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Required Reading for the XBRL Mandate

Melissa Klein Aguilar | June 16, 2009

Corporate compliance officers who don’t already know the Securities and Exchange Commission’s adopting release for its XBRL mandate—and know it well—ought to put it on their summer reading list.

That was the advice of SEC officials during a recent public seminar aimed at helping issuers prepare to comply with the new rule that requires them to tag their financial statements using XBRL technology. The rule goes into effect for the largest U.S. public companies this month.

“To the extent that lawyers have been deferring reading the release, now is probably a good time to start,” Tom Kim, chief counsel in the SEC’s Division Of Corporation Finance, told attendees at the June 10 forum. He noted that the rules have “a lot of bells and whistles.”

Kim and other SEC officials who spoke offered an overview of how the XBRL mandate works, answered some frequently asked questions, and gave observations on what the SEC staff has seen in XBRL submissions so far.

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