The Securities and Exchange Commission will conduct a public seminar on June 10, 2009, to help companies and preparers comply with new rules that require financial reports to be filed using interactive data (XBRL).
The seminar also will be web cast via the SEC Web site. It will cover the technology requirements for complying with the rules as well as provide an overview of the tools and information available from the SEC to help companies comply. The seminar will also cover frequently asked questions about the rules and technology requirements.
In adopting the final rule, the Commission noted that interactive data has …read more

It’s official, the U.S. Securities and Exchange Commission has approved final rules requiring companies to submit Financial Statements in the interactive financial data format XBRL with their SEC filings beginning with their quarterly June 2009 filings for the largest companies, and within three years for all public companies.
The American Institute of Certified Public Accountants (AICPA) supports the move to XBRL, stating the tagged data system will provide investors and other users of financial information easier access to more transparent data in company reports.
“We are grateful to SEC Chairman Chris Cox for his great leadership with this proposal to enhance transparency …read more

What’s XBRL? It’s the end of accounting. As we know it anyway. XBRL (eXtensible Business Reporting Language) is the emerging international electronic language for business and financial information. Over 450 corporations and government agencies have joined forces an international non-profit consortium to develop XBRL and promote its widespread use.
Why XBRL?

XBRL saves money.
XBRL increases efficiency.
XBRL improves the accuracy and reliability of financial data.

XBRL is a way to digitize financial information so that your old fashioned financial statements are expressed in a format that is computer readable to enable automated processing and access in real time.
What’s this …read more