Corporate America is generally voicing support for the Securities and Exchange Commission’s proposed rule to mandate that corporations file financial statements using XBRL technology, although a few gripes remain about the timetable for adoption and about the difficulty of handling footnotes.
The comment period for the rule proposal closed Aug. 1. All signs indicate the SEC is determined to approve some sort of final rule by the end of this year, if not sooner.
Cox
XBRL, formally known as eXtensible Business Reporting Language, allows companies to “tag” the data in their financial statements so computers can easily find and present that ...