixing errors within XBRL.

While there wasn't a question of XBRL's continued importance in the financial industry, the fact that is has links and connections to legislation of this magnitude further cements its continued evolution has an important tool.

----- 

Merrill Corporation is proud to offer XBRL Complete, a suite of services that meets - and has options to exceed – the mandated requirements for XBRL for mutual funds. For more information, please click here or call 866-367-9110.