Initial problems with the reliability of XBRL data would ease over time, Prof Harris added.

CNN: SEC to roll out 'RoboCop' against fraud

Such a monitoring tool has only become possible for the SEC following a phased introduction of a mandatory XBRL tagging requirement for listed companies that follow US accounting rules.

CNN: SEC to roll out 'RoboCop' against fraud

In financial services, companies are tagging financial data with a language called XBRL, which helps identify related items in different financial documents and allows computers to automatically generate complex financial reports.

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The tool is one of the boldest uses so far of the computer-readable "XBRL tags" that are increasingly being attached to financial data around the world to enable easier comparisons between businesses.

CNN: SEC to roll out 'RoboCop' against fraud

Tony Fragnito, chief executive of XBRL International, which sets the XBRL standards, said securities regulators in other countries such as Japan, China and Australia were taking a similar approach to the SEC.

CNN: SEC to roll out 'RoboCop' against fraud