All SEC registrants (US GAAP and IFRSs) would file XBRL data

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16 May 2008

The US Securities and Exchange Commission has proposed to require all public companies in the United States to file their data with the SEC in XBRL format.

XBRL is a computer software language that labels companies' financial and other data with codes from standard lists (taxonomies) so that investors and analysts can more easily locate and analyse desired information. XBRL reporting would be required for registrants using either US GAAP or IFRSs as published by the IASB. The transition would take three years:
  • Companies with worldwide public float over $5 billion (approximately the 500 largest SEC registrants) using US GAAP would be required to make financial disclosures using XBRL for fiscal periods ending in late 2008. That data would become available in early 2009.
  • The remaining companies using US GAAP would provide XBRL data over the following two years (mid-cap accelerated filers in 2009 and small-cap in 2010).
  • Companies using IFRSs would provide the disclosure for fiscal periods ending in late 2010.
The XBRL disclosure would be provided as additional exhibits to annual and quarterly reports and registration statements. Companies also would be required to post this information on their websites. Click for:

 

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