Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

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.

...
Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.