SEC Proposes Mandatory XBRL Filing Rule

Lora Bentley

Well, as much as people like Jeremy Roche don't want to see it happen, they may not have a choice. On Wednesday, the Securities and Exchange Commission moved one step closer to requiring public companies to file their financial statements using eXtensible Business Reporting Language, or XBRL. reports:

The plan initially would require companies with market capitalization of more than $5 billion -- about 500 firms total -- to make disclosures in XBRL format beginning in the fiscal periods ending in late 2008. They would become public in that format in early 2009. The following year, all other companies that file their statements using U.S. generally accepted accounting principles would have to follow suit. In the third year of the proposal, international companies that file with the SEC using International Financial Reporting Standards would also be required to file in XBRL format.

The commission will take public comments on the proposal through mid-July, the story says.

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