« Hello World! XBRL Example | Main | 2009 XBRL US GAAP Taxonomies Available for Public Review »

U.S. Securities and Exchange Commission Mandates XBRL

In a 4 to 1 vote, the U.S. Securities and Exchange Commission will begin requiring public companies which are regulated by the SEC to submit information using XBRL.  The mandate is similar to the proposed rule the SEC floated for comment several months ago.

There will likely be more information on the SEC's news digest. (Nothing there at the time this entry was written.)

You can get play by play of the ruling at Rob Blake's blog.

Commissioner Casey said something to the affect, "The advantages of XBRL are self evident."

Commissioner Walter said that the affect of XBRL will be "Broad, sweeping"

Commissioner Paredes said "Investors can use [XBRL] information as they see fit."

Chairman Cox was given a lot of credit for having the vision to make interactive data a reality.

The descending vote related to liability of those submitting information.  The descending commissioner was supportive of XBRL but felt that companies should get less breaks relating to the liability for any issues with information submitted in XBRL.

In an interesting statement made during the meeting, it was pointed out that the old filing formats will eventually be phased out.  No time table was stated for such phase out.

Welcome to a brave new world of financial reporting!

Posted on Wednesday, December 17, 2008 at 09:54AM by Registered CommenterCharlie in | Comments1 Comment

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (1)

CONGRATULATIONS CHARLIE!!! This is your moment -- the best 10-year anniversary gift of them all!
December 17, 2008 | Unregistered CommenterZACK

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
All HTML will be escaped. Hyperlinks will be created for URLs automatically.