RegulationAccounting StandardsSEC poised to finalise rule on interactive data format

SEC poised to finalise rule on interactive data format

Cox says SEC will this month finalise its rule on internactive data formats for all public company financial reports

The Securities and Exchange
Commission
will finalise its proposed rule on the eXtensible Business
Reporting Language (XBRL), Christopher Cox SEC chairman, said in a speech to the
American Institute of Certified Practicing Accountants (AICPA) national
conference on current SEC and PCAOB developments yesterday, published on
Mondovisione.

He noted the International Accounting Standards Committee (IASC) Foundation
and AICPA had been aggressively supporting XBRL to provide investors with all
public company financial reports in interactive data format.

The rule would significantly advance the objective of having 30 different
spoken languages soon embedded in XBRL data tags attached to public company
financial statements, enabling investors to read International Fincancil
Reporting Standards (IFRS) or US GAAP financial statements from any country in
their own native language.

He stressed that for IFRS to fulfill its promise ‘to be a uniter of the
world’s capital markets and a powerful tool for investors everywhere’, the
standards had to be crafted in the interest of investors, the standard setting
process must be transparent and all of stakeholders themselves must participate
in the standard setting process.

‘The only real question is not whether this is good for investors, but how
quickly both the accounting standards and the process by which they are
established and developed can be globally recognised as world-class,’ he said.

Further reading:

US auditors worry about XBRL costs

SEC to mandate filing in XBRLSEC to mandate filing in
XBRL

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