SEC to make XBRL compulsory for company filings within a year


SEC to make XBRL compulsory for company filings within a year

Will Hadfield

The Securities and Exchange Commission will make every public company in the US file its quarterly company reports using Extensible Business Reporting Language (XBRL) within a year.

XBRL will tag different types of information held within company reports so investors can more easily find what they are looking for when they download individual filings.

Investors will also be able to compare companies’ performance on different measures speedily.

SEC chairman Christopher Cox said XBRL will “revolutionise the SEC’s public company disclosure system”.

XBRL will replace SEC’s existing company reporting system Edgar, which has been used since the 1980s.

Last week, the SEC awarded three contracts to IT suppliers to build a reporting system based on XBRL to US company Keane Federal Systems.

Keane will develop the new £28.6m system in partnership with IT suppliers Akamai, Bearingpoint, EMC, Microsoft and Rivet Software.

The UK government announced that XBRL would be compulsory for company filings by 2010 back in March.

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy