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SEC votes to mandate use of XBRL in filings

By P J Connolly

May 19, 2008 — The adoption of XBRL (Extensible Business Reporting Language) as a lingua franca of business took another step forward Thursday, May 15 when the U.S. Securities and Exchange Commission voted to require the world’s largest companies to begin filing required reports in the XML-derived format for those periods that close at the end of this year.

The SEC has been evaluating XBRL since 2005. Beginning with collecting data from corporate filers, the regulatory body has since added XBRL filing of mutual fund risk return information and an online database of executive compensation data.

If adopted, the SEC’s proposal would see the first XBRL data provided under the scheme becoming public in early 2009 by those companies, roughly 500 in number, with a worldwide public float over US$5 billion. Other companies using U.S. Generally Accepted Accounting Principles would provide this disclosure over the next two years, while companies that use the International Accounting Standards Board’s reporting standards would have until late 2010 to provide XBRL-based financial disclosures.

According to the SEC’s announcement, required tags will be applied to primary financial statements, notes and financial statement schedules. Notes and schedules will for the first year be tagged as text blocks; afterwards, tags will be provided for the details themselves.

Related Search Term(s): Business reporting languages, XBRL, XML

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Stop hard-coding business rules Giving more power to "business developers" can streamline production, though it has its drawbacks

SEC mandates XBRL for all major public company filings In a decision affecting 500 of the United States' largest companies, the Securities and Exchange Commission determined that all financial reports be in XBRL. Using XBRL would allow financial information to be available in real time.

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