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14 May 2008
The US regulator is expected to announce new regulation today mandating the filing of reports to the Securities and Exchange Commission in XBRL.
The rule, which will compel filing in Extensible Business Reporting Language, is expected to apply to large public companies, including those on the US Fortune 1000 index.
Companies which have already joined the voluntary filing program include Ford, General Electric, IBM, Pepsi, United Technologies and Xerox, WebCPA.com reported.
XBRL US board member, Sunir Kapoor said the move would make it easier for the SEC to handle the thousands of reports it receives annually.
‘It will also make it easier for companies to file their 10-Qs and 10-Ks and allow them more flexibility in their reporting. For investors and financial analysts, the action will result in more accurate and robust information on public companies. It really is a revolution in the way information will be reported and consumed,’ he said.
Further reading:
IFRS taxonomy ready for use shortly
Information Resources on SEC Interactive Data (XBRL) Program
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