SEC Adopts XBRL Filing Mandate

Lora Bentley

The Securities and Exchange Commission voted 4 to 1 last week to make XBRL filing mandatory for publicly traded companies. According to NextGov:

Computers can use XBRL to identify data, and even the context within which that information resides, that are common to every financial disclosure. Adding XBRL tags to financial disclosures makes them searchable and much easier to compare.

In a statement on the SEC Web site, Chairman Christopher Cox said, "Interactive data will enable new analysis tools to put key information at every investor's fingertips within seconds, exactly as the investor wishes to see it."

 

Interactive data filing will be "phased in," according to the SEC. The country's largest companies that file using U.S. Generally Acceptable Accounting Principles (GAAP) will begin using XBRL with filings for fiscal years ending on or after June 15 of next year. Other public companies that use GAAP will be phased in over the next two years, and companies that file using International Financial Reporting Standards will follow shortly thereafter -- with fiscal years ending on or after June 15, 2011.

 

NextGov quotes XBRL international steering committee member Diane Mueller, who says the new rule "will bring the United States into alignment with worldwide practices" and calls the move a "brilliant" one for Cox.



Add Comment      Leave a comment on this blog post
Jan 26, 2011 4:52 AM Kt Kt  says:

In order to meet the SEC filing needs Xteron has come up with an Online XBRL compliance solution which addresses all the SEC requirements in the most efficient manner. Our product with simple easy to use workflows is a low cost solution without compromising on Quality and is becoming highly popular among the XBRL user community.

For more information please visit www.xteron.com or email support@xteron.com

Reply
Jan 27, 2011 6:51 AM kt kt  says:

Xbrl Filing software for interactive data reporting and filing - visit www.xteron.com for more information.

Reply

Post a comment

 

 

 

 


(Maximum characters: 1200). You have 1200 characters left.

 

null
null

 

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.