SEC exploring XBRL.
The movement to embed "tagged data," such as eXtensible Business Reporting Language, in financial documents is gaining momentum.
The SEC is exploring the benefits of XBRL and its potential for improving the timeliness Timeliness A source of competitive advantage that depends on being the first to enter a given market with a product or service. and accuracy of financial disclosure and analysis of SEC filings. The SEC said it will soon seek public comment on the costs and benefits associated with data tagging.
The SEC also may establish a voluntary program beginning with the 2004 calendar year-end reporting season, wherein voluntary supplemental filings of financial data use XBRL. For more, visit www.sec.gov/news/press/2004-97.htm.
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Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
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