The blue-ribbon committee charged with advising the Securities and Exchange Commission on how to simplify financial reporting has published its preliminary ideas, including a call for the SEC not to rush adoption of XBRL technology.
The Committee to Improve Financial Reporting submitted its 12 “developed proposals” last week, and they are now posted on the SEC Web site. The most notable recommendation was that the SEC phase in mandatory use of XBRL in filing financial statements, starting with the 500 largest filers. All other large domestic filers would follow a year later, and the SEC would then evaluate the success of the technology before extending the mandate to other companies.
