SEC to mandate filing in XBRL

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,

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

Resources on SEC Interactive Data (XBRL) Program

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