In response to an SEC request, XBRL International--of which the AICPA is a founding member--proposed three ways the commission could increase XBRL use in U.S. capital markets.In response to an SEC request, XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. International--of which the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). is a founding member--proposed three ways the commission could increase XBRL use in U.S. capital markets: announce it ultimately will require all registrants to file offerings in XBPL format, participate in taxonomy taxonomy: see classification. taxonomy In biology, the classification of organisms into a hierarchy of groupings, from the general to the particular, that reflect evolutionary and usually morphological relationships: kingdom, phylum, class, order, development and maintenance and upgrade the SEC filing system to fully support XBRL www.xbrl. org/commentletters). Meanwhile, the SEC issued a Request for Information that asked the software industry for ideas on how best to develop tools that foster the creation and use of interactive financial data (www.sec.gov/spot Iight/xbd/xbd_request100405.pdf). |
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