Lawmakers question SEC on "obsolete" technology

09/12/2013 | Reuters

The House Committee on Oversight and Government Reform wants to know why the Securities and Exchange Commission is using 20th-century technology to enforce 21st-century regulations. "Interactive data in financial reporting offers the opportunity for increased speed, accuracy and usability through automation," Chairman Darrell Issa, R-Calif., wrote in a letter to SEC chief Mary Jo White. Issa accused the commission of using "printouts, pencils and calculators" instead of automating its oversight processes to analyze the vast amounts of data it collects from the industry it oversees. For information on the use of one of the new technologies, eXtensible Business Reporting Language, or XBRL, go to AICPA.org.

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