The SEC is likely to propose a new rule next year that publicly traded companies file their financial reports using XBRL, the interactive data language SEC Chairman Christopher Cox has long hailed as a powerful tool for investors to study financial results.
Speaking at a press conference last week to unveil a new “taxonomy” of XBRL terms used to classify financial data, Cox said he has asked SEC staff to “finalize a recommendation to the Commission that we could act on next spring, about how to deliver the maximum benefit of tagged data to investors, including converting all public company disclosure into interactive data format.”
