FierceFinanceFierceFinanceITFierceCompliance IT   FierceCIO

SEC moves ahead with XBRL

Tools
Tags
XBRL
SEC
sarbox

As expected, the Securities and Exchange Commission has announced that it will propose a rule that would require large firms (a public float of more than $5 billion) to use XBRL (extensible business reporting language) for fiscal periods. A year later, all public companies would be required to follow suit. This follows the SEC's vaunted three-year pilot program. The upside is that companies will have to make interactive financial reports, which have been talked about for so long, a reality. The devil will be in the details of the rule, of course. There is a tendency to expect too much of technology. Financial Week reports that some think that data tagging might have prevented the credit crunch. That's going a bit overboard. Every company will decide how much beyond the baseline they will tag. Chances are, the mindset will not change: They disclose the bare minimum as a protective measure.  

For more:
- here's the article

Bookmark and Share
Get Your FREE FierceComplianceIT Email Newsletter:
Be the first to comment

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.

More information about formatting options

To combat spam, please enter the code in the image.