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SEC Delays Meeting on XBRL Proposal

Melissa Klein Aguilar | April 22, 2008

Securities and Exchange Commission plans to transform corporate financial reporting through the use of interactive data are, apparently, on hold for a few more weeks.

The SEC had announced last week that it would vote yesterday, April 21, on whether to propose a rule requiring companies to file financial reports using XBRL technology. Then, just before the close of business last Friday, the Commission delayed the meeting until May 14.

An SEC spokesman told Compliance Week in an e-mail that the meeting was postponed to “accommodate the schedules of the commissioners” and to give the SEC sufficient time to consider testimony from a Senate Banking Committee hearing on credit ratings agencies. That hearing is slated for today, April 22.

Delaying until May 14 will also give the SEC time to ponder any new input from its Committee to Improve Financial Reporting, which next holds a meeting on May 2. CIFR has given a tentative...

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