Friday, January 30, 2009

XBRL

In just a few months, some of the largest public corporations in the United States will begin submitting their financial filings to the Securities & Exchange Commission using XBRL (eXtensible Business Reporting Language.) In December 2008, the Securities & Exchange Commission mandated a phase-in period, starting June 15, 2009, of using interactive data, which uses XBRL, for financial filings made by public companies and mutual funds with the SEC. The use of XBRL is expected to reduce filing costs, increase productivity, improve data quality and analysis and allow for direct comparability.

The SEC’s announcement included the following:

"The availability of financial reports in the form of interactive data will transform how investors evaluate companies and securities and, more broadly, transform the relationship between the filer and the investor. Markets depend on and improve with better information, and even more so in difficult times. This action by the Commission is timely and welcome for investors in the U.S. and all over the world," according to David M. Blaszkowsky, Director of the SEC's Office of Interactive Disclosure.”

Please see the complete SEC announcement here.
Information about the SEC’s XBRL program can be found here.

1 comment:

mildstallion said...

Sounds a lot like an analog to the SBA EDMIS program.