Investors in the US are set to benefit from the securities regulator formalising a rule which will allow instantaneous information and company reports through XBRL.
This follows an announcement yesterday from Securities and Exchange Commission chairman, Christopher Cox, who said the rule would require all companies to report financial information in the 'extensible business reporting language' known as XBRL.
Investors will now be able to receive information on stocks, bonds and mutual funds with the data itself being interactive, making it possible for investors to go online and compare information filed, the FT reported.
Cox said the formalising of the rule was part of the SEC's 'war on complexity and said the new format would 'enable investors to find what they need quickly and reliable, without having to pore through pages and pages of documents.'
'I've been fighting against legalese and gobbledygook for years,' he said.
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