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Corporate Actions Reporting in XBRL Crosshairs

Financial services groups promote STP efficiencies, but companies aren't buying in yet

By Susan Kelly | Updated on June 15, 2009

As the biggest U.S. corporations begin using XBRL this month to file reports with the Securities and Exchange Commission (SEC), a trio of financial services industry organizations is already trying to build on that requirement to promote the use of XBRL for the announcements of corporate actions.

The Depository Trust Clearing Corp. (DTCC), SWIFT and XBRL U.S. said last month that they are joining forces to create an XBRL taxonomy for corporate actions, such as mergers, stock splits and dividend payments. In addition, DTCC will develop a system that creates a unique identifier for each corporate action announcement.

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