SEC mandates XBRL for all registrants and mutual funds
19 Dec 2008
The Securities and Exchange Commission has voted to require public companies and mutual funds to use interactive data for financial information in XBRL format.
The interactive data will be provided in a new exhibit containing their financial statements and any applicable financial statement schedules in interactive data format:
Public Companies: Interactive data financial reporting will be required on a phased-in schedule beginning next year so that all US public companies will be filing XBRL data by December 2011. Companies will be able to adopt interactive data earlier than their required start date:
- The largest companies who file using US GAAP with a public float above $5 billion (approximately 500 companies): First quarterly report for fiscal periods ending on or after 15 June 2009
- Remaining companies who file using US GAAP: Phased-in schedule over 2010 to 2011
- Companies reporting in IFRS issued by the International Accounting Standards Board: Fiscal years ending on or after 15 June 2011
Mutual Funds: Interactive data financial reporting will be required starting in 2011.
Click for SEC Press Release (PDF 37k).
