Beyond the Senate’s recent bipartisan passing of the Digital Accountability and Transparency Act (DATA) of 2014, Vintage Filings’ SVP Liam Power and VP Trevor Loe are living proof that XBRL is THE global language for financial reporting.
Vintage Filings met and presented to a captive audience of Chinese-based US-issuers in Beijing this week.
These ethically minded Chinese companies are working very hard to counter balance the tainted brush from the “mini-crisis” we experienced a couple years ago from the herd of Chinese reverse shells.
The audience was very interested in the advances we have made with our XBRL solutions. A more interesting observation was their companies’ reporting teams passion for XBRL – the CEOs and CFOs instantly grasped the importance of a “common language” needed for both regulatory oversight and investor transparency.
This drive for a global financial language demonstrated by these Chinese corporations is an ironic juxtaposition to the backward movement being lobbied here in the US. Read this Fortune magazine article for a concise overview.
Have a great day.