The SEC posted a Sunshine Act Notice yesterday announcing they will hold an open commission meeting on Monday, April 21, at which: "The Commission will consider whether to propose amendments to provide for corporate financial statement information to be filed with the Commission in interactive data format, and a near- and long-term schedule therefor."
Props to Broc Romanek of TheCorporateCounsel.net for bringing this to our attention , and see his related analysis in his blog post today: "Mandatory XBRL: Here It Comes."
Romanek notes that the SEC Advisory Committee on Improvements to Financial Reporting (CIFiR,chaired by Robert Pozen) recommended in its Progress Report(which covered a wide range of issues for improving financial reporting) that the initial XBRL requirements be "furnished," not "filed." Observation: the SEC's Sunsine Act notice uses the word 'filed' although that may be a generic reference.
See also post earlier this week: "SEC General Counsel Says XBRL Proposal Will Be Considered "In the Near Future;" Part of Move to Global Convergence."
Three FEI committees commented on CIFiR's XBRL related proposals, and the other CIFiR recommendations, in comment letters filed on CIFiR's Progress Report. See the letters filed by
FEI's Committee on Finance and Information Technology (CFIT), the letter filed by FEI's Committee on Small and Mid-Sized Public Companies (the two separate letters are attached here), and the letter filed by FEI's Committee on Corporate Reporting here.
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