BusinessCompany NewsSEC to decide on mandated XBRL filings

SEC to decide on mandated XBRL filings

US public companies could be mandated to file using tagged financial data technology

The US markets watchdog could mandate new technology for company filings
later today.

The SEC will consider a proposal to mandate the filings of reports for public
companies using the interactive data format XBRL.

XBRL is a technology that allows users to ‘tag’ financial data, and is
intended to make the information comparable with the financial information of
other companies.

Under the rule, as originally proposed, public companies would be required to
submit their reports in XBRL in a phased approach beginning in early 2009 with
the largest filers.

‘Such transparency and democratisation of information can only lead to a more
informed public – and greater transparency on Wall Street,’ said Sunir Kapoor, a
board member of XBRL US.

‘I think we can expect to see even more adoption of such technologies by U.S
agencies in the next administration as President-elect Obama has been a champion
of similar transparency initiatives in the Senate,’ he added.

Further reading:

SEC poised to finalise rule on
interactive data format

IT strategy: Trouble in store

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