SEC proposes voluntary XBRL filings

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28 Sep 2004

As part of its initiative to assess the benefits of tagged data and its potential for improving the timeliness, accuracy, and analysis of financial disclosures by public companies, the US Securities and Exchange Commission has proposed to establish a voluntary program allowing registrants to file supplemental financial information using eXtensible Business Reporting Language (XBRL).

The program would begin with the 2004 calendar year-end reporting season. In addition to domestic issuers, the voluntary program is available to foreign private issuers that otherwise file financial information prepared in accordance with US GAAP. The Commission also issued a concept release on the benefits and implications of tagging data for filers, investors, the Commission, and other market participants, and on the suitability of the XBRL format. Click for:

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