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SEC unanimously approves rule proposal requiring XBRL for public company filings
During an open meeting on May 14, 2008, the SEC voted unanimously to formally propose mandating the filing of corporate financial data in interactive data (XBRL) format. Under the terms of the current proposal (PDF), companies using US GAAP with a worldwide public float over $5 billion will be required to submit their primary financial statements, footnotes and financial statement schedules in XBRL format for fiscal periods ending in late 2008. Accelerated filers will be required to comply with the new rules starting the following year and the remaining public companies would comply the year after that. The comment period will end on August 1, 2008.
Read press releases about rule proposal for public company filings: XBRL US | SEC
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SEC unanimously approves proposal that would require mutual fund reporting in interactive format by end of 2009
In a separate open meeting on May 21, 2008, the Securities and Exchange Commission voted unanimously to formally propose that mutual fund investors get access to key information about fees, performance, and strategies through interactive data, which would permit comparison shopping among thousands of funds with all the ease of conducting an Internet search. The SEC's proposal would require mutual funds to label data in their public filings using XBRL tags. The labeling would allow investors to instantly access and compare investment objectives and strategies, risks, performance, and costs for more than 8,000 mutual funds. Both SEC proposals will lead to faster, better, more reliable data for investors.The SEC posted the full rule proposal (PDF) on June 10, 2008. The comment period will end on August 1, 2008.
Read the XBRL US press release about mutual fund risk/return data.
XBRL US produces report outlining implications of SEC Rule Proposal
To outline implications of the open meeting and expected rule proposal, XBRL US hosted a media-only conference call at 12:30pm ET on May 15, 2008 featuring representatives from the SEC, the accounting, software and investment communities and public company preparers, who provided some prepared remarks and were available for questions regarding the SEC actions. XBRL US hosted a Town Hall Meeting for XBRL US members on May 15 as well. Working with expert representatives from among its membership, XBRL US has developed an impact statement (PDF) that outlines the effect that broader use of XBRL for public company reporting will have on key corporate reporting supply chain representatives: public companies, investors and software companies.
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XBRL International Conference held in Eindhoven, Netherlands, May 5-8, 2008
The 17th XBRL International Conference and Expo focused on the ways that XBRL is improving the business reporting process worldwide and demonstrated the advantages of using XBRL solutions to all stakeholder groups. Chairman Cox of the SEC spoke about the increased global participation in XBRL pilot programs and reporting requirements by multiple nations, and the movement toward a set schedule for incorporating interactive data in the U.S. Campbell Pryde, Chief Standards Officer of XBRL US, participated in a workshop designed to help European-based public companies file financial statements to the SEC EDGAR system where he presented an overview of the U.S. GAAP Taxonomies.
View Chairman Cox's XBRL Conference Speech
XBRL International to hold conference October 15-16, 2008 in Washington, DC featuring SEC Chairman
This conference will be co-hosted by XBRL US and feature SEC Chairman Christopher Cox as the keynote speaker. Tuesday, October 14th will be a member-only day; the public is invited to attend on Wednesday and Thursday, October 15th and 16th. For more information, email conference@xbrl.us.
XBRL US hosted meeting of SEC Voluntary Filers
External reporting and special projects managers from eight of the companies participating in the SEC?s Voluntary XBRL Filing Program met in Washington, DC for a 2-day meeting to discuss their plans to prepare for the SEC rule proposal on XBRL submission. Participants also shared their thoughts on the software and service market and on educational programs for public companies that are not currently in the VFP program. Companies represented included Microsoft, Comcast, Pfizer, Pepsi, E*Trade, Exelon, Dow Chemical and XM Satellite. Findings from the meeting will be shared with XBRL US members to help in planning and development.
New educational webinar series for preparers has launched
On May 21, XBRL US launched a new series of free webinars that provide education on XBRL, demonstrate how to create XBRL-formatted financials and how to participate in the SEC's Voluntary Filing Program. Programs include demonstrations, case studies from actual filers and insight from SEC representatives who will provide updates on proposed regulatory activities. Register for the next FREE program at 3:00 pm ET on June 18, 2008 or for any of the other upcoming events.
Join Us - XBRL US is the national consortium for xml business reporting standards and developers of the XBRL US GAAP Taxonomies. Our members are committed to engaging and collaborating with other members, contributing to the standard through involvement of their teams, and striving to build awareness and educate the market. Members of XBRL US represent the full range of the business reporting supply chain. Find out more about the benefits of membership and how to become involved. |