SEC continues to champion XBRL
Regulator looks to implement internet business language on website
The Securities and Exchange Commission SEC has issued a formal request to
software vendors for help in developing an XBRL-based analytical tool to add to
the section of its website where public company financial filings are posted.
The move is seen as more subtle pressure put on companies to adopt the
internet-language method of tagging financial data, which makes it easier for
investors to examine and compare the financial statements of public companies.
XBRL has been championed by SEC chairman Christopher Cox.
The SEC has relied on incentives to attract some 25 companies to a pilot XBRL
program, CFO magazine reported.