The SEC is slated to consider at an open commission meeting tomorrow (May 14) potential rulemaking relating to requirements for public companies to tag certain information filed with the SEC using data tags in eXtensible Business Reporting Language, or XBRL.
According to the agenda, "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."
U.S. GAAP Taxonomies Delivered to SEC by XBRL-US; Preparer's Guide, Case Studies Available
In related news, the U.S. GAAP taxonomies (dictionary of data tags) were completed by XBRL-US and delivered to the SEC on April 28.
avid Blaszkowsky, director of the SEC's Office of Interactive Disclosure, stated, (as noted in this XBRL-US press release,) "This delivery ensures that the tools are in place for public companies to create interactive data-formatted financials with ease and efficiency."
An "XBRL Preparer's Guide" and Case Studies are available from XBRL-US, as noted in the XBRL-US April, 2008 newsletter.
Cox Says XBRL Is At 'Inflection Point:' Most Difficult Challenges Are Behavioral
In videotaped remarks at the XBRL-International Conference last week, SEC Chairman Christopher Cox said, "As most of you already know, the SEC will be discussing a rule later this month that would set a firm schedule for using interactive data in public company filings in the United States. The fact that we are taking this step reflects the confidence we've gained from our own voluntary filing program, and also the significant learning we've gained from many of you who are attending this conference." "With a complete set of data tags for U.S. generally accepted accounting principles now in hand, we in the United States are ready to "go live" with interactive data. The preparer's guide is there, the software and vendor communities are there, and even the viewers and investor tools are there. Everything is in place," said Cox.
However, he added, "Interactive data has reached an inflection point. The technology is mature — it's a decade old. Many of the most profound features, such as toggling between languages as I described, aren't cutting edge. Today, the most difficult challenges we face are no longer technological, but behavioral.Our main focus now must be on getting investors and other users to be aware of XBRL and what it can do for them."FEI Committees' Views
Three FEI committees commented on the SEC Advisory Committee on Improvements to Financial Reporting (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, 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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