PracticeAuditUS-listeds herded onto XBRL

US-listeds herded onto XBRL

SEC formalises rule requiring companies to file under the real-time reporting language

Investors in the US are set to benefit from the securities regulator
formalising a rule which will allow instantaneous information and company
reports through XBRL.

This follows an announcement yesterday from
Securities and Exchange Commission chairman,
Christopher Cox, who said the rule would
require all companies to report financial information in the ‘extensible
business reporting language’ known as XBRL.

Investors will now be able to receive information on stocks, bonds and mutual
funds with the data itself being interactive, making it possible for investors
to go online and compare information filed, the FT reported.

Cox said the formalising of the rule was part of the SEC’s ‘war on complexity
and said the new format would ‘enable investors to find what they need quickly
and reliable, without having to pore through pages and pages of documents.’

‘I’ve been fighting against legalese and gobbledygook for years,’ he said.

Further reading:

XBRL unbowed by peer pressure

SEC enters digital age

XBRL talks SEC’s language

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