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SEC Proposes Rule On Voluntary XBRL Reporting

Compliance Week | September 28, 2004

The Securities and Exchange Commission proposed a rule yesterday that would enable public companies to voluntarily file “tagged” financial statements using XBRL for the 2004 year-end reporting season.

According to the SEC, the rule was proposed to examine the benefits of tagged data and its potential for improving the timeliness, accuracy and analysis of financial disclosures in SEC filings.

As covered by CW last month, “tagged data” refers to a financial reporting methodology in which individual figures are marked with standard accounting-industry identifiers. In other words, a financial statement is not viewed as a single block of text; rather, each element carries its own identifying tag.

XBRL, which stands for eXtensible Business Reporting Language, is emerging as the standard tagging method, though the SEC hasn’t officially endorsed it over any other...

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