SEC calls for early XBRL adopters--and comments.To assess the benefits of "tagged data," the SEC is establishing a voluntary program to allow early adopters of the technology to file supplemental financial information using 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. , or Extensible Business Reporting Language. Participants would furnish fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. XBRL data in an exhibit to specified EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. filings. The program would begin with the 2004 calendar year-end reporting season. [ILLUSTRATION OMITTED] Additionally, the SEC is seeking public comment on some of XBRL's fundamental issues, including the benefits of tagging data to improve reporting quality and efficiency; the implications of tagging data for filers, investors, the SEC and other market participants The term market participant is used in United States constitutional law to describe a U.S. State which is acting as a producer or supplier of a marketable good or service. When a state is acting in such a role, it may permissibly discriminate against non-residents. ; and the efficacy of XBRL as a format for reporting financial information. Comments are due by Nov. 15. For more, visit www.sec.gov/news/press/2004-138.htm. |
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