Barry Melancon, president and CEO of the American Institute of CPAs, on Wednesday testified before Congress on the need for eXtensible Business Reporting Language (XBRL), a new financial reporting model that gets information into the hands of investors faster.
Melancon told a hearing of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises that corporate reporting of financial information via quarterly and annual reports is historically based.
"Today, investors, lenders, and other users of the information need to make decisions much faster and more often based on what is currently happening and what may happen in the future, in addition to what has occurred solely in the past," he said.
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